This is because many timeshares come with a "perpetual" clause, which means that ownership of the property extends throughout its life and beyond. Your family will inherit the timeshare after your death, whether you like it or not.
Clearly, timeshares are designed to be difficult to download. But you should know that is possible to get rid of one. That's how.
Option 1: review the contract
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The contract can give you a way out.
If it is still within the & # 39; rescission period & # 39 ;:
When you buy a timeshare, you usually become a co-owner of a condominium in a resort area that you can use for a certain period of time each year.
If you have immediate remorse from the buyer, you can do something about it. You can still be within the "rescission" period, when you can terminate the contract with relative ease and without paying any fine.
The period of termination or cooling varies from state to state, but generally lasts three to 15 days after signing the contract. See your timeshare agreement for details on the period of termination of your purchase.
If you are still inside the window, then write a cancellation letter and mail it or hand deliver it to the timeshare company. Your contract will specify how the developer accepts cancellations.
Send it by registered or registered mail, as that will create a paper trail that shows that you acted during your rescission period. In your letter, be sure to include a clear statement that you are canceling your timeshare within the allotted time.
Include the following information in your letter:
Your name, address and contact information.
The name of the timeshare company.
A description of the timeshare you bought.
The date you bought the timeshare.
Keep a copy of your letter and save all mail and contract information, just in case.
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Timeshares come with cooling periods.
If the cooling period has passed:
If the termination period is over, it will be harder to leave.
To get started, check your contract to see if there is an option for a "title deed". This option would allow you to sell your timeshare or simply return it to the developer.
While most timeshare developers do not offer this option, Club Wyndham and Diamond Resorts are two that have timeshare exit programs, depending on where the property is located.
The Diamond Resorts "Transitions" program allows members of certain resorts to give up all or part of their property, as long as the timeshare is canceled, maintenance fees are in effect, the person who withdraws has a title of clear property and all future reservations have been canceled
The Wyndham Club "Ovation" program gives owners free access to the services of their timeshare exit team. The team helps owners rent their timeshares, sell them or return them to the resort.
Other companies will not make things so easy. They can insist that you pay maintenance fees for one or two years while looking for a new buyer to take over the property.
Option 2: Try to sell your timeshare on your own
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You may be lucky to put your timeshare for sale.
If the developer does not recover their timeshare, then selling it on their own could be an option. Although the secondary market will probably give you a fraction of what you paid, it may be better than paying a lifetime of annual fees.
To get the best deal of the situation, talk to a licensed real estate agent or broker who has experience or specializes in timeshares.
The timeshare business tends to attract scammers, so be sure to check the history of any broker with the Better Business Bureau, to make sure he or she has a good reputation.
To see how much your timeshare can be worth, check out the Timeshare User Group or the RedWeek Timeshare Valuation Tool. Those sites also accept timeshare listings.
Be smart when accepting advice on your situation. Look for it only at a proven timeshare exit company.
Avoid timeshare exit businesses that clearly promise too much, such as telling you that they can download your timeshare for a good price, or any company that asks for a fee in advance before they do any work for you.
Option 3: talk to a lawyer
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A lawyer can help you get out of your timeshare.
When all else fails, it may be time to speak with a lawyer who has experience in handling timeshare departures. These professionals can examine your timeshare contract in depth and can find a way to get it out of the contract with less hassle.
If you bought a timeshare internationally, you may need to consult with a lawyer in the other country.
Always consider your options very carefully, even when it comes to legally supported advice.
Lawyers sometimes suggest that dissatisfied owners do not pay their annual fees or make timeshare loan payments, because some timeshare companies may release you from your contract if you do not pay.
However, a timeshare developer could easily inform a collection agency or credit agency, for lack of payment. Having an account in the collections can reduce your credit score, which can be very detrimental to your finances. In addition, your payment may be garnished to collect the money you owe.
When a timeshare is causing you serious financial stress, another legal way out is to declare bankruptcy, but that will also increase your credit score and bankruptcy and remain on your credit report for up to 10 years.
Filing for bankruptcy also costs money: several hundred to thousands of dollars, including attorney fees.
Options to avoid
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Renting your timeshare is probably not a good idea.
Do not rent your timeshare. Timeshare companies may recommend renting your timeshare instead of giving it up. While this may sound like a good way to compensate for annual maintenance fees and get some cash, it isn't. With so many unhappy timeshare owners who rent properties, the market is oversaturated. Potential tenants have many options, which reduces rents. This means that you cannot charge much for your rent. Having strangers use their timeshare also risks damaging the property. As a timeshare owner, you would be waiting to pay for repairs.
Don't try to donate the timeshare. Given all the attached conditions, such as lifetime property and annual fees, a donated timeshare is not something a charity wants.
Difficult truths about leaving your timeshare
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Accept it: leaving a timeshare is not easy.
In general, it is very difficult to leave a timeshare. Timeshare agreements are designed to be difficult to break, to ensure that owners pay maintenance fees as long as possible.
As a result, even if you can finally get rid of your timeshare, you are likely to lose a good sum of money along the way.
Selling a timeshare or returning it are the best ways to get out of one, even if you don't recover the cost or you may be stuck with maintenance fees for a while. Paying the annual rate for a year or two is much better than charging with it for the rest of your life.
Once you have managed to get rid of your timeshare, your true vacation can begin.
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