Can I Get Out of My Timeshare Contract?
When you first purchased your timeshare, you were probably excited about the idea of vacation ownership. After all, your timeshare provided a guaranteed place to vacation each year with all the comforts of home. You may have even received a great deal on the purchase price. However, like most timeshare owners, you will eventually find a need to get out of your timeshare contract.
There could be a variety of reasons that you want to exit your timeshare. Maybe you no longer use it, or you can’t afford the maintenance fees. Perhaps you have become unhappy with the HOA. No matter the reason, more timeshare owners than ever are looking for ways out of these properties. Like these owners, you may be wondering, “can I get out of my timeshare contract?”
Every Situation is Different
The answer to whether or not you can get out of a timeshare contract really depends on the type of property you have and what the terms of the agreement are. For example, right to use (RTU) properties have different rules than deeded timeshares because you do not actually own a RTU property. To get out of these timeshares, you have to dig through your contract to see if you are able to opt out early under certain circumstances, or whether you can pay a fee to cancel your time.
However, deeded timeshares are just as tricky. With a deeded timeshare, you own a portion of the resort, just like you would own a house. This means that the only way out is to transfer the title into someone else’s name. Typically this is done by reselling it, donating it, or giving it away.
As people try to find ways out of timeshare contracts, the timeshare resale industry has exploded. Unfortunately, the market is flooded with thousands of owners who either didn’t fully understand the contract, or can no longer live up to it.
How you are able to get rid of your timeshare varies by developer and resort. You may be able to donate your property to charity, or you may have to sell it (or even give it away) in order to get out of the responsibilities outlined in your contract. Adding to this confusing and stressful process is the fact that timeshares usually aren’t worth very much, regardless of what you paid for them, and chances are that you will probably lose money on the deal. These stresses often make people wonder why they ever bought a timeshare at all.
What You Can Do
The easiest way to avoid these kinds of problems with your timeshare is to completely understand the terms of your contract before you ever even commit to it. Knowing what you are getting into and being fully prepared can save you a lot of stress and hassle later, as well as allow you to really enjoy being a timeshare owner.
However, if you find yourself in dire need of getting out of your timeshare contract, you do have options. Be prepared to lose (and even spend) money in order to get rid of your ownership. Our team of timeshare specialists can help you determine what your options are and even deal with the stresses of communicating with your resort to get you out of your timeshare contract. Please note that only certain ownerships may qualify. To learn if we can help you to get out of your contract, please call us at 1-855-781-0081 today.
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