Timeshare Contracts Are with You for Life
When you first explore timeshare ownership, you probably only consider the positive aspects. With a timeshare, you can travel to amazing resorts, for a great value, every year! Unfortunately, what many buyers do not realize is that most contracts are with you for rest of your life—and will exist long after you are gone.
Few owners are prepared, or even aware, that these are life-long contracts until they no longer want the timeshare. So what happens when you need to get rid of your timeshare? Are you really responsible for these properties forever, or is there another way out?
Typically, as long as your name is on the deed, you (and you alone) are responsible for the timeshare. This includes the financial aspects of ownership (maintenance fees and assessments) whether you use it on a regular basis or not. In some cases, if the owner of the timeshare passes away, the property is then moved into the name of another family member, which means that timeshares can potentially be in families for generations.
As with most contracts, there is usually a way out of your timeshare contract. For many properties, this means that you have to transfer the title out of your name and into someone else’s, either by giving away the timeshare, selling it, or donating it to charity.
When you start looking for ways to get out of your timeshare contract, it is important to talk with a professional about your options. All contracts are unique and will include different restrictions. Knowing exactly what you are working with can help you to get out quickly and with as little hassle to you as possible.
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