Are you wanting to get out of your timeshare contract?
85% of U.S. timeshare holders come to regret their investment. Often, timeshares come with high monthly maintenance fees. Worse, they’re not easy to book. People either have to contractually agree to use the property on specific weeks or book it far in advance. The most popular times go quickly.
Getting out of a timeshare contract can prove a tricky process, but it’s not impossible. Below, we’ll go into how long it will take you to get through your timeshare cancellation. Keep reading to learn how to end a timeshare!
Look at Your Timeshare Contract Recission Period
When you first sign your contract, there’s a brief recission period. During this time, you can walk away from your timeshare without any more fanfare.
The recission period varies from region to region. Some places give you as little as 3 days. Others, like Alaska, give you up to 15 days. The start of the recission period also depends on the region the timeshare is in. Check your paperwork and local laws for more information.
To cancel your timeshare during this period, you’ll need to write the resort a cancellation letter. This should get mailed to their address.
This shouldn’t take you very long. If all goes well, the resort will cancel your timeshare upon receiving the letter. Do a follow-up call with them to make sure everything went through.
Ask for a Deed-Back
If you missed the recission period, see if your resort allows you to give transfer the property back to them.
This is known as a deed-back. You can check your paperwork to see if it’s allowed in your case. You should also call the customer service number and ask them for details.
The resort doesn’t have to accept your deed, though. In these cases, it’s usually a Homeowners’ Association or a board that makes the final decision. You should write to them to make your case as to why they should accept the deed transfer.
It can take some time for them to call this meeting and come to a final decision. So, you should give them a few weeks.
Sell Your Timeshare
If none of this has worked, consider selling your timeshare.
First, you need to determine whether your timeshare contract still has a loan on it. If it does, the timeshare is “encumbered.” This means you won’t have the chance to sell it until the loan is paid off.
Once you can sell it, talk to a real estate agent. Figure out how much the timeshare is worth, and then list it on a website. Even if it’s not worth much, you’ll avoid maintenance costs on it in the future.
Use an Exit Company
Using a timeshare exit company helps you get out of difficult timeshare agreements. These teams specialize in helping clients disentangle themselves from tricky contracts.
On average, working with a timeshare company can take 12-18 months. Many people find it worth it, though, because they get out of their timeshare for good.
Ready to Get Out of Your Timeshare?
If you have a timeshare contract, it’s crucial that you start getting out of it as soon as possible.
On average, timeshare owners spend $1,000 a year on maintenance fees for a building they only stay in for a few days. You can save yourself financial hardship by getting out of your contract.
If you’re ready to be free of your timeshare, our team can help. We specialize in helping people cancel their timeshares. Contact us to learn more!