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May 25, 2023 · To get out of a timeshare legally, consider these options: Use the rescission period. Call the timeshare developer. Rent your timeshare out. Sell your timeshare on the resale market (but expect...
- Emma Kerr
- Editor
- The Problem. En español | "My parents purchased a timeshare more than 30 years ago,” began the email from Kim Seney, a recent retiree from Northern California.
- The Advice. The very first move, experts agree, is to check with the resort itself. When you call them up, don't talk to just anyone. Ask specifically for the person who handles “deed-backs” or “surrenders” — which is when you return your property to the company, maybe for a fee of a couple hundred dollars or so.
- The Outcome. To Seney's delight, she didn't have to jump through any of those hoops. She called the resort company, explained the situation and was told that, although there was no formal deed-back program, as long as she could send them her father's death certificate, they'd take it back.
But before you sign a timeshare contract, make sure you understand what you’re getting into — and how to get out of it. If you’re already in a timeshare and want out, start by contacting your timeshare company.
- Checking The Rescission Period
- Contacting The Timeshare Resort
- Reselling The Timeshare Yourself
- Reselling The Timeshare Through A Broker
- Hiring A Timeshare Exit Company
If your second thoughts occur within several days of your purchase, you may be able to rescind the transaction if you’re still within the “rescission period.” If you are, you should be able to get your money back and go on your merry way. Keep in mind, however, that the rules vary from one state to the next. Depending on the state where the timesha...
If rescission isn’t possible because too much time has passed, another option you may be able to take advantage of is a “deed back” program. Also known as “take-back” and “surrender” programs, these programs allow distressed owners to give their timeshares back to the resort developer, often for a fee of a couple of hundred dollars or so. To find o...
If you’re considering reselling your timeshare, it’s probably best if you don’t go into it with hopes of making a killing. There are typically many people looking to unload their timeshares and demand isn’t generally high, unless your property is in a hot destination. As a result, reselling can often be a losing proposition. The best approach might...
If you opt to resell your timeshare, another option is to hire a real estate broker or agent who specializes in reselling timeshares. If you choose this route, however, you’ll want to pick your broker carefully, cautions the Federal Trade Commission (FTC) . Some real estate brokers and agents who specialize in reselling timeshares may falsely claim...
The concept is good. With a timeshare exit company you often get a small army to handle your business. A good one knows the inner workings of the timeshare industry, which could be advantageous to you. One major caveat is that these services generally don’t come cheap–prices vary considerably, but can be as high as $4,500. It’s also important to be...
Canceling Your Timeshare Contract. Most of the time, you must send your cancellation in writing. Even if the law allows you to cancel the contract orally, preparing and sending a timeshare cancellation letter to the seller is a good idea.
- People often go to a timeshare presentation with the hope of walking away with a free appliance or other gift, but by the end of a presentation, th...
- The first step in cancelling a timeshare purchase is to figure out the rescission period. Here are few examples of the various rescission periods i...
- Most of the time, the cancellation must be in writing. The cancellation letter usually has to include certain information, like the date of the pur...
- If the rescission period has passed, you’ll probably have to sell your timeshare rather than get a refund. In a few situations though, you may be a...
- It's important to understand all of your rights when purchasing a timeshare. If you sign a timeshare contract early in your vacation, the rescissio...
Dec 7, 2023 · How to Get Out of a Timeshare. 1. Check Your Timeshare Contract. 2. See if the Company Will Buy it Back. 3. See if the Company Will Take it Back for Free. 4. Sell Your Timeshare. 5. Hire a Timeshare Exit Company. 6. Give Your Timeshare Away. Why Timeshares Can Be a Bad Idea. You’re Stuck With One Company. You May Not Use It. They Cost a LOT.
Feb 22, 2022 · Fortunately, there are steps you may be able to take on how to get out of a timeshare legally and without facing costly consequences. This article will cover what options you may have to get out of your timeshare agreement.
