The maintenance of a timeshare can be a burden for some of its owners if they face financial problems. So they should know how to get out of a timeshare smoothly, without any legal hassle. An owner cannot simply disown his/her timeshare and there are some definite procedures to get rid of this financial obligation. Many owners are relieved from the ownership of timeshares, by adopting effective legal ways.
Sell the timeshare – The owner can sell his/her timeshare and get rid of it in a profitable way. He/she can contact licensed real estate brokers who are specialized in selling timeshares. There are also timeshare developers who can provide simple and low-cost exit options to timeshare owners. This process has now become easier due to online facilities. An owner just needs to upload all the details of his/her timeshare on reputed timeshare selling websites. Sellers need to quote very low prices for their timeshares now, due to the bad shape of the travel industry.
Return the timeshare – The owner may ask the resort to take back his/her timeshare and it is a more profitable way than selling the timeshare. He/she can contact the resort anytime even after the rescission period of this property is over, only if this clause is mentioned in the timeshare contract. The return of timeshare is legal, as the resort simply needs to repurchase it and then sell it to another person. Many resorts find it a good opportunity to upgrade the timeshare for better benefits.
Cancel the timeshare contract – If the rescission period is not yet over, it is very easy for an owner to get out of his/her timeshare. He/she just needs to cancel the timeshare contract by writing a letter to the resort management. Most resorts maintain a cancellation email id, to which this cancellation letter should be sent. The resort should sign and acknowledge the receipt of this letter for cancellation of the purchase. Normally, no cancellation fee can be charged by resorts during the rescission period.
Contact an expert attorney – The timeshare owner needs to hire a competent attorney, who is experienced in dealing with timeshare cases. This step is essential when the rescission period is over for a timeshare and the resort seems to be reluctant in taking back the property. The attorney will guide the owner in the right direction, to get rid of the timeshare without any financial loss. However, there is no need for an attorney if the owner wants to cancel the deed within the rescission period.
Hire a timeshare exit company – Experienced timeshare exit companies can help timeshare owners in getting rid of these purchases smoothly. These professionals know all techniques of handling timeshare properties. So they can guide their clients in getting out of timeshares by following the local regulations in this regard. However, people need to choose only the reliable companies that have prior records of peaceful dealings in timeshare exit.
People need to be careful while buying timeshares so that they have the option of getting out of it if needed. There are legal clauses that guide owners on how to get out of a timeshare so that they do not find such purchases to be a headache for them later.