Updated 04/08/2022
Timeshares make great yearly vacations for a lot of people, but sometimes timeshare owners who have been paying timeshare dues without enjoying the experience decide that they would like to end the arrangement. They look for timeshare advice on getting out of the contract. This can be a rabbit hole of legal complications. The documentation for timeshare litigation and meditation is the contract you signed, and some contracts are unforgiving. Selling your timeshare is also a challenge in a market saturated with timeshare rental options.
If you have a timeshare that you love, but you don’t like paying timeshare dues and sharing the property with other people, you might look into how to buy a timeshare from the owner. Although this can be expensive and more complicated than just buying a property from another individual, in some cases it can be done. Do you own a timeshare forever? Is it possible to get out of your timeshare? Do you need to know how? In this article, we will go through 5 important tips to help you get rid of your timeshare.
If you have a timeshare, you have of company in that boat. It has been estimated that the timeshare industry in the United States has a net worth of about $70 billion. There are at least 1,547 resorts for timeshares around the nation today. There are millions of people who own at least one timeshare property. At least 9.2 million people have one or more of these kinds of properties. That translates to about 7% of the population, according to the 2016 U.S. Shared Vacation Ownership Consolidated Owners Report. While many people are happy with their decision to buy into a timeshare, there are a number of people who are not. Many people find themselves in the position of looking up search terms such as “Florida contract cancellation rights” (more than one quarter of all timeshares are in the Sunshine State) or “timeshare attorneys.” If you are looking to get rid of your timeshare, there are things you can do.
- First, make sure you go into the deal with your eyes wide open. It is hard to overstate that when it comes to any kind of real estate deal, knowledge is power. You will be in a better position to get rid of your timeshare if you know the contract inside and out when you first sign it. If ever there was a time to read the fine print, this is it. In your contract, perhaps buried in the weeds, perhaps not, are the details for when you can cancel your timeshare. The rules for your timeshare contract release should be spelled out there. If you have a timeshare, your first step is to review your contract.
- Get to know the rules and regulations for the area where you have the timeshare. The Florida contract cancellation rights are very different from the contract cancellation rights in Mexico or California. The laws that are put down by the state, county or country where you have your timeshare trump whatever is in your contract. Looking at the laws of the area where you have your property should be step two.
- Talk to timeshare lawyers. If you read through your contract and the laws that govern getting rid of it and still have questions, you should talk to legal experts. It can be hard to weed through the Florida contract cancellation rights so having an expert to help you with it may make a big difference in your success getting rid of the property.
- See if you can sell your timeshare. If you cannot cancel the contract per the Californian, Mexican or Florida contract cancellation rights, you may want to look into selling. Step one for selling or renting any kind of property is to price it right for the market. You should talk to experts in selling the kind of property that you have. You should note that the experts are NOT the timeshare resellers. They will do what they can to make you think you can get more for your timeshare property than is realistic. The sad fact is that you can lose up to 90% of what you paid. Selling a timeshare is sometimes stressful because of this fact but you should just try to remember how much you will save by selling it.
- Put an ad for your timeshare online. There are a lot of sites out there that are for people to buy and sell timeshare properties around the united states. EBay is a popular place for this. You can also try Craigslist. For timeshare specific sites, there is My Resort Network RedWeek. You should know that you will get cold calls from people who will say they are brokers for people who want to buy a timeshare like yours. Unfortunately, there are a lot of scammers out there and these are some of them. They are trying to perpetrate some timeshare fraud.
There are a lot of good reasons people buy timeshare properties. They can sound really great for people who like an area and think they are going to want to spend a lot of time there on vacation. It may be challenging but you can find ways to sell your timeshare if you try.
