Get Out of Timeshare Contracts
Fractional Residence - Cancelling a Timeshare Agreement
Most people who purchase timeshares, never think that one day (and sometimes sooner than later) they'll ask, how do I get rid of my timeshare?
But often times people get in over their heads with vacation rental properties. Sometimes they discover they never use their timeshare, other times they come to the realization that the maintenance fees are just too high. And sadly many more times a timeshare owner discovers that there may have been some scam involved in the purchase contract.
We'll terminating a fractional residence agreement isn't always as easy as many sites will have you to believe. Make no mistake that a timeshare contract IS a contract. And terminating any contract agreement, with a rental property or otherwise can be a laborious task, but it can be done with some tips.
Tips on How to Get Rid of a Timeshare:
Get Your Contract Out: You may find that there are some material facts which were misrepresented. A misrepresentation when it comes to a timeshare contract is simply something that was not stated as a fact.
This could range from anything KNOWN to be true about the property like it's age, the year it was built, structural issues or damage which should have been disclosed in the terms of the agreement unless otherwise stated. This is also a great time to visit the BBB (Better Business Bureau) or timeshare scam message boards which could give you some insight on various complaints other timeshare owners have had.
If you discover that your timeshare company engaged in any type of misrepresentation or fraud, contact your state's Attorney General and a local timeshare attorney. Many times you can cancel a timeshare contract once you've engaged the proper parties including an attorney and other federal agencies.
Sell Your Timeshare: One of the easiest ways to get rid of your timeshare property is by selling your timeshare. There are timeshare brokers who are contracted by you to help you get your timeshare off your hands.
You should be aware however that most timeshares don't typically retain their value and are often sold for 40-60% of the purchase price, unless you've bought in demand vacation shares ran by the Marriott etc. Be reminded that you should NEVER have to pay a broker up front, like traditional real estate, a broker is compensated on the timeshare sell.
Rent your Timeshare: If you've found that you may want to keep your timeshare, but you won't be able to use it for some time, you may be able to rent your timeshare, and while renting isn't the same as getting rid of it. You do get a little financial relief by renting to a family who may be able to pay you a premium for your timeshare slot.
Do a Direct Transfer of the Timeshare: Another option you may have to cancel your timeshare contract, is to do a direct transfer of your vacation rental. With a direct transfer you may be able to immediately be relieved of all future taxes, maintenance fees and special assessments. Some transfer and timeshare swaps even allow you to exchange your timeshare for another property you may rather have instead. Be reminded that there are some international and domestic time share scam companies that make you pay fees to do direct transfers. Well reputable companies don't charge such fees.
As you can see the question of: “how do I get rid of my timeshare”, is often a straightforward one.