Buying, renting, or selling your timeshare can unfortunately open you up to any number of scams. It can also be a confusing process when you first venture into the world where you invest in your favorite vacation spot. Here are some answers to many common timeshare questions.
How do I get rid of my timeshare?
You have three basic options for getting out of a timeshare ownership. You can sell it, donate it to charity and possibly receive a tax write off, or give it to a friend or family member.
What are some timeshare scams?
There are several scams that pop up at different times around the country. Some present themselves as timeshare specialty lawyers that will help you get rid of a the property share for a hefty fee. Some property share owners will receive unsolicited calls or mail claiming their maintenance feeds are late. The call is not from the timeshare property and the owner ends up sending money to an unknown person.
What is a timeshare cancellation letter?
If your purchase contract includes a cooling off period, meaning you can change your mind within so many days of buying , then you can cancel your purchase by sending a cancellation of contract letter. Speak with an attorney if you need help understanding your rights in this matter. To make sure it's done right, you may need legal counsel.
What is a deed back?
With a deed back, you transfer ownership in your property share back to the management company. Typically, the management company does not pay you for taking your timeshare back and you may have to pay a transfer fee. But you will be rid of the commiment.
Should I be leery of agencies located out of country looking to buy timeshares?
Yes, you should tread carefully if you are contacted by a company located out of the country that wants to buy your timeshare. This may be a scam where the agency sends you a fraudulent check for too much money and asks you to wire back the extra cash. When the check bounces, you have just given away free money. Research any agency that wants to help you with your timeshare before committing. Being skeptical can save you a lot of money.