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How to Get Rid of Your Timeshare – May Be Easier Than You Thought
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Owning a timeshare unit at some nice holiday destination appealed to many people. You had a partial ownership of an apartment you could buy much more affordably than buying a vacation home outright. However, timeshare units incur ongoing monthly maintenance and other fees. You have to pay these whether you use the unit or not. Therefore, lots of people found themselves “stuck” with an unwanted ongoing expense.
There are some different ways to get rid of your unwanted timeshare and its associated expenses, as discussed below.
Owning a timeshare unit at some nice holiday destination appealed to many people. You had a partial ownership of an apartment you could buy much more affordably than buying a vacation home outright. However, timeshare units incur ongoing monthly maintenance and other fees. You have to pay these whether you use the unit or not. Therefore, lots of people found themselves “stuck” with an unwanted ongoing expense.
There are some different ways to get rid of your unwanted timeshare and its associated expenses, as discussed below.
Contract and Legal Provisions
In the United States, there are legal “cooling off” periods imposed on timeshare sales. This gives you the unilateral right to cancel the contract without penalty. This is known as the right of rescession. The amount of time you have this right varies from location to location, from a few days to a few weeks after entering the contract. To exercise this right, you have to notify the seller in writing and usually by registered mail.
Also, some contracts have included in them a “deed-back” clause, which gives you the right to return the unit to the seller within a specified time-frame.
Sell It Back to the Timeshare Company
Sometimes timeshare sellers have what’s known as a “buyback” policy, which may or may not be stated in the contract. Even if you don’t see it in your contract, ask the seller about it. While this may be a convenient and fast way to get rid of your timeshare, don’t expect the seller to pay you the full amount you paid – in other words, you will suffer a financial loss. However, you will then be free of those ongoing fees.
Sell Your Timeshare
You have the right to sell your timeshare to another interested party. Because there is usually more supply than demand for timeshares, it is a buyers market and you will probably have to sell for less than you paid for it. There are real estate companies that can help you sell, but they of course will charge a commission. There are also special websites where you can list your timeshare for sale, but be careful to find out what they will charge you.
Give the Timeshare Away
As a last resort, you can give away (gift) your timeshare to a third party. This may seem extreme, but it will save you from the financial burden of the ongoing expenses. Not surprisingly, the timeshare company often will be happy to take the unit off your hands for free. You might try donating it to a charity, but most will not be interested because of the financial commitment to take over paying those fees.
Options Not Recommended
There are two other options often mentioned as ways to get rid of your timeshare, both of which are not wise choices. First is renting out your timeshare to a third party. This does not remove your obligation to keep paying the unit’s fees and worse, if your renters trash the unit, you will be liable to pay significant damages. Plus, many timeshare contracts prohibit renting out the unit.
The second of these options is even worse, which is just to stop paying the required fees. This could not only get you into legal trouble, it will almost certainly seriously damage your credit rating.
