Timeshare contracts look great, at least in the beginning – the properties are great, they are clean, well-maintained, they offer exactly the view promised by your seller. However, things change over time – spending your vacation in the same spot and in the same resort becomes boring and tedious, rather than relaxing and exciting, the maintenance fees start increasing and the timeshare ownership becomes more of a burden than a source of pleasure. If you have bought into a timeshare contract, but you no longer want it, here is how to get rid of a timeshare in the easiest and most hassle-free way.
Look the Problem Straight in the Eye: What Does Your Contract Say?
The first step in the process of getting rid of your timeshare should be an attentive and detailed review of the contract, in case that you have skipped that phase when you signed the contract. Basically, there are two types of timeshare contracts: deeded contracts, that offer lifelong ownership rights and are similar to standard property ownership, the principle difference being that you own the property only for a specific period each year and right-of-use contracts that don’t give your ownership rights and come with limited duration.
The Most Efficient Methods that You Can Use to Get Rid of Your Unwanted Timeshare
There are various ways to rid yourself of your timeshare:
- Use the options offered by the cancellation period – timeshare developers in most states are required by the law to allow their buyers a period during which they can change their minds about their purchase. The grace period is usually not longer than a few weeks, but no matter when you decide to get rid of your timeshare, it is worth a few minutes of your time to check the cancellation clause in the contract;
- Contact the other owners of the property to ask whether they want your timeshare, too – the owners who use the property right before or right after you might be interested in extending their stay, especially if the property is attractive, indeed, and your price is competitive;
- Contact your seller to sell the property to them – the developer that sold you your timeshare might be interested in buying back the property for a discounted price, especially if it is located in an area that is high demand. Many sellers have buy-back programs, so your seller might also be prepared for taking your property back even after the grace period has expired;
- Sell the property – it is the most difficult and probably the most time-intensive way to get rid of your property, but if nothing else helps, it remains the only way. Tell your friends and family that you want to sell the timeshare, place ads in local papers, on auction and retail websites and on real estate listings, but always make sure that you know exactly how much the process will cost you, how much you will have to pay in fees and commissions in case of a successful sale. For connections to a timeshare attorney Tampa check out our website.