At the time, buying into a timeshare probably seemed like a worthwhile investment, but, after a while, it may have become too much trouble. If you’re fed up with it and looking for a way out, there are a few legal options at your disposal. Consider these options first, before resorting to more desperate measures.
Review Your Contract
Your first move should be to review your contract. Somewhere in the contract, there will be options for an early release from your timeshare obligations. You may have the choice to either cancel your timeshare or terminate it. Cancelation is just like a breach of contract and it may obligate you to cover certain expenses. You will probably be expected to pay the unresolved balance and may be charged penalties, as well. If you’re able to terminate your timeshare, these expenses may be avoided, but you likely have a specific time frame in which you may terminate.
Sell It Yourself
You have probably seen plenty of “sell my timeshare” websites and services, but that may complicate an already aggravating situation. It will be difficult to sell your timeshare in any case, because you’re competing with resorts that have resources to offer incentives and reach a broader audience. In fact, you will likely have to take a loss in order to unload it. Your best bet is to sell your timeshare at a discounted price at a time when there is greater demand.
Give It to a Charity
This has become a popular alternative, especially for owners who realize selling it may be too problematic. Many charitable organizations will accept a timeshare donation and have a system set up for making use of the property. This may be a good choice, because it frees you of your obligation. Contact your favorite charities to find out which ones will consider a donation of this type.
Timeshare Relief
This is a practice of letting another individual or company take over the time share payments, relieving you of your obligation. When dealing with a service, you will likely escape the arrangement entirely. You may still be responsible for fees associated with timeshare removal, but, afterwards, you’ll no longer be responsible for maintenance fees or other payments.
Rent It Out
Much like trying to sell it, renting out your timeshare can pose a problem. Again, you’re competing with the timeshare company, which can offer better deals on their units. If you can find a renter, the money you receive will go to cover your payments and fees, until your contract expires. While this technically doesn’t get you out of your contract, it does relieve you of the financial burden.
The best course of action is to review your timeshare contract, before signing it. Once you’ve locked yourself into a timeshare contract, it can be very difficult to get out if it. If none if these options work for you, you may have to consider hiring a lawyer experienced in dealing with timeshares. It depends how motivated you are to get rid of your timeshare and the burden it places on you.
