The fact that timeshares are a multibillion-dollar industry proves that getting out of ownership is not an easy feat. When you sign a contract during the sales process, you commit to paying expensive maintenance fees for the lifetime of the timeshare. Unfortunately, many people are unaware of this and get caught up in the excitement of seemingly endless vacation options, only to later realize that their timeshare purchase is a permanent financial burden.
Regardless of whether you purchased a timeshare with Wyndham, Marriott Vacation Club, or Hilton Grand Vacations, each brand has its own set of inconveniences that may leave you regretting your purchase. If you’re currently in this situation and wondering how to legally get out of a timeshare, there are three ways to escape ownership legally.
1. Pursue the Timeshare Rescission Method
Timeshare salespeople are infamous for utilizing manipulative tactics to persuade potential buyers to purchase timeshares by showcasing the luxurious amenities of the resorts they’re selling, offering complimentary perks such as breakfasts, gift cards, and free stays. Such tactics can overwhelm buyers, resulting in impulsive purchases. As a result, timeshare developers must provide a rescission period, a cooling-off period during which customers can cancel their contract and return the timeshare if they’ve changed their minds about the purchase. The length of this period is usually three to ten days, depending on state law.
If you’re reading this soon after signing a timeshare contract, the rescission period may be the answer to legally exiting the timeshare agreement. However, be cautious because rescission is a complicated process that necessitates adhering to specific guidelines. The first step is to draft a cancellation letter to the timeshare developer, stating the purchase date, the type of timeshare bought, and using language similar to the timeshare agreement. Also, reference the parts of the contract that discuss the developer’s timeshare cancellation policies.
Some developers might view the cancellation letter as an opportunity to sell a different type of timeshare, so it’s essential to be clear that you aren’t interested in any other offers and that cancellation is your only option. Indicate that you intend to receive a full refund of all fees paid and keep track of how the letter will be delivered to the developer. Ensure that the letter is sent through a secure postal method or delivered in person within the rescission period because late delivery may result in the developer refusing to let you out of the contract.
2. Put Your Timeshare on the Resale Market
If the rescission period has elapsed, your options for exiting a timeshare agreement become limited. If your timeshare developer does not have a deed-back program, which is true for many developers, then entering the timeshare resale market might appear to be the best alternative. However, before doing so, consult with your developer as it may breach your contract and lead to excessive fees or undesirable consequences.
If you decide to explore the resale market, start by researching comparable listings to yours and the prices of units in and around your resort. By looking at eBay or Craigslist, you can get an idea of the prices you will be competing with. Unfortunately, some timeshares are available for zero dollars due to the high number of owners trying to dispose of them.
Remember that the timeshare resale market is very competitive and usually does not result in a profitable sale. Even hiring real estate agents who specialize in timeshare sales does not guarantee success because owners are often overwhelmed with annual maintenance fees and regretful of their timeshare purchases. The market for timeshare resales is oversaturated, making it nearly impossible to distinguish yourself from the competition and find a buyer.
Furthermore, buyers do not want to be burdened with the financial responsibility of a timeshare. Additionally, as a timeshare owner, you are probably holding a loan that you must repay to the timeshare company. Therefore, even if you sell or give away your timeshare, you will most likely receive little to no money, and you must still pay off the loan to sell it.
3. Seek Out an Exit Company
If you find that you are unable to sell your timeshare property due to restrictions from the developer or your inability to pay off the loan, you may have to consider using a timeshare exit company to cancel your contract. However, it is important to be aware of the many scams in this industry. Some of the red flags to watch out for include companies that do not disclose their exit strategy, ask for large upfront fees without explanation, do not communicate with you for weeks, ask for more money during the process, or have poor reviews. Many of these companies are simply looking to take advantage of your situation and will not be able to deliver results.
On the other hand, Centerstone Group is a reputable full-service advocacy group with over 33 years of experience in the timeshare industry. They have an A+ rating from the Better Business Bureau and employ a unique three-pronged strategy for successful timeshare exits. They work with established law firms to resolve contract issues and tailor their approach to each client’s situation. If you need help getting out of a timeshare contract, Centerstone Group is a trustworthy option to consider.
Choose the Best Route for How to Legally Get Out of a Timeshare
It can be challenging to exit a timeshare contract once you’ve made a substantial payment and signed the agreement, particularly if the rescission period has elapsed. Although you can attempt to sell your property on the resale market or seek assistance from a timeshare exit company, Centerstone Group is the ideal choice for providing support.
Our exceptional customer feedback and rating of 4.78 out of 5 stars demonstrate our proficiency in achieving timeshare cancellation. For a complimentary consultation, please contact us right away.