If you bought into a timeshare some time ago and by now you have realized that you don’t need or want it, you surely know that getting the timeshare was easier than getting out of the contract. However, bailing out of your timeshare contract is not impossible, so here is a breakdown of the most important features of timeshares and tips about how to get rid of yours.
What is a Timeshare and How It Works
A timeshare property is property used by multiple owners for a yearly period of time stipulated in a contract. The main reasons why people buy timeshares is to save on vacation expenses, to have a guaranteed place where they can spend their vacation every year and to have access to a larger accommodation, such as an entire apartment or a villa and thus to be able to enjoy more comfort.
How to Get Rid of a Timeshare – Strategies to Use
Many timeshare owners believe that there is no way to get out of their timeshare contracts. Fortunately, this is not true – here are some methods that you can use:
- Benefit from the grace period – most timeshare contracts contain a clause about the timeframe during which the buyer can change his mind. If you realize that you don’t not need the contract within that timeframe, you can cancel your timeshare by simply notifying the seller about your decision;
- Offer the property for repurchase – many companies that sell timeshares have buy-back programs in place and are willing to buy the timeshare back from you even after the grace period has expired. Ask your seller whether they offer that option and be prepared that the price they offer might be lower than the price that you purchased the property for;
- Sell your timeshare – it is not the easiest way to get out of your timeshare and it may take a while before you find the right buyer, but it is definitely an option. You can use big retail websites, auction websites, agencies that specialize in reselling timeshare or standard real estate agencies and you can also widen your grasp by publishing ads in the local newspapers and telling your friends and family about your intention to sell your timeshare, asking them whether they are interested.
Turn to a Timeshare Attorney
If the process seems too daunting or you are faced with a complicated situation, you can turn to a timeshare attorney for expert legal help. Try to find an attorney who works on a contingency basis, that way you can be sure that you will pay lawyer’s fees only when the timeshare is sold or you are relieved of it otherwise. The lawyer will review your contract and will inform you about your options to opt out, then he or she will act based on your intentions, starting negotiations with interested buyers, contacting your seller to request a cancellation, handling the related paperwork and doing everything legally possible to help you get out of your unwanted timeshare contract.