You bought a timeshare and it?s just not working out. You don?t get down there enough. Perhaps your financial situation has changed and you don?t want the payments. An Earnst and Young study found 56% of the timeshare reclaims are because of financial issues, and a 2016 survey found that 66% of timeshare owners want out because of maintenance fees that are too high. Nearly 3% of all American households do have a timeshare property, and the industry is worth $70 billion. That?s good news if you want to pass on your property. If that?s you, you might be wondering how to sell a timeshare legally, how to get rid of timeshare property, or how to cancel timeshare contracts.
One of the issues at play in the timeshare universe is the high prevalence of scams. It?s not unheard of for a timeshare sales pitch to go on for hours. It?s also quite common for the true extent of maintenance fees to be hidden, or for fees to be jacked up regularly, so that people think they?re getting a deal only to find out later that they can?t afford it. If you are currently looking into how to sell a timeshare legally or how to get out of a timeshare contract, read on for some important information:
Are You Within the Cooling Off Period?
Nearly every state has a rescission period, which is a a kind of grace period after signing where the buyer is free to cancel a contract and have their deposit returned. The length of the period varies, but if this is the first you?re hearing of it it?s probably worth seeing if you?re eligible for this as a first step towards canceling a timeshare. If the grace period is over, though, move on to the next step.
A lot of people think that they have no option for getting out of a timeshare contract if the rescission period is over. Many contracts are written in such a way as to make it seem impossible, so that buyers never think about how to sell a timeshare legally or cancel a contract. In actuality, however, there are some ways to get out of it. The first step at this point, however, is often to get a timeshare attorney to advise you.
Sell, Donate, or Give Away
The first way to offload unwanted timeshare property is likely to look into selling, donating, or giving away the property. This can still be difficult. If you don?t know how to sell a timeshare legally, you can get in trouble if you?re taken in by an unscrupulous listing companies offering to list your timeshare for sale. Even if you can find someone will to take over the ownership of your timeshare, some developers will refuse to honor donations or transfers of ownership. A timeshare attorney can help you navigate these issues and figure out how to sell a timeshare legally .
Litigation might be a necessary step.
So many people have found themselves trapped in timeshare contracts that seem unbreakable that timeshare lawyers have found it necessary at times to threaten litigation in order to get developers to take properties back. In a lot of cases, the sort of representations made when the timeshare was sold promised that the resale price would appreciate and that the property could be transferred or sold freely. These kinds of statements allow for the possibility of litigation if they are not honored, and many times it?s not necessary to go to court at all. Simply hiring timeshare attorneys is often enough to get the developers to negotiation with you.
A timeshare property is supposed to be an investment that will bring you joy and real value. If yours is not, if your financial situation has changed, if maintenance fees keep soaring, or if you feel you?ve been lied to in any way, don?t think there?s no way of canceling a timeshare. Find an attorney to advise you how to sell a timeshare legally, get out of a contract, or even get a developer to take the property back.