Looking To Escape Your Timeshare Contract? Here’s How You Should Do It

Are you having anxiety watching money drain out of your bank due to timeshare maintenance fees and payments? 

Maybe it wasn’t always like this! Maybe you used to enjoy the timeshare contract before your finances changed. Maybe you just realized it was a horrible mistake just after you’ve signed the papers.   

Whatever your reason is, now you feel trapped in your timeshare contract. Well, don’t worry! In this article, we will guide you on how to get rid of your timeshare contract legally:  

• Make Use of the Recission Period

The recission period is the time period when you have the opportunity to take back your decision of signing a timeshare contract. In this way, you can easily walk out of your timeshare. But remember, it is a short window of time.   

Each state decided its own recission period. The average period ranges from 3 days to 15 days.   

• Use a Timeshare Termination Service

If you’ve a timeshare contract with upgrade offers, you must have 7-8 individual contracts pilling up on your desk. It’s a lot to handle all by yourself. You will have to cut each contract to rid of the timeshare completely.   

So, you may need the help of timeshare exit companies to work your way out of your contracts. Find a company specializing in contract law that has good reviews till now. You’re already paying huge timeshare fees. So, don’t waste more money by hiring a company that doesn’t understand your situation and can’t get you out of your timeshare contract.  

• Rent Your Timeshare Out

Renting your timeshare is a great opportunity for anyone who wants to make money from the property. Unfortunately, it does involve some challenges. First and foremost, some resorts do not permit you to rent out your timeshare, so communicating with the resort or developer should be your first step. Consider the costs of renting out the property, such as potential property damage and time spent locating renters. 

Finally, renting out your timeshare may be a temporary solution while you look into alternative ways to get out of your timeshare commitments.  

• Sell Your Timeshare

You miss your recission period? Or the resort is not taking your timeshare back. Now what? Sell your timeshare contract to someone else.   

The first step to do here is to check whether your timeshare is eligible to be sold. Your contract will be listed as encumbered if you still have a loan on it. Sadly, there’s no going forward until the loan is paid off.   

Find out how much your timeshare contract is worth if it is sellable. Consult timeshare exit companies, or search online for general listing sites or timeshare resale sites such as Craigslist and eBay. Look for final sale prices for timeshares similar to yours.  

• Give Your Contract to Your Friends or Family

Have you asked your loved one to take over your timeshare contract? Perhaps they’ll like the gift for future vacations. Give all the relevant financial information, including resort transfer fees, legal closing costs, and annual maintenance fees.   

Conclusion: Is it Worth Escaping Timeshare?

Yes, and you’ll be happy once you’ve done it. While you will more likely pay extra to get rid of your contact, in the long run, it will save you a lot of money and recoup your costs.   

Follow the abovementioned ways to escape your contract legally. The best way is to hire a timeshare exit company and let them handle all the legality for you. They know the law and have experience needed to help people get rid of their timeshare contracts.