More than 85% of people rated their timeshare ownership experience as excellent, very good, and good, according to the U.S. Shared Vacation Ownership Consolidated Owners Report. With that being said, vacation ownership isn’t for everyone. There can be a lot of uncertainty around how to get out of a timeshare contract. If you’re ready to get out of or get rid of your timeshare, we can help.
How to Get Out of a Timeshare Contract Legally
Maybe you’ve come into financial hardship, or your timeshare just isn’t suiting your lifestyle anymore. Don’t panic, however, because there are routes every owner can take. By providing you with honest resources, we want you to make the right decision for your unique situation. We’ve compiled the best information out there to get you on the path to getting out of your timeshare. How to get out of a timeshare can look different for everyone, but timeshare resale is a common option.
Can You Cancel A Contract?
Each developer and contract will lay out different rules for rescission, so it’s worth looking into. Most often, the timeshare resale market is a great way to purchase a week or points for less money than if you buy directly. If you are past the recission period with your current timeshare, unfortunately, you most likely will not be able to cancel your contract easily. You should, however, take a look at other common options available to you.
If you’ve owned your timeshare for a long period of time, unfortunately, you cannot simply cancel your contract. However, if you have just recently purchased a timeshare and are having second thoughts, we recommend reviewing your contract. There may be a chance that you can cancel your timeshare. Timeshare contracts have a rescission period, where you can cancel your purchase. In Florida, the rescission period ends 10 days after your purchase. Be sure to check with your developer to see when yours ends.
Can You Give A Timeshare Back to the Resort?
If you’re looking to get rid of your timeshare, you will want to work with a credible resource so that you do not get scammed. You can find many legitimate sources when you are looking for help with getting out of your timeshare. There is even a possibility that your timeshare resort or developer will buy back your vacation ownership.
Firstly, we recommend calling your developer, HOA, or resort to get started. Some resorts may take back timeshares depending on where you stand with your ownership. If your resort won’t buy your timeshare back, however, you may be surprised to know there are legal and safe ways to get out of your timeshare. Sometimes brands have either in-house exit solutions or can simply offer expert advice on how to get rid of your timeshare.
In-House Timeshare Exit Solutions
Many developers offer in-house programs geared toward assisting owners who want to exit their contracts, so contacting them is a great place to start. Additionally, many developers have partnered with the American Resort Development Association to provide clear and honest solutions for exiting. This program is called the Coalition for Responsible Exit.
They can let you know if they have any in-house solutions or recommended resellers to help you, so we recommend reaching out to them at ResponsibleExit.com. In addition, many brands have featured resellers that they have vetted and trusted to help their owners sell their vacation ownerships. Below are a few in-house programs offered to owners by major brands. To see if your developer has a program that isn’t below, visit their website or give them a call. It’s important to keep in mind that you often will not get back what you originally paid when you sell it.
Wyndham Cares
Wyndham Cares and Certified Exit—Backed by Wyndham are Wyndham Destinations’ in-house exit programs for owners seeking to exit their timeshare. According to their website, owners can simply call and hear all of the options available. Additionally, there are no hidden fees or extra purchases required.
The Legacy Program by Westgate
Similar to Wyndham’s programs, The Legacy Program by Westgate offers owners solutions to exit their timeshares. By working with owners to discuss their options, they seek to find a common solution. Many brands like Westgate want owners to know they have options within the brand. This serves as a way to direct owners away from unscrupulous timeshare exit teams. Further, you can visit Westgate’s page for more information if you own with them.
Exit Diamond Timeshare
Diamond Resorts Listens is the name of the page provided to Diamond vacation owners who want options for exiting their timeshare. For a free consultation, visit their webpage and fill out the form, and as a result, a Diamond representative will discuss options with you to exit your ownership.
ARDA Responsible Exit
If you’re wondering about exit solutions for vacation ownership, we recommend browsing ARDA’s Responsible Exit page. Additionally, they have a full list of the brands that have signed up to participate in the Responsible Exit coalition. Timeshare brands that work with Responsible Exit include Hilton Grand Vacations, Marriott Vacation Club, and more. Head over to their webpage to see if you’re developer is on the list.
The Coalition for Responsible Exit also has Featured Resellers that are vetted by developers and ARDA. Fidelity Real Estate is a Featured Reseller for the Coalition. If you are looking for a legitimate resale company to help you sell your timeshare, contact us at 407-465-5188. Our licensed real estate agents can give you a free, one-on-one consultation to go over the details of your ownership and answer any questions you may have about selling.
What Happens If You Stop Paying Your Timeshare?
If you feel like you are going to fall behind on your payments, consider what will happen if you stop paying your timeshare. The resort or developer will most likely send the bills to collections, which consequently can really hurt your credit. Furthermore, if you are wondering what happens when you stop paying your timeshare maintenance fee. Your ownership will likely go into foreclosure, which will stay on your credit report for years, so we cannot stress enough that you should never stop paying your maintenance fees.
Above all, if you’re trying to sell a timeshare by owner, it’s best that it is in good standing. Being behind on fees and dues means it will mean it will be even more difficult to get out of your ownership. Potential buyers are probably not as willing to buy timeshares that have outstanding fees tied to them.
Gifting a Timeshare
One way to dispose of your vacation ownership is to give it to a friend or family member. Remember, however, that whoever the timeshare contracts name is in that they are responsible for any annual fees. So, if you have someone that you want to give the timeshare to, you will need to transfer the title out of your name and into theirs. This is the same as if you were to go the selling route. Once this is done, if you have not received confirmation from the resort, HOA, or mortgage lender that you are no longer required to pay your ownership fees, do not stop paying them. You will still be responsible for paying the maintenance fee until then.
Timeshare Exit Companies
You may have heard of timeshare exit companies that promise to help you cancel your timeshare contract. Similar to a house mortgage and deed, you can’t just cancel them. Paying a lawyer upfront fees to get you out of your timeshare is not the best route to take.
Common Scams to Avoid
Oftentimes these exit companies will take your money and not help you at all. If you suspect you’ve been introduced to a timeshare scam, call your developer or ARDA and let them know. They will be able to guide you in the right direction and vet any third-party companies.
Learn More: Finding A Legitimate Timeshare Resale Company
List Your Timeshare for Sale
Undoubtedly, an option most owners take is listing their timeshare for sale. This way, you can try to get back some of the money you put into it. In short, if owners don’t want to or can’t afford to pay their maintenance fees, selling a timeshare is one of the best ways to get out of it. Using a Licensed Real Estate Brokerage like ours is the best way to get out of your ownership legally. As Licensed Real Estate Agents, we ensure transparency, honesty, and professionalism throughout the whole process.
If you’ve scoured all the options for getting rid of your timeshare and are curious about the best way to sell, we can help. At Fidelity Real Estate, we’ve been Leading With Pride for over 20 years. Our focus is on the resale market and helping owners reach their goals, whether it’s buying or selling. Contact a licensed agent today to discuss your options.
If you’d like to know more about how to sell your timeshare, be sure to check out our video, “How To Sell A Timeshare Without Upfront Fees.” The purpose of this video is to walk you through the process of selling, help you avoid common scams, and give you some tips on selling your timeshare effectively.
Ready to sell? If so, fill out the form below. We will give you a one-on-one consultation and go over any questions you might have.
