5 Legal Ways To Get Out of a Timeshare

Timeshares have been a way for people to take regularly scheduled luxury vacations at resort properties without owning the land. In theory, it sounds practical, but in reality, these contracts are frequently expensive, cumbersome, and, let’s face it, not worth the cost.

The average timeshare owner generally wants out of their contract quickly after signing it. This goal is hard to reach on your own, leading many to turn to hiring a lawyer for timeshare cancellation purposes.

In addition to hiring a lawyer, there are other legal ways to get out of a timeshare. Here, we’ll discuss the pros and cons of 5 of your options.

1. Use the Rescission Laws in Your Favour

One of the typical methods used by timeshare salespeople is the pressure tactic. They push people into signing a contract by convincing them there’s a time limit or intimidating them. If you purchase a timeshare and immediately change your mind when you leave the room, look into the rescission laws in your state. Each state’s timeframe varies, ranging from three to fourteen days.

2. Rent Your Space

If the timeshare seems like a good idea but you don’t have the money to spend on it, or you simply can’t get out of the contract, you could rent it using platforms such as Redweek. Before you do this, you’ll need to ensure you’re allowed to rent your timeshare by talking to the developer or resort directly. If they approve your request, consider taking out insurance to cover any property damage that could occur from the renters.

3. Sell It Back

Every timeshare resort developer has a different strategy for handling surrendered property. Yours could offer a deed-back solution or permit you to surrender the property with stipulations. This may be an expensive way out, but in the long run, it’s cheaper than continuing to pay the fees, taxes, and maintenance of keeping the contract.

4. Resell the Timeshare

Like your home mortgage, you can resell your timeshare. The difference is that your home’s value may appreciate, but timeshares don’t. Depending on how much you still owe, where the property is located, and the going rates at the time of sale, you may be able to get out of the contract without having a balance remaining.

5. Give Your Timeshare as a Gift

When your timeshare is fully paid off, you still have annual maintenance fees and other expenses. You don’t have to keep the property. If you have a family member or a friend willing to take on the responsibility of these costs, you can give it to them as a gift.

Don’t Fall for the Scams

Of course, the best way out of a timeshare is to avoid getting into one in the first place. Many timeshare sales are scams, particularly those that charge a high fee upfront. Never sign a contract until you’ve looked at your options, researched the company, and know your legal rights. And if you find that you’ve gotten into a contract that you no longer want to be a part of, contact a timeshare attorney to find out how you can reduce your obligations before your finances are severely impacted.