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Something can be good without being the best for you. While many people love their timeshare ownership, there are still some who find that they don’t want it anymore. Whether it’s because of timeshare fees, a lifestyle change, or something else, there are ways to get rid of a timeshare. With that said, not all methods are safe, and some can even be harmful. Fortunately, if you want to know how to get out of a timeshare, you’ve come to the right place! Here’s everything you need to know to say goodbye to your ownership safely.
How to Get Out of a Timeshare Contract Legally
Maybe you’ve come into financial hardship and can’t keep up with annual maintenance fees, or maybe 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. Figuring out how to get out of a timeshare can look different for everyone, but reselling is a common option.
Can Timeshare Owners Cancel a Contract?
The closest option to cancelling a timeshare occurs under the timeshare rescission period. The rescission period is a window of time where an owner can cancel their timeshare contract. The length that this period lasts varies based on your state’s timeshare laws, but it tends to last somewhere from three to fifteen days. In Florida, the rescission period ends ten days after your purchase. Naturally, if you’ve owned your timeshare for long enough, the rescission period will no longer be in effect. With that said, don’t panic! There are still other ways to get rid of a timeshare.
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. Owners can find many legitimate sources when they are looking for help with getting out of their timeshare. There is even a possibility that your timeshare property, 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 Company Exit Solutions
Speaking of in-house exit solutions, many developers have a deed-back program 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 (ARDA) to provide clear and honest solutions for exiting. This program is called the Coalition for Responsible Exit.
The coalition can let you know if they have any in-house solutions or recommended resellers to help you. So, we also recommend reaching out to them at ResponsibleExit.com. In addition, many brands have featured timeshare company 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 the original amount you paid.
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 to get rid of their timeshare. 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 ownership. 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 vacation 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. 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.
Gifting a Timeshare
There are a few options to get out of your timeshare. One way to dispose of your vacation ownership is to gift it to a friend or family member. Remember, however, that whoever the contract’s name is in, they are responsible for any annual fees. So, if you have a family member that you want to give the ownership 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. Instead, these companies will often send letters to timeshare developers asking them not to contact their client anymore, before telling timeshare owners to stop paying their maintenance fees. Ultimately, these methods tend to cause more harm than good.
What Happens if You Stop Paying Your Timeshare?
When you stop paying your timeshare maintenance fees, your ownership will likely go into foreclosure, which will stay on your credit report for years. Considering how damaging this foreclosure can be, we cannot stress enough that you should never stop paying your annual maintenance fees. Furthermore, 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 timeshare buyers are probably not as willing to buy timeshares that have outstanding fees tied to them.
Common Scams to Avoid
While the world of timeshares is safe with a good guide, there are unfortunately bad actors who try to exploit others. As we mentioned earlier, timeshare cancellation companies will often take actions that result in your credit score being damaged, but these aren’t the only problems that can occur. Another common scam comes from out-of-the blue callers claiming to have found a buyer for your timeshare. It’s actually illegal for a timeshare resale company to call you unsolicited, so be wary. 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.
List Your Timeshare for Sale
Ultimately, one of the best options for timeshare owners to get out of their ownership is listing their timeshare for sale. This way, you can try to get back some of the money you put into it. Using a Licensed Real Estate Brokerage is the best way to get rid of your timeshare legally.
If you’d like to know more about how to sell your timeshare without upfront fees, 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.
Get Started Selling Today with Fidelity
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 the timeshare industry with pride for over 20 years. We’re ARDA’s recommended reseller and have an A+ rating with the Better Business Bureau. Plus, our licensed agents are experts in every timeshare brand, from Shell Vacations Club to Hyatt Residence Club, which means we’ve built up a reliable reputation and have the expertise you’ll need to navigate the resale market safely. If you’re ready to get rid of your timeshare, fill out the form below, and one of our licensed agents will reach out to you about the next steps. If you have any questions, feel free to give us a call at 1-800-410-8326 or email us at [email protected]. We’re always happy to help!
