Not all good things last forever. From favorite hobbies to tastes in food, sometimes the things we enjoy change, even if there’s nothing wrong with them. That’s also how timeshares are. Vacation ownership comes with a lot of benefits. Spacious accommodations, luxurious amenities, and a lifetime of vacations are all things timeshare owners enjoy year after year. With that said, while many timeshare owners love it, timeshare ownership isn’t for everyone. Whether it’s because they’re tired of annual maintenance fees, aren’t interested in their resort, or no longer enjoy the lifestyle, there are owners who decide they no longer want their timeshare. Fortunately, there is a solution! A timeshare deed back program is a safe and reliable way to say goodbye to your timeshare. Here’s everything you need to know about how these programs work, as well as whether or not they’re right for you.
What is a Timeshare Deed Back Program?
A timeshare deed back program is a way of releasing your ownership by giving the deed for the timeshare back to the resort or developer. By doing so, a timeshare owner can effectively terminate their ownership rights and obligations. It’s important to keep in mind that not every timeshare company has a deed back program, so you’ll want to contact your developer to ask if they do. You’ll also want to keep in mind that the terms and conditions for the deed back process may vary from company to company. If your timeshare company does have a deed back clause, gather as much documentation as you can, like your timeshare contract, the original deed, the timeshare agreement, and any other relevant documents. You’ll also want to be in good standing with your timeshare developer.
Alternatives to Timeshare Deed Back Programs
You may be wondering what to do if your timeshare developer doesn’t offer a deed back program, or what to do if you’d like to recoup some of the costs from your timeshare purchase. For those interested, there are alternatives to deed back programs. Here are some of the biggest alternatives to these programs in the industry and how they stack up to deeding a timeshare property back.
Gift the Timeshare to a Family Member
There’s a lot to love about making a timeshare purchase. From staying at a luxurious timeshare resort to benefits like vacation exchange, there’s a reason the vast majority of owners love their timeshare. If you personally no longer want your timeshare but think a family member might, you can gift it to them. They will need to pay the maintenance fees and handle everything else that comes with being one of the owners of a timeshare resort. However, if they want it, then giving a loved one the gift of a timeshare is a viable alternative to a timeshare deed back program.
Take Advantage of the Rescission Period
If you recently purchased a timeshare, you should be aware of the rescission period. This period is a window of time shortly after purchasing vacation ownership at a resort, where you can legally cancel the agreement. Rescission laws vary from state to state, but typically owners have three to fifteen days to cancel the ownership. After that period ends, timeshare sales are final. If you only just bought a timeshare at a resort, act quickly. You may be able to get rid of that timeshare without having to pay a fee.
Timeshare Cancellation
You may have seen ads from timeshare exit companies that claim they can cancel your ownership. A timeshare exit team may advise you to stop paying your annual maintenance fees, claiming that they will get you out of your timeshare contract. Most of the time, this does not work. These exit companies are usually made up of lawyers who will look for a loophole in your contract. These loopholes often don’t exist.
It’s important to keep in mind that much like how you can’t get out of mortgage payments, you can’t simply cancel a timeshare. As a result, an exit company often does more harm than good. In fact, their advice, such as telling you not to pay maintenance fees, can lead to a dangerous financial situation or cause you to face foreclosure, which will damage your credit. If you’re a timeshare owner, think carefully about whether this exit strategy is worth the risk.
Read more: What Happens When You Don’t Pay Timeshare Maintenance Fees?
The Timeshare Resale Market
If you can’t give your vacation property back to the resort through a timeshare deed back program, the resale market is an alternative. The resale market allows timeshare owners to post a listing of their timeshare points or weeks for sale. If you’re looking for an exit strategy that’s less likely to put you in a dangerous financial position, choosing to sell your timeshare may be right for you. With that said, there are a few things you’ll want to keep in mind when choosing to sell your timeshare.
Keep Your Expectations in Check When Selling Your Timeshare
First, timeshares are not an investment, they’re a luxury item like a car. What this means is that while you can sell your timeshare, you likely won’t make all the money you spent on it back. The best way to think about timeshare sales is to compare it to selling a car. Once over time, cars sell for less money, and so do timeshares. It’s important to keep your expectations for how much money you make from the sale in check. However, if you want to say goodbye to annual fees and other financial obligations, selling your ownership is a great alternative to a deed back program.
Not Just Anyone Can Help You Sell a Timeshare
While a real estate agent can help you make a sale, not all of them do. Like with any other situation, you need the right tool for the job, so while real estate agents can be very helpful, they’re not always the best option. If you plan to sell your timeshare ownership, your best option would be a third-party company with licensed agents that specialize in timeshare resales. In fact, many timeshare resorts will direct owners to these companies if they do not have a deed back program in place. For most owners, working with a reputable resale company with experience in the timeshare industry is one of the best exit strategies to get rid of a timeshare.
Why You Should Sell Your Timeshare Ownership With Fidelity Real Estate
If you want to get rid of your timeshare safely while making some money back, consider working with Fidelity Real Estate. We have over 20 years of experience in the timeshare industry, and timeshare owners can start the resale process with no upfront fees. Plus, as a member of the American Resort Development Association, we follow a strict set of ethics that helps to keep everyone in the industry safe. This means that both timeshare companies and owners can trust that they’re in good hands when they work with us. Are you ready to get started? Then fill out the form below! If you have any questions, feel free to give us a call at 1-800-410-8326 or email us at [email protected]. Our licensed agents are always happy to help!
If you want to know more about how Fidelity can help you with the resale process, check out our video: “How to Sell a Timeshare Without Any Upfront Fees.”
Is a Deed Back Program the Best Way to Get Rid of a Timeshare
Now that you’ve learned about all the options, you might be wondering which is best for moving on from your timeshare. The answer is that it’s up to you! There’s no best way to move on from ownership. From deed back programs to selling on the resale market, all have their own pros and cons. At the end of the day, whether you’ve decided to move on because of financial hardship or a lack of interest in the resort, only you can decide what’s best for you.
If you want to learn more about selling your timeshare with us, fill out the form below.
