get rid of timeshare

Can You Get Rid Of Your Timeshare In Less Than A Year?

Multiple individuals appreciate their timeshares for the ability to stay in luxury apartments and resorts year after year. However, high maintenance fees, property taxes, and other expenses can worsen rapidly. Thus, timeshare owners face another issue – how to get rid of my timeshare. The truth is that several options are out there to get out of timeshare ownership – let’s discuss them in the article.

How can I get rid of my timeshare fast?

1. Use the rescission period

Getting out of a timeshare contract appears much more complicated than getting in, but using the rescission period is one of the legal ways to get rid of a timeshare relatively fast. A rescission period is a short window of time when an individual can take the purchasing decision back and cancel a timeshare. 

Furthermore, it only works if you recently bought a timeshare, as this timeframe is pretty brief. The length of a rescission period varies from three (in Indiana) to fifteen ( in Alaska) days. Within this time window, an individual must follow all the instructions mentioned in the state law to get rid of timeshare immediately, including writing a letter.

2. Give timeshare ownership back to a resort

If you missed the rescission period but still want to get rid of your timeshare, consider a low-cost way of giving the property back to a resort. Even though this practice is relatively rare among resorts, you must check your timeshare agreement regarding a deed-back program clause. It typically allows owners to give a timeshare back for free, but you at least will be free from paying burdensome fees and expenses on a timeshare.

3. Sell a timeshare

Once you still wonder how to get rid of your timeshare fast, try to engage in selling it. Keep in mind that this option works for you only when the loan is completely paid off. Hence, you can consult a real estate agent about your timeshare resale or list a property on the online resale markets, such as Craigslist. Even though the competition on such secondary markets is pretty high, you still have a chance to complete the deal. Don’t expect to get back the total price you have initially paid for your timeshare – this property tends to depreciate over time.

4. Hire an attorney

If you find all the previous options inefficient, you can get the help of law firms to start a legal process of getting out of your timeshare. Remember that getting rid of a timeshare via a lawyer requires some time and effort, but particular legal strategies work well to terminate timeshare contracts quickly. Besides, hiring an attorney isn’t a cost-effective way to timeshare exit, as you will have to pay for the attorney’s work. You are also not likely to get back funds on a timeshare taking this road.