Are you tired of paying for the maintenance costs of your timeshare? Wondering how to get rid of it legally. Well, like any other binding agreement, getting in is always an exciting experience, getting out on the other hand is always an uphill battle. There are many concrete circumstances that might necessitate that you get out of your timeshare agreement. The big question is how you do it the right way? In this article, we look at legal options to dispose of your timeshare agreement.
Ask about a Deed back from the developer
It is pretty simple, if you wish to dispose of your timeshare agreement, you can start by looking into the deed back clause, if any. Engage your timeshare company and ask about the exit options. Ask about a deed back. Renting out could be an option, and many timeshare groups will allow you to convert to travel points each year. However, it is not a walk in the park. They are not obligated to have it back, hence you need to be patient and persuasive. Many companies request that you write a formal letter on the same. In your letter, you should give substantial reasons why you want to give it back. Keep in mind that exiting may cost you money.
Hire an attorney
Now, there might be times that you might want to give your timeshare back to the developer, but realize that you are out of the rescission period. You are perhaps wondering what the rescission period is. Well, it is the time you have to rethink your purchase and cancel the contract lawfully. For most timeshare companies the right of cancellation can only be exercised within a given timeframe, usually 5-15days after the purchase.
In case you want to give it back outside this period, you might need to hire an experienced attorney to help. Yes, don’t just hire any attorney. You need to work with Timeshare Defense Attorneys to help you exit legally. Consult with the timeshare attorney to know exactly what you are getting. Understand the whole process, find out if they are going to fight for you. Knowing what you are getting into, ensures that you avoid frustrations that might be born from the process.
The other way to get rid of your timeshare legally is working with a professional licensed real estate that specializes in timeshares. The idea is to work or connect with timeshare developers who have free or low-cost exit options. You can list your timeshare on websites or communities for other timeshare owners. Here you might get leads on who is interested in buying a timeshare. If an agreement is reached, then you might hand it over legally.
Tip: It is advisable to lower your expectations when working on an exit option. The market does not empathize with what you paid for your timeshare.
If you are looking for legal options to dispose of your timeshare, the ones discussed above will come in handy. Remember, it is always recommended that you work with an attorney or a trusted exit company for a smooth process.