Exiting a timeshare is the process of terminating a timeshare contract by transferring, selling, or negotiating a release from the timeshare company.
Why is knowing "how exiting a timeshare works" so important?
Exiting a timeshare can be a complicated process and there are many companies that attempt to scam dissatisfied timeshare owners looking for a legitimate way out of their unwanted timeshares. Knowing how the timeshare exit process works can prevent potential pitfalls when looking for the best way to get rid of a timeshare.
The process for exiting a timeshare sounds simple in principle:
Another party must legally take over the timeshare or the timeshare company must agree to take back the timeshare property back.
However, the actual process is much more complex. Numerous variables, like whether or not the timeshare is paid-off or what resort you own, can all add additional criteria to the process. Another component is whether or not you attempt the process alone or hire a professional to assist you. All factors aside, here are some standing guidance when faced with exiting your timeshare:
You are highly unlikely to make money by selling your timeshare. Stay away from any company offering to sell your timeshare that charge a marketing fee or lead you to believe it is worth more than what you see it posted for on sites like eBay. These are usually scams designed to appeal to your want to make back the money you spent on the timeshare. The reality is timeshares are worth very little of what folks actually pay for them. You can learn more about selling a timeshare here.
Avoid any companies that charge upfront fees. Companies that charge upfront fees to exit your timeshare could be potential scams too. Although these companies may offer you a money-back guarantee, what's important to remember is that you are still trusting the company will act in good faith. Another consideration to think about is if the company goes out of business what protections are in place to protect you? We recommend protecting yourself and paying through an escrow option (this requires you to have the full amount for the service to in money - meaning you can't use a credit card) or using a service that offers installments or payment plans to exit your timeshare so you're not at risk of being left holding the bag.
Be patient. Exiting a timeshare can take months to years. The timeshare transfer process is painfully slow because of the number of timeshare companies who rarely staff their internal title and deeding departments with enough people to handle all the transfer requests. A timeshare is usually deeded real property and also has to abide by whatever applicable laws cover the jurisdiction for your resort. Any company who offers a speedy exit process is either misinformed (meaning they are amateurs) or is bold face lying to get your business.
Keep paying your maintenance fees. Assuming your timeshare is paid-off and you are selling or transferring the property - it is vital that your timeshare stays current on all fees and club dues. Any accounts that fall in arrears will prevent the transfer of your timeshare. This could also make your potential buyer weary and cancel the sale. So it's always best to keep your maintenance fees paid up and account in good standing.
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