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What Is The Cheapest Way To Get Out Of A Timeshare?
08Mar
Timeshares are often associated with a luxury property that allows people to visit fine resorts and hotels every year. Moreover, timeshare companies obligate people to pay timeshare maintenance and non-negotiable membership fees. Thus, multiple timeshare owners think to get out of timeshare as soon as possible, and not all of them have an unlimited budget. People usually seek the best way to get out of a timeshare without hurting their credit. Today, we’ll try to figure out the cheapest solution for exiting your unwanted ownership.
How to get out of a timeshare: the cheapest way
1. Timeshare cancellation
Timeshare cancellation enables owners to get out of timeshare ownership and receive a full refund without any additional penalties. However, the cooling-off period provides a certain timeframe. Depending on the local laws, a rescission period is determined as a window of time that typically lasts between 3 and 15 days after the day you bought a property.
It is worth mentioning that rescission laws are based on the location of a timeshare or resort itself, not the region where you live. If your timeshare purchase is relatively new and you realize it was a big mistake, you can quickly end a timeshare contract within a cooling-off period.
For this, you need to send a cancellation letter to your timeshare company where you should write why you need to cancel a timeshare as soon as possible. Make sure you send a letter to certified mail that you can find in your timeshare contract. Consult your attorney about what details you should mention in a letter.
2. Sell your timeshare
Before even thinking about selling your property when you are already out of a rescission period, you need to make sure you paid off all the required fees and taxes. It is the first pledge for the higher chances to sell a property successfully and attract more people on the resale market.
Selling timeshare ownership remains the best way to get rid of timeshare for multiple owners, but don’t expect to return the full price you have paid for your timeshare. Find a property with similar amenities and several rooms, and figure out a price for your timeshare. Listing your property in social media and online listings, like eBay and Craigslist, is your best bet. You can hire a broker or a timeshare exit company if you can’t sell a timeshare on your own, but you will need to pay big money for their services.
3. Give a property back
Another way to get out of a timeshare legally is to use a deed-back program provided by your timeshare company. Check up on your contract and determine whether you can give the property back to a resort. In most cases, such a clause in a contract requires you to pay in full all the fees and other payments on a timeshare. You can return less money than you initially paid for a property or even give it back for free, but it is worth it since you no longer are obligated to pay burdensome maintenance fees.
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