Did you sign up for a timeshare years ago? They gave you the perfect pitch to get you to buy it. You thought it was the deal of a lifetime, but now you don’t want any part of it.
If this sounds like a situation you’re experiencing, you aren’t alone. Data shows that more than nine million Americans own a timeshare.
Being trapped in one isn’t fun at all. You have to deal with those fees that seem like they keep on going with no end. If you’re stuck in a timeshare in perpetuity, you may be able to get out of it.
Read on to learn how to try to get out of your timeshare.
What Is a Timeshare in Perpetuity
Before going over how to exit a timeshare, it’s important to talk about what a timeshare in perpetuity is. As you know, a timeshare is a type of vacation property. It works under the principle of a shared ownership model.
A timeshare in perpetuity often comes in the form of a shared deed ownership. This type of timeshare gives each buyer a part of the share of the physical property.
What is the deal with the term, perpetuity, you ask? Is timeshare in perpetuity legal?
The answer is “yes”. Perpetuity is a state of continuing forever. This means that it’s eternal.
Under a perpetuity clause, you’ll own your timeshare forever. Even after you die, the fees will still remain as your children and their children will be liable for the fees.
Yes, you read that right. This is a part of the ownership rules that most timeshare owners don’t know about. Your children can inherit a timeshare and they’ll have to deal with it.
Read the Fine Print
Did you read the fine print when you bought your timeshare? Chances are you didn’t as is the case with most people who buy one.
The problem is that there’s a contract that ties you down to the timeshare. Take a second and go back to the timeshare contract to see if there’s a perpetuity clause.
This clause can make it harder to exit the timeshare, but there’s some hope. The first thing you should do is find out if you can surrender your timeshare.
You’ll have to check with the resort. Call the resort and ask to speak with the person who handles surrenders or “deed-backs”. Let the person know why you want to do a voluntary surrender.
This involves returning the property back to the company. You may have to pay a fee, so do ask how much they’ll charge. Get this in writing as you want to avoid hidden fees.
In most cases, this is the safest and easiest way out of a timeshare, but some companies don’t allow this. They don’t want to lose out on management fees as the timeshare is a cash cow for them. It’s likely that you’ll get the runaround to dissuade you from making this move.
You should also keep in mind that you’ll lose any financial investments you have ever made. You can’t undo the process if you change your mind, so be mindful of this.
Use the Rescission Period
Under the fine print, you may see something about a rescission period. This is a law that allows buyers to cancel their timeshare ownership. It’s a good way to get rid of your timeshare if you don’t want the timeshare anymore.
Having a rescission period is fantastic. Act on it quickly as there may be short period of time to take advantage of it. Most rescission periods run between three days to two weeks.
Offer Your Timeshare on the Resale Market
If surrendering your timeshare isn’t an option, you can try to sell it. You’ll have to find out if your timeshare is eligible to sell for this option to work. You’ll also want to determine if it’s worth selling it as you may not make a profit.
Look online for a timeshare resale site. Try to find a site that doesn’t have up-front fees. Contacting a real estate agent may be something to look into as well.
After you find a buyer, you’ll deed that person the property. The person will assume the fees. This is a timeshare exit strategy that works, but it can take some time for you to sell your timeshare as you must find the right buyer.
Getting Professional Help
If all your previous attempts fail, it’s time to seek professional help to get out of your timeshare contract. Getting professional help can offer you several benefits. You may be able to avoid those terrible fees and even keep your credit score intact.
A timeshare cancellation agency specializes in this area. It’s best to hire one that’s reputable and has a proven track record of getting clients out of their timeshares.
You can have peace of mind knowing that a team of professionals will handle your case. They can walk you through the entire process. Their goal is to legally and permanently release you from timeshare ownership.
Now’s the Time to Get Rid of Your Timeshare in Perpetuity
Tired of having to deal with that timeshare you have that keeps on sucking money for you? You no longer have to put up with it.
Use this guide to help get the facts straight so you can determine what route you should take first. You’ll soon be able to exit that timeshare in perpetuity that’s been a thorn in your side.
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