Paid in Full Timeshare
Get Rid of Your Timeshare
When you pay off your timeshare, fees continue. Learn how to get rid of your timeshare.
Owning a timeshare means that you will never get out from under yearly fees for maintenance and upkeep. Your contract, even once the balance is paid off, will stipulate that you pay these fees for as long as you own the property. In addition to the maintenance and upkeep fees, you can also be on the hook for special assessments and even the maintenance fees from other owners if they are not making their payments.
It isn’t fair. It isn’t right. But you signed the contract and the terms and conditions are in there. A timeshare company is very good at hiding fees and charges that will last in perpetuity to your contract. In other words, as long as you own the timeshare, you will have fees.
Getting out of those fees means getting out of your timeshare contract. Depending on the wording of the contract you may be able to sell it (or give it away), but the developer might have the right of first refusal. If you get an offer, you have to give the developer the opportunity to meet or beat the offer. Many times this is just a formality, but it can slow down the selling process and make it difficult to even get an offer.
If you do decide to get rid of your timeshare, it is in your best interest to go through an insured and licensed title company for the sale. Do your research and make sure the company you are choosing is a legitimate title company and has experience in timeshare sales. Correct procedures and paper work will make the transaction easier on everyone involved.
Get Rid of Timeshare with Timeshare Cancellation
The resale market is an option, but it is not a really good one. Selling your timeshare in this way can be a risky and unsafe way to get out from under your fees, but the market is drowning in scams and shady buyers who are looking to make money from unsuspecting owners who want and need to make a deal. If selling or giving away your timeshare is not an option, either because no one wants to deal with the maintenance and upkeep fees or because it is such a hassle to sell it, you can always see if the timeshare developer will take it back from you. Understand, though, that if they do, you will not be compensated for it. Developers are also under no obligation to take the property back. Many times, even if the developer will take the property back, their first response will be no, but that is so other owners won’t do the same thing.
In many ways, trying to get rid of your timeshare will feel like an exercise in futility. The timeshare developers want you to feel that way. As long as you own the timeshare you will be responsible for the fees and they don’t want to give up a steady income stream. The uncertainty in the timeshare market, now, means that once they have someone on a hook for the fees, they want to keep them. If you want to get rid of your timeshare, speak with an attorney that has experience in dealing with the timeshare developers because they will know whether or not they will take back your timeshare.
Learn more about timeshare foreclosure!