As mentioned above, the traditional way to get rid of an unwanted timeshare is through a sale, donation, or transfer.
On the topic of selling a timeshare, many unsuspecting timeshare owners looking to get rid of their timeshare downfall pray to listed companies proposing to put their timeshare up for sale. Such businesses have been investigated by the State Attorney General for fraudulent and deceptive practices and a proposed timeshare seller who wants to sell his timeshare obligation should first consider selling his timeshare by listing it on sites like eBay or Craigslist.
Other options are to list it through the developer, if the developer handles resales, or through a timeshare resale broker. One thing the proposed timeshare seller should not do is pay an upfront fee for the sale of your timeshare. It is these prepayment practices that have come under the scrutiny of state attorneys general.
Another frequently discussed solution to the problem of how to free yourself from the financial burdens of your timeshare is to donate the timeshare. Where once there were a number of organizations that accepted written timeshare donations, with the ever-increasing burden of maintenance fees that seem to increase each year, these organizations are a dying breed.
Transferring ownership to a third party who will simply take over the annual maintenance obligations is another “exit strategy.” However, these people will not pay you for the timeshare and in many cases the timeshare company will simply refuse to acknowledge the transfer or alternatively impose onerous resort transfer fees, causing the transfer to a third is prohibitive for those facing financial difficulties.
In recent years, however, new techniques have emerged promoted by real estate attorneys who specialize in timeshare litigation. These techniques reached their final fruit in a series of lawsuits filed in California that resulted in the release of each and every claimant from their timeshare contracts.
Similar actions have been taken, all seeking damages for the kind of fraudulent and deceptive conduct often used by timeshare sellers to induce unwitting potential owners to sign on the dotted line.
Such conduct includes the following statements, generally made at the time the timeshare was sold:
For. That the purchased timeshare interest would appreciate and the resale price and value would increase over time.
B. That the acquired timeshare interest can be freely exchanged, transferred and sold.
vs. That the purchased timeshare interest was a financial investment.
D. That the purchased timeshare interest would result in the buyer receiving reservation priority over non-purchasing vacationers who wish to stay in one or more of the defendant’s owned and / or maintained timeshare properties.
As a result of filing such actions, timeshare companies have become much more willing to release timeshare owners from their timeshare obligations even without resorting to litigation.
To take advantage of this solution, you must hire an attorney familiar with timeshare laws and the various techniques for terminating a timeshare contract.
In short, don’t believe the naysayers who tell you it’s impossible to get out of a timeshare contract. If you are the victim of one or more of the above misrepresentations, you may also be able to cancel your timeshare contract.