While many timeshare owners are glad of their ownership and enjoy the vacation in the resorts, other buyers believe getting the timeshare property to be a mistake. There is where the issue of getting rid of timeshare appears. You can engage in this not an easy task on your own or find timeshare exit company that will accompany you throughout the whole timeshare exit process. But first, let’s discover what is the best legal way to get rid of timeshare.
1. Follow the recission period
The recission period is a short time when an owner can take back the purchasing decision and get out of a timeshare. Depending on the state and laws, this period can last between 3 and 15 days. Before getting the timeshare property, you should check up on the recission laws to ensure the duration of the recission period. Once you are still in the recission period, it allows you to write a cancellation letter and send it to the determined cancellation address of the resort.
2. Ask the resort to take the property back
Another practical timeshare legal advice is to ask the resort whether you can give back your timeshare ownership. Keep in mind that once the resort accepts your return, it might require you to pay annual fees until the buyer is found. Still, some resorts are likely to refuse your request to give back the property, but it is worth asking anyway.
3. Try to sell your timeshare
Whether you are out of recission period and the resort refused to take the ownership back, then an option of selling a timeshare may work for you. Essentially, as the timeshare industry rapidly develops, the possibility of successfully selling your timeshare property is relatively high. It would be best if you looked for reputable resale websites for selling your ownership.
4. Lease a timeshare
Generally, the selling process is not as fast as it may seem, so you can quickly lease your timeshare until you find a suitable buyer. It is a working variant to get rid of a timeshare temporarily.
5. Transfer the timeshare property to your friend or relative
If you still doubt how to get out of a timeshare legally, then you can give it to someone interested in getting the rights of a timeshare. This option requires you to know that all the necessary payments go to a new owner with ownership. Anyway, it seems the easiest way to get rid of your timeshare.
6. Cancel the ownership
You can refer to a timeshare legal action that provides the cancellation process. If you apply to the cancellation company, you must understand that stopping payments won’t be the working variant on getting out of your timeshare. Moreover, your credit score will be affected whether you won’t make all the required payments in time.