Timeshare ownership can be a surprisingly messy experience. Sure, it sounds pretty simple in the sales pitch that you are given at the start of this whole process – you see images of people relaxing on the beach and think that your life will soon look just like that. And, to be fair, there may be some great days on the beach along the way, but you are also likely to encounter some difficulties like rising costs and overbooked properties that make it hard to take the trips of your dreams.
With that in mind, some people dream of being able to simply relinquish their timeshare ownership so they can be done with the whole thing. But what does that mean, and how does it work? The article below will dive into the details to give you some ideas on how you may want to move forward with your own situation.
What It Would Mean to Relinquish Timeshare Ownership
Just to be clear before going any further, if you decide to relinquish your timeshare ownership – and are able to do so – you’d be giving up all of your rights as an owner in order to rid yourself of the responsibilities that ownership carries. Let’s go through an example just to make sure everyone is on the same page.
Imagine that you purchased ownership of a timeshare property a few years ago. You’ve taken some nice trips thanks to your ownership rights, but have decided that the costs are no longer worth it. As an owner, you are legally responsible for costs like annual maintenance fees and occasional assessments. Each time those bills come around, you have to pay them, and that might become a financial burden (or you may just decide that the value isn’t what you’d like it to be).
So, if you are able to relinquish the ownership of your timeshare, you’ll be giving up the right to take those vacations. But, at the same time, you’ll be getting rid of the obligation of paying those bills. You will be “off the hook” for maintenance fees and assessments, and you’ll be free to move on with your life from there. For many timeshare owners, this will sound like an appealing option, and one that is worth exploring.
Shouldn’t You Try to Sell Your Timeshare First?
Before we talk too much more about relinquishing a timeshare, we should first stop to discuss the idea of just selling it to another partner. If you were able to sell your timeshare, you could get some of the money you spent back, and at the same time, you’d be able to free yourself from the burden of ongoing costs. If that sounds like an ideal plan, it’s because it is – selling your timeshare is easily the best way to get out.
So, what’s the catch? The sad reality is that there is rarely a market waiting to buy your timeshare. The same reasons that you want to get out of your timeshare are the reasons other people have for not wanting to buy one in the first place. You’d be out from under the responsibility of maintenance fees and assessment costs, but you’d be putting that burden on someone else. Most likely, they aren’t going to want to take that on, and you’ll be left struggling to find a willing buyer.
To be clear, it’s not entirely impossible to sell a timeshare, and you can at least explore this option if you want to exit quickly and comfortably. There are various places you can find to list your timeshare for sale, although you’ll find plenty of competition from other people trying to do the same thing. If you get lucky and find a buyer, be sure to complete the sale properly and take care of all legal matters so nothing comes back around on you later.
Looking Into the Contract
If you are going to try to relinquish the ownership of your timeshare, the first thing to do is carefully read your contract. Of course, this isn’t going to be light reading, as all types of contracts are notorious for being wordy, lengthy, and difficult to decipher. If you are trying to read yours and you can’t figure out exactly what it says or means, consider paying a lawyer for a bit of their time to do a review for you.
Within the contract, you might find information about what it would take to relinquish ownership of the timeshare. It might say that you don’t have any options to give back the ownership to the developer so you can move on, or it might outline some fees and other steps that need to be taken to make it happen. This is information you certainly need to find and understand, so do what you can to review all of this information as soon as possible and then plan a path forward.
One other thing that should be said on this topic is that your developer might have a program currently available to give back timeshare ownership that wasn’t offered when the contract was first drawn up. If they have been receiving a lot of requests for relinquishing membership, the developer might put together an offer that you can decide to take or leave. So, in addition to reading your contract, you’ll also want to reach out directly and ask about the current status and any offers that are valid.
Following the Steps and Negotiating
If there is an option available to you to relinquish your timeshare ownership, you’ll want to be sure to follow the rules and steps for that process as closely as possible. Also, along the way, be sure to keep any documentation that you think you might need later to prove that your ownership has been canceled. Even if you generally trust the developer and don’t think they would do anything intentionally to treat you wrong, you can never be too careful – keep all emails or any physical copies of correspondence so you have something to look back at later.
It’s also possible that there will be some negotiations as part of this situation. If there isn’t a set relinquishing process and you are able to convince the developer to let you out of your contract, they might ask you to pay a certain amount of money or take other actions before the account can be canceled. Remember, in negotiations, there is no harm in asking and standing up for yourself, so always feel free to counter whatever they offer in an attempt to get a better deal. And, if you aren’t comfortable with this negotiation on your own, this is another point where an attorney could step in to represent you.
Other Possibilities
Some timeshare owners who want to get out are going to find that their resort developer isn’t any help at all in this process. If you feel like you are banging your head against a wall trying to get help from the developer, you’ll need to look in another direction.
Most of the time, that means partnering with a timeshare exit company that can help you to find a way out as soon as possible. Exit companies are designed with a single goal in mind, and they have gotten very good at accomplishing that goal – getting clients out of their timeshares. Different exit companies will approach the situation from different angles, and anyone you work with should plan on getting to know your situation in detail so they can decide exactly which approach is likely to be the most effective.
Be wary about paying any timeshare exit company upfront for their services without getting at least some type of confirmation that they are going to deliver the results you need before the money is gone. Usually, that means having the money placed in an escrow account while the service is in progress. By using escrow, your money will be held safely between you and the timeshare exit company, and they won’t be able to run away with it without delivering good results. A timeshare is costly enough, so you don’t need to add to your financial woes by paying for a service that doesn’t come through for you in the end.
Is Relinquishing Your Timeshare an Option?
When the opportunity is presented, being able to relinquish your timeshare is a chance that you might not want to miss. However, the specifics of the situation will vary from one owner to the next, so you need to consider all factors before you proceed. If you’d like to discuss your situation and consider using a timeshare exit company to get the outcome you desire, call us today at
833-416-8796 to learn more. Also, we have a helpful live chat feature here on our site that you are welcome to use, as well. Either way, it would be our pleasure to assist you on this important matter.