A timeshare contract is a binding legal document that can only be broken when the contract allows for cancellation. Fortunately for impulse timeshare buyers, most states require that timeshare contracts have a clause allowing for cancellation within a specified period of time. Beyond this, the only legal approaches to end timeshare contracts involve transferring ownership, whether by selling, donating or giving it away. Finish the contract in a way not allowed by law or the conditions of the contract is thought to be a breach. Breach of contract exposes the timeshare owner to legal and financial ramifications.
Cancel throughout the rescission period. The majority of states have a rescission, or”cooling off,” interval during which timeshare buyers may cancel their contracts also have their own deposits and any other payments returned. California includes a seven-day rescission period — a purchaser may cancel the contract within seven days of getting the timeshare public report or signing the sales contract, whichever is later. The purchaser needs only to offer the programmer with written note by completing a Notice of Cancellation Rights based on the instructions on the form. The right of rescission is nonwaivable in Californa — that is, you can not give it up even if you’d like to, whether you decide to utilize it.
Sell the timeshare. It is difficult to sell a timeshare on the resale market, but cheap intervals at high-demand hotels and resorts can eventually sell. Try selling your timeshare yourself by listing it on sites like eBay or Craigslist, or on a timeshare-classifieds site for sales by owners. Alternatives are to record it via the programmer, in the event the programmer manages resales, or via a timeshare resale agent.
Give the timeshare. There are a number of organizations that take deeded-timeshare donations. The associations sell the intervals and then give the proceeds to one of the spouse charities or to some charity you specify. Since they sell the timeshares at flat-rate costs, the entire procedure, from donation to closing, can be as short as six to eight weeks. In contrast, the typical resale can take several months, and even years, to sell.
Transfer ownership to a third party. Transfers are called”exit options” — they get you out of your contract very quickly. However, the third party won’t cover you to the timeshare. It is going to merely take ownership and take over the maintenance payments and other penalties. Considering that the price of advertising and listing a resale timeshare can cost thousands of dollars in the long run, giving away it isn’t necessarily a bad option because your accountability for maintenance, assessments and other penalties endings almost instantly.