How to Cancel Your Timeshare Property Legally

The 90’s were a wonderful time for timeshare companies. Initially people were not aware of the complete details of Timeshare. Over the years, people have discovered the tricks behind timeshares. Once you’ve invested in a timeshare property, it’s hard to cancel it. But the good news is you can cancel out your timeshare property legally. Read on to learn the best ways to cancel your troublesome timeshare legally.

Relief companies

Timeshare relief companies generally charge you a prescribed fee between $2,500 and $6,500 to cancel your timeshare contract. While they help you out with this, they are not taking the ownership of your property and you have to still bear the maintenance fees and other assessments.

Donate to a charity

This is another option that timeshare owners didn’t know existed. The charity you choose will sell your timeshare property and the proceeds from the sale will be treated as donation. They are not supposed to use your property nor they take up the ownership of your timeshare but they sell it on behalf of you for a huge fee that will be used as the donation for a cause.

Review your contract

You need to find out whether you own a deeded timeshare or a leased property. A deeded timeshare tells you that you are the permanent owner, while the leased timeshare indicates your ownership for a certain period. If you own a deeded timeshare, you have the right to sell it to others. If you own a leased timeshare, you may have to bear the annual maintenance fees until the lease contract is valid.

Rent it out

Check with the organization you bought your timeshare from whether you can rent out your timeshare property when you’re not using it for a while. In many cases, Timeshare Company operates a timeshare rental unit to take care of rentals exclusively. You will be charged a nominal fee for this. But that will be less than the amount you get from renting out. This amount can be used for maintenance and other assessments.

Auction your Timeshare unit on reputed sites

If you own a deeded timeshare and no longer want to use it, you can post your unit on trusted sites like eBay, TUG or Craigslist. There are both owners and organizations selling their timeshares on these sites. Before selling your timeshare property to someone else, find out what expenses you need to pay your home resort for transferring ownership.

About Author:

This Article is written by Dr. Tyson. He is famous timeshare contract cancellation lawyer lives in Missouri, USA. He has several year of experience in this field.