No matter how good the salesperson made it look at the timeshare presentation, you might be finding that timeshare ownership is a nightmare. The contracts developers make timeshare buyers sign are intimidating. Once you look at the contract with an eye toward exit, it’s reasonable to wonder, “Can you legally get out of a timeshare contract?”
You’ll be relieved to know that the answer is yes. It is legally possible. But just because it’s possible doesn’t mean that your timeshare company will make it easy. In fact, timeshare developers are known for making even the simplest transactions as difficult as possible because that is how they keep their customers.
This article will answer common questions to help you figure out an exit strategy for your timeshare purchase agreement. It’s important to realize that for the best chance of a legal, ethical, and permanent exit, the help of experienced timeshare exit company professionals, like those at Centerstone Group, is often needed to get you finality and protect you in an industry filled with scams.
Incredibly, the answer is no, you can’t walk away from a paid-off timeshare. Even if you have made all your mortgage payments, your timeshare agreement still requires you to pay fees related to your timeshare forever. These fees include ever-increasing annual maintenance fees, special assessments, and other continuing costs arising from your timeshare, even when it’s “fully paid for.”
Needless to say, these fees can sink your finances. Just walking away, though, won’t solve your problems. Because you are contractually bound to pay, failure to do so will result in collection action against you by your timeshare developer. That can mean foreclosure or even a judgment against you. The negative effects on you and your credit report can last for years.
The legal problems with this strategy, therefore, make it a poor approach.
The answer to whether you can cancel your timeshare contract is “maybe.” Most timeshare contracts won’t let you just cancel at any time you want. If you’re a new timeshare owner, there is a good chance that you can cancel your contract if you are still within the rescission period (also known as a “cooling-off period”) provided by your state’s law.
However, it is important to be educated and ensure that you are canceling your contract in the right way. Most timeshare contracts have specific terms requiring you to write and deliver a timeshare cancellation letter in a certain way. If you don’t follow those requirements exactly (or can’t prove that you did), you may be stuck with your timeshare forever.
You might think that is a harsh result, and it is. Timeshare companies write their contracts this way because they want to use the law to trap you into paying for their products as long as possible. Therefore, if you think that you can cancel your timeshare agreement, it is critical that you call an expert at Centerstone Group as soon as possible to correctly guide you through the process.
Most likely, no, you can’t sell your timeshare. Despite what the timeshare sales staff might have said, timeshares are awful investments, and there just isn’t much of a timeshare resale market. While there may be one person out there who managed to sell an exotic timeshare in a pristine corner of Maui, the vast majority of timeshares just aren’t considered valuable real estate. You’re more likely to find legions of desperate owners trying (and failing) to give them away on eBay.
Even if you could find a family member or other buyer who was willing to pay anything of value for a timeshare, your developer could likely block the sale anyway. Timeshare agreements often have rights of first refusal or other restrictions on sales that prevent you from transferring ownership of your timeshare property without permission from the company.
It’s possible you can give your timeshare back, but only if the timeshare developer lets you do it. Some larger timeshare companies may have their own exit programs, called deed-back programs, but like everything else with timeshares and vacation clubs, you should regard these offers with caution.
If timeshare resorts simply released every customer who asked, they would quickly have no more customers. Therefore, it’s in their best interest not to let the majority of timeshare owners out of their contracts.
Once the line is drawn, the question becomes how adept you are at making a multibillion-dollar timeshare company take back the timeshare. Most of us don’t have the experience or expertise for that kind of job.
That’s why Centerstone Group exists. Its professionals have collected decades of experience in the timeshare industry and use that experience in proprietary pressure campaigns to force timeshare developers to take back their customers’ timeshares. In that way, Centerstone Group can save owners time and peace of mind, while achieving successes owners can’t get on their own.
Whether you’re trying to rescind a timeshare contract or negotiate with a developer, calling a timeshare exit company like Centerstone Group is a smart move. Working on your own is stressful, risky, and gives the timeshare companies the upper hand.
So, if you’ve been wondering, “Can you legally get out of a timeshare contract?” The answer is yes — as long as you have the right experts in your corner. Centerstone Group’s exit experience gets results, even with Mexican timeshare exits. Plus, we have the customer reviews (4.77-out-of-5 stars) and reputation as an A+-rated, certified company with the Better Business Bureau to back up what we say. Call us today for a free consultation and let us see what we can do to help you.
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