- 1 Can you return a timeshare to the resort?
- 2 How do I legally return a timeshare?
- 3 Can you be forced to inherit a timeshare?
- 4 What happens to my timeshare when I die?
- 5 What is the average cost to get out of a timeshare?
- 6 How much do lawyers charge to get out of a timeshare?
- 7 Why is it so hard to get out of a timeshare?
- 8 How do I terminate my timeshare contract?
- 9 How can I get rid of my timeshare without damaging my credit?
- 10 What happens if you refuse to inherit a timeshare?
- 11 What to do if you inherit a timeshare you don’t want?
- 12 Do timeshares last forever?
- 13 Can you just walk away from a timeshare?
- 14 What happens if you stop paying maintenance fees on a timeshare?
- 15 Does my timeshare die with me?
Last resorts (just couldn’t resist that one) Give it back: Contact the developer or resort management. Tell them you want to quit-deed the property back to them. In other words, you are willing to give away your timeshare in exchange for the future savings of not having to pay your membership.
5 Ways to Legally Get Rid of a Timeshare Property
- Exit Within the Grace Period. If you don’t want to have to learn how to sell a timeshare legally down the line, this is often your best course of action.
- Find a Possible Breach of Contract.
- Return the Timeshare.
- Sell Your Timeshare.
- Contact a Timeshare Attorney.
If you die owning a timeshare, it does become part of your estate and obligations are indeed passed onto the next-of-kin or the estate’s beneficiaries. However, they do not have to accept it, in the same way that anyone has the right to refuse any part of an inheritance.
However, in the case of an owner’s death, a timeshare becomes part of that owner’s estate, and thus, the benefits, investment, and obligations attached to it are passed onto the next-of-kin or the beneficiary of the estate.
Costs to Get Out of a Timeshare On average, it costs about $5,000 to $6,000 and takes 12–18 months to get out of your timeshare contract using a timeshare exit company. But the cost and the timeframe can vary depending on a number of factors including, how many contracts are attached to your timeshare.
Here’s some insight into costs and what to expect. On average, the cost of professional cancellation services is around $4,000. This typically gets you a team that will work with your timeshare company on a settlement or manages the resale process for you.
In fact, it can be hard to even give a timeshare away, let alone sell it. One of the reasons it can be so hard to sell a timeshare is because timeshare loans tend to have a higher interest rate than traditional home loans. For example, timeshare loans can have an interest rate from around 6% to 17%.
The Do’s: How to Write a Timeshare Cancellation Letter
- Get your cancellation request in writing.
- Include a clear request to cancel your timeshare.
- List all the important details.
- Set expectations.
- Send all correspondence by certified mail.
- Don’t get emotional or long-winded.
- Don’t use passive or hesitant language.
Let’s dive into the most common ways on how to get out of a timeshare—without ruining your credit.
- Talk to your developer about buying back your property.
- Gift your timeshare to a family member or friend.
- You may be able to cancel your ownership.
- Post your timeshare for sale.
In general, if you refuse a timeshare, it will go to the next person in line to inherit. If that person doesn’t want it, they too must file their own Disclaimer of Interest. You can’t legally disclaim a timeshare that you’ve used to benefit yourself after an inheritance.
If you do not want ownership of the timeshare, you can choose to decline the inheritance, in which case it would go to the next-of-kin. If they deny it, then the property would likely be foreclosed on and any debt would be paid through estate assets, if available.
Usually if you buy a deeded timeshare, there’s no expiration date. This means you’re paying the maintenance fee indefinitely, even if you don’t use the property every year. And maintenance costs rise with inflation.
You can’t just walk away from a timeshare. That’s because they often come with an obligation to pay maintenance fees for as long as you own them. It says 85 percent of timeshare owners who go to contract regret their purchase.
If you stop paying it, the timeshare company will do whatever it takes to collect. They’ll make phone calls and send letters, then they’ll assign it over to (you guessed it) a collections company. If you still don’t pay, the situation sinks even further into foreclosure and possible legal action against you.
Since timeshare contracts typically include “in perpetuity” clauses, owners can be on the hook for these fees for life — and the obligation to pay passes to anyone who inherits the contracts at the owner’s death. The good news: No one has to inherit an unwanted timeshare.