Getting Out Of A Timeshare Contract

27 September 2018
 Categories: Law, Blog

Buying a timeshare is a relatively inexpensive way to enjoy vacationing in a popular vacationing area. However, there may come a time when you want to get out of your timeshare. If you have reached that time, here are some of the options available to you:

End It by a Legal Excuse

A timeshare is a legal contract, and just like any other contracts, there are legal excuses that can terminate it, according to real estate law. Things like fraud or mutual mistake can give you a way out when you want to be released from a contract. Consider an example where the seller promises you that the area is a hot neighborhood that is "guaranteed" to receive a certain number of visitors per year. If it turns out that the property is in an isolated area that barely receives visitors, you may be able to use fraud to get out of the contract.

Sell Your Timeshare      

One of the most direct ways to get out of a timeshare is to resell it. This relieves you of the obligation to service your timeshare contract and also ensures the seller doesn't lose their money; it's a win-win situation for everyone. The only problem is that if your timeshare is bad and that is why you want to get out of the contract; it's unlikely that you will find willing buyers easily.

Rent It Out

Apart from selling your timeshare, you can also rent it out to others. This doesn't technically get you out of the contract because you will still be obligated to meet the terms of the agreement, notably its financial demands. However, it will give you some money to service the terms of your timeshare, which is a huge win if finance was the main reason you wanted to get out of the contract. The only problem is that you are only likely to enjoy good rental income from your timeshare if the property is located in a prime area.

Return It to the Company

Lastly, you may also have some luck with your desire to get rid of the timeshare by returning it to the seller. Most timeshare sellers have a provision to take back the timeshare, anytime, from the buyer. It is just that many of these sellers don't seem too eager to keep this promise when you do want to return your timeshare. You are likely to succeed in your efforts; just be prepared to put in a lot of work for it.