Many families initially enjoy visiting their favorite timeshare destinations and having the ability to trade their weeks to go someplace else. Unfortunately, selling a timeshare is not as easy as purchasing it, but it can be done.
Lease Versus Deed
If you have a lease, then getting out of a timeshare may not be as difficult since you only own it for a specific period of time. The terms can be for a few years or until death, at which time the lease reverts to the developer. A deeded timeshare is equivalent to owning any piece of property; it belongs to you until sold. If you die, the property becomes part of your estate and passes to the beneficiary.
Timeshares often have a period of time after purchase when the sale can be retracted. The contract should have step-by-step directions to cancel or void the transaction. Unfortunately, you may not have much time after the initial sale to do this. Typically, retraction time is a few days to a few weeks after purchase. If you have gone beyond this point, then you will probably have to sell the timeshare.
Unfortunately, most people must go through the process of selling if they no longer want their timeshare. Finding a buyer for a timeshare in a prime location shouldn’t be difficult. However, less popular destinations don’t generate as much interest. In this case, you should investigate companies that will either purchase the contract or figure out a way to help you get rid of it. For busy people, this second option might be the best one.
Timeshares can be a less expensive way to vacation. Due to changes in finances, schedules, or family situations, some owners realize that they either can’t afford it or no longer want the timeshare. Fortunately, there are options to get out of ownership.