How do I return a timeshare to the resort: Your Guide to Getting Out of Your Timeshare Contract
The dream of a lifetime of affordable vacations can sometimes turn into a financial burden. If you're wondering, "How do I return a timeshare to the resort?" you're not alone. Many timeshare owners find themselves in a position where they can no longer afford the annual fees, use the property, or simply want to exit their contract. Returning a timeshare to the resort isn't as straightforward as returning a faulty appliance, but there are several avenues you can explore.
Understanding Your Timeshare Contract is Key
Before you even consider contacting your resort, the absolute first step is to locate and thoroughly read your timeshare purchase agreement. This legally binding document is your roadmap. Look for clauses related to:
- Rescission Period: Most states have a statutory "cooling-off" period, typically ranging from 3 to 10 days after purchase, during which you can cancel the contract without penalty. If you're within this window, act immediately.
- Termination Clauses: Does your contract outline specific circumstances under which you can terminate the agreement? These are rare but worth looking for.
- Buyback Programs: Some resorts may offer a buyback program, allowing them to repurchase your timeshare, usually at a significantly reduced price.
- Deed-back Options: In some cases, you might be able to "deed back" the property to the resort or the developer. This often involves fees and may not fully absolve you of future financial obligations.
- Transferability: Understand the rules around transferring or selling your timeshare. While this isn't a direct return, it's a common exit strategy.
Direct Communication with the Resort: The First Step
Once you've reviewed your contract, your next logical step is to contact the resort or developer directly. Be prepared for this conversation. Have your contract details, account number, and a clear explanation of why you wish to exit ready. Here's how to approach it:
- Contact the Customer Service or Member Relations Department: This is usually the primary point of contact for existing owners.
- State Your Intent Clearly and Politely: Explain your situation without being overly emotional. Focus on factual reasons for needing to exit.
- Inquire About Exit Programs: Ask specifically if they have any established programs for owners who wish to terminate their contract or "return" their timeshare. This could include buyback, deed-back, or a voluntary surrender program.
- Understand All Fees and Costs: If the resort offers any form of exit, be acutely aware of any associated fees, such as administrative fees, legal fees, or a percentage of the original purchase price. These can be substantial.
- Get Everything in Writing: Any agreement or offer made by the resort must be documented in writing. Do not rely on verbal promises.
Be Wary of Unsolicited Offers: If you receive calls or mail from companies promising to "take your timeshare off your hands" for a fee, exercise extreme caution. Many of these are scams.
Exploring Other Exit Strategies
If the resort is unwilling to take your timeshare back directly or offers terms that are financially unfeasible, you have other options to consider:
1. Selling Your Timeshare
This is one of the most common ways owners try to exit. However, it's crucial to understand the timeshare resale market. Generally, timeshares are not investments and depreciate in value significantly. You will likely sell it for a fraction of what you paid.
- Resale Companies: There are legitimate resale companies that can help market your timeshare. Be sure to research their reputation and commission structure thoroughly.
- Online Marketplaces: Websites dedicated to timeshare resales can also be a platform, but be prepared to do a lot of the legwork yourself.
- Owner Transfers: Sometimes, you can find another individual willing to take over your contract, often at a very low price or even for free, if they are willing to assume the associated fees.
2. Transferring Your Timeshare (Deed-back or Donation)
While not a direct return to the resort, a deed-back to a third party or donating your timeshare can be an exit strategy.
- Deed-back to a Third Party: Some companies specialize in taking over timeshare deeds. They often charge a fee.
- Donating to Charity: Certain charities accept timeshare donations. This can provide a tax deduction, but the process can be complex, and the charity may still need to pay outstanding fees or maintenance costs.
3. Legal Avenues and Exit Companies
If all else fails and your contract is proving to be an insurmountable financial burden, you might consider seeking professional help.
- Timeshare Exit Companies: These companies specialize in helping owners exit their timeshare contracts. Their success rates vary, and they can be expensive. It's vital to thoroughly vet any company you consider. Look for established companies with good reviews and clear fee structures. Avoid companies that guarantee results or ask for large upfront fees before starting any work.
- Legal Counsel: For complex situations or if you believe your contract was misrepresented, consulting a lawyer specializing in timeshare law might be necessary. They can advise you on your legal rights and options.
Important Considerations Before You Act
No matter which path you choose, keep these critical points in mind:
- Never Stop Paying Fees Without a Formal Release: Failing to pay your annual maintenance fees can lead to collections, damage to your credit score, and even foreclosure on your timeshare interest. Ensure you have a written agreement releasing you from all future obligations before stopping payments.
- Beware of Scams: The timeshare industry has its share of dishonest operators. Be incredibly skeptical of anyone promising a quick, easy, and profitable exit, especially if they request significant upfront fees.
- Understand the Long-Term Implications: Exiting a timeshare can be a complex and sometimes costly process. Weigh the potential costs of exiting against the ongoing financial burden of keeping it.
Returning a timeshare to the resort is often not a simple "return" in the traditional sense. It's more about navigating your contractual obligations and exploring available exit strategies. By understanding your contract, communicating effectively with your resort, and exploring all viable options, you can work towards freeing yourself from your timeshare commitment.
Frequently Asked Questions (FAQ)
How long does it take to return a timeshare to the resort?
The timeframe can vary significantly. If you are within the rescission period, it can be as short as a few days. For other exit strategies like selling or working with an exit company, it can take months, or even over a year, depending on market conditions and the complexity of your contract.
Why can't I just stop paying my timeshare fees?
Stopping payments without a formal release from the resort or developer can lead to negative consequences. These include potential lawsuits for unpaid fees, damage to your credit score, and even foreclosure on your timeshare interest. It's crucial to have a written agreement that absolves you of all future responsibilities.
What are the typical fees associated with exiting a timeshare?
Fees can include administrative costs, legal fees, resale commissions, or a percentage of the original purchase price. Some resorts may charge a deed-back fee. The cost of engaging a timeshare exit company can also be substantial, often ranging from a few thousand dollars to tens of thousands, depending on the company and the complexity of the case.
Can I inherit a timeshare I don't want?
Yes, you can. If a timeshare owner passes away, their heirs may inherit the timeshare. If you inherit a timeshare and do not wish to keep it, you will need to go through the same exit processes as the original owner, starting with reviewing the inherited contract and contacting the resort or developer.
