Timeshares are a great way to get extra money while living in a luxurious location. But before you buy a timeshare, be sure to understand the legalities of owning one so you know how to get out of one.
To legally own a timeshare, you must complete an application and submit it to the appropriate authorities. You'll also need to pay a required fee and meet specific requirements.
Here's a breakdown of the steps required for getting out of your timeshare quickly and legally.
Understand the terms
Understanding the terms associated with buying a timeshare is the first step toward getting out of it quickly. This means understanding what kind of timeshare you have and how long you can stay at the resort. There are timeshare types based on where you purchase the membership from.
For example, timeshare resorts only allow members to use their property during the summer months because they don't want them to be rented all year round. Timesharing companies will offer different options depending on the timeshare you're considering. Your ability to visit or stay in a specific area/timeslot may vary. There are several terms you need to know when looking at a timeshare. These include the number of days you can stay on the property, the rate you pay per day, and whether or not there are any restrictions on who can use the property and how often they can come back.
Determine the value of the timeshare
One of the biggest reasons people can't sell timeshares quickly is because they haven't determined exactly how much the timeshare is worth. If you've purchased a timeshare multiple times over the years and are just about to sell yours, you should be able to determine its worth quickly. Find a website that sells timeshares, such as ValueTimeshareSale.com; this site allows you to determine the likely resale price for your timeshare by selling other similar properties online.
File an application
Once you have all these details, it's time to apply with the appropriate authority. This will include your address, name, identification number, and providing proof that you'll be staying on the vacation property regularly. They'll then send you a form to fill out, which includes answers to questions, including if you intend to make improvements to the property.
Most states require timeshare owners to provide documentation proving this information within an allotted time. It depends on the actual state you live in, but generally speaking, it takes anywhere between 30-60 days to process an application. Once approved, you'll receive a certificate showing approval for ownership. After approval, renewal forms will still need to be submitted every two years when filing an initial application.
Pay off what you owe
Before being allowed to walk away from your timeshare, the final thing to consider is paying off what you owe. Depending on the company, you may be able to pay in full once the sale is finalized. However, you may have to pay a percentage of what you paid as a down payment to cover the remaining balance owed. Also, be aware that timeshares often run into financial issues and cannot keep up with payments on their timeshares. It's important to contact the seller and see if your timeshare requires refinancing. Some timeshare companies won't refund you the entire amount paid and ask you to pay the outstanding balance each month instead. Another option is to rent your timeshare out instead of trying to sell it.
Make sure you have a plan
If you decide to sell a timeshare without a solid financial backup plan, you could lose everything. While you might get lucky enough to get the exact money needed to pay off the remainder of your timeshare before selling it, that doesn't mean you'll always be able to land a buyer willing to buy it so quickly. Many buyers look to invest in something else and leave you holding the bag. The best way to avoid this situation is to work with a real estate agent to help you create a strategy for getting the most money possible while also giving you peace of mind. You never want to let your family worry about your finances, which is why it's important to have a plan.
Stay put
You should try to stay in your current home or condo while making plans to sell. Moving can be stressful and cause you to miss important deadlines. Even if you manage to sell your timeshare faster than expected, there may be additional fees involved with moving. It's easier and less expensive to move once your timeshare has been sold; otherwise, it might take longer to complete the sale, and the resulting transfer fee might cost more than leaving things in the same spot.
Conclusion
Selling your timeshare can be incredibly rewarding if you choose the right realtor to handle the transaction. But don't just think about the results; think about how much better your life will feel knowing you no longer own a timeshare. It's been proven that happy people tend to give back to others more often.
Disclaimer: This article is for informational purposes only and is not intended to be a substitute for professional consultation or advice related to your health or finances. No reference to an identifiable individual or company is intended as an endorsement thereof. Some or all of this article may have been generated using artificial intelligence, and it may contain certain inaccuracies or unreliable information. Readers should not rely on this article for information and should consult with professionals for personal advice.