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How to Protect Timeshare Agreement

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Buying a timeshare can seem appealing, but exiting those contracts can be difficult. Solomon Troy, who purchased a timeshare in Las Vegas, found the initial buying process straightforward, but faced challenges with annual maintenance fees, which rose to $2,000 after six years. Realizing he wanted out, he sought help from a timeshare exit company, attracted by their assurances of guaranteed exits from contracts. However, these guarantees often require significant upfront payments, and the effectiveness of these exit plans can be questionable. Solomon's experience highlights the potential pitfalls of both acquiring and attempting to exit timeshare agreements.

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Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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Can I sell my timeshare back to the resort?

Deed-back programs allow you to sell your timeshare interest back to your resort developer. Technically, you dont receive any money in return for a deed back, but it can deliver you some future savings with your mortgage payment and maintenance fee.

How can I get out of my timeshare legally?

To get out of a timeshare legally, consider these options: Use the rescission period. Call the timeshare developer. Rent your timeshare out. Sell your timeshare on the resale market (but expect to take a hit). Gift your timeshare to a friend, family member or stranger.

How do I terminate a timeshare contract?

Heres how to do it. Get your cancellation request in writing. You cannot skip this step. Include a clear request to cancel your timeshare. You must be very, very clear that you are writing to cancel your timeshare. List all the important details. Set expectations. Send all correspondence by certified mail.

How much does it cost to break a timeshare contract?

So dont go the super thrifty route. Paying a timeshare exit company: This varies too, but it can range from around $2,000 all the way to $15,000, depending on the amount of contracts you have to deal with and if the company hires lawyers or not.

How do I get out of a timeshare agreement?

How to Get Rid of a Timeshare Use the Recission Period. If you recently purchased that timeshare, you might be able to get out using the recission period. Ask the Resort to Take It Back. Sell Your Timeshare. Use an Attorney. Use a Timeshare Exit Company.

Is it difficult to get out of a timeshare contract?

Canceling a timeshare agreement can be difficult, and there are potential financial implications. Depending on the terms of the contract, the owner may have to pay cancellation fees or other charges. Additionally, the owner may have difficulty getting out of the contract and may have to go to court.

What is the average cost to cancel a timeshare?

As we mentioned before, the average cost to get out of a timeshare is estimated to be between $3,000 and $15,000. If you opt for a timeshare cancellation company, exit companies typically charge a fee for their services, ranging from $1,500 to $5,000.

Can you legally get out of a timeshare contract?

A timeshare company will require you to write a cancellation (rescission) letter to legally cancel your timeshare. Any cancellation letter you send must comply with the terms of the agreement and relevant laws. If it doesnt, theres a good chance your letter wont be successful, leaving you in a difficult situation.

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