Since Newton Group Transfers was founded, we have helped thousands of people just like you end their timeshare ownership. With this process, comes education and understanding of each unique situation. We get many questions, most of which revolve around “How to get rid of a timeshare,” so we decided to share a few insights below.
Using The Timeshare Rescission Option
First, you should know that almost every timeshare contract has what is known as a rescission period. This is a period, typically between 3 and 15 days, following what is normally a high-pressure sale. During this period, consumers have time to review the documents they have signed, have them reviewed by an attorney, and if they don’t like what they see, they are able to cancel the contract and get back any money they have paid. Keep in mind that each state has its own rescission period guidelines as well as specific procedures to follow to take advantage of. This is the best way to get rid of a timeshare before getting stuck with it, however many people miss this timeline.
Very often timeshare sales reps conveniently fail to discuss this date, so many times people purchasing a timeshare are not aware of the rescission period until it is too late.
After the Rescission Period
If you are outside of the rescission period or are a long time timeshare owner, you still have options. We have helped thousands of consumers in this situation and have a proven track record of success helping people just like you end their timeshare ownership.
Going Back to the Resort
It might seem logical to go back to the resort to get rid of your timeshare, but it’s not what we recommend.
We have heard many first-hand stories of people who went back to the resort to end their timeshare ownership, only to end up owning more timeshares than when they went in. Keep in mind, timeshare resorts make money selling timeshares, not ending timeshare ownership.
Perhaps the most important question you need to ask yourself is, “can I really trust the resort?”
Most people don’t read their timeshare contract, however many of them include what has become commonly known as a “license to lie” clause. Here is an example of such a clause taken directly from the sales contract of one of the largest timeshare developers in the United States:
Oral representations of Seller or Seller’s agents should not be relied upon by Purchaser as correctly stating the representations of Seller. For correct representations, Purchaser should rely entirely on this Agreement and the documents and instruments contained by reference.
This essentially means that whatever the resort representative tells you is irrelevant in comparison to what is in your written contract. Going back to someone who has a “license to lie” and expecting them to treat you with fairness is a bad idea.
Using a Timeshare Exit Company to Get Rid of a Timeshare
Timeshare exit companies, such as Newton Group Transfers, exist to help timeshare owners end their timeshare ownership.
Sadly, there are many unethical companies in the space who seek to take advantage of frustrated and desperate timeshare owners. The Consumer’s Guide to Timeshare Exit has a checklist that you can use to vet any company or attorney you are considering to help end your timeshare ownership.
Here are a few quick traits to look for in a timeshare exit company:
- Offers experienced consultation to determine whether or not you need an attorney or a simple transfer of ownership
- A documented track record of success of at least 5 years or more
- Meets the criteria as spelled out in the checklist found at the back of The Consumer’s Guide to Timeshare Exit
Using a Timeshare Exit Attorney to Get Rid of a Timeshare
There are times when a lawyer is needed to end timeshare ownership. In particular, if you still have a mortgage on your timeshare, you must address that. You are not just seeking to end your timeshare ownership, you are also ending your mortgage obligations. These situations can be tricky, however, an attorney skilled in timeshare exit can often be of help. Please know that this is not the job for a “general practice” attorney. The last thing you want is someone charging you by the hour to figure out the complexity of timeshare law, because in the end they may not be able to get the job done and you will be out of the money paid to them, yet still stuck with a timeshare.
When working with our clients, we can determine if an attorney is needed. If so, we can also arrange to have an attorney hired to represent our customers for a flat fee.
Ways That We Don’t Recommend to Try to Get Rid of a Timeshare
As we mentioned prior, there are many scams out there, so here are some tactics we don’t recommend when trying to end your timeshare ownership.
- Timeshare Listing Companies. These are companies that will take money up front to list you on a website with thousands of other timeshares that have little chance of selling. Often, the only one who wins here is the site collecting the money. Additionally, you are still obligated to pay your maintenance fees while it is listed.
- Donating Your Timeshare to Charity. There are many timeshare donation scams out there and they can get you in trouble with the IRS. Timeshares typically have no value so a write off would not be of any help to you and would be a burden to the non-profit as they would be stuck paying annual fees. This is why most non-profits (wisely) do not take them as donations.
- Working With Someone Who Says They Have a Buyer for Your Timeshare. This is one of the oldest scams out there; don’t fall for it. Scam artists have been known to purchase lists of timeshare owners and reach out to them alleging that they have a buyer and all you need to do is pay the escrow fee up front. It is tempting, especially when you are desperately seeking to get rid of your timeshare, but it is a scam. Do not work with someone who cold calls you with an offer like this.
I hope that this has helped you understand your situation and the options available to you better. If you need assistance or just have questions, please feel free to reach out to us at The Newton Group at 877-354-4321. We look forward to helping you.