How to Get Out of a Timeshare (Part II: after the first week)
Timeshare presentation offers often draw people in with an alluring offer just for taking time out of the day to listen to the pitch. Some of the purchase bonuses can seem irresistible, but buyer's remorse can set in quickly. If this occurs within the first week of ownership, an escape clause usually exists. If you change your mind after that point, getting out of the timeshare becomes much more difficult.
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Instructions
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Speak to an attorney specializing in contract law and vacation property rentals. Beyond your escape clause, which is typically closed at the end of the first week, timeshare rental companies make it difficult to exit without sound legal advice. If anyone can find a loophole, an attorney can, and if your salesperson misinformed you or did not follow protocol, you can use that in your favor.
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Rent your timeshare to interested parties. These interested parties could be your extended family members or friends, or even strangers. Set up an agreement of your own that they will pay you a fee for use, which helps you offset your own costs. If none of your family members or friends are interested, you can offer this to strangers by placing an ad in your paper or by using an online classified ad service.
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Sell your timeshare, and transfer the ownership to the new owner. This can be done either directly through the company itself or by using a third party company that specializes in timeshare sales. You can also advertise for a private buyer much in the same way that you would when renting your timeshare. Depending on the deal you make, you might end up losing money overall, but you will be free of your timeshare obligations.
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Donate your timeshare to a good cause. Several third party companies will take possession of your timeshare in exchange for a tax write-off. If you financed your timeshare purchase, your loan has to be paid off, in most cases, for an organization to be interested in taking ownership. However, the process does not require an upfront fee to start, and many times the organization will handle all of the technicalities of the transfer for you.
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Give it back to the company that you bought it from. If you're having severe buyer's remorse and are looking to recoup at least some of the money you spent, this won't be the best option. In order to do this, you will need to file for and present the company with a quit claim deed, which will then need to be accepted by the company. Some companies are more willing to do this than others, so again it's advisable to consult an attorney before taking this route.
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