How to Terminate Ownership of a Time Share

Timeshares offer resort-style vacations.

Timeshares offer owners the ability to vacation regularly at a favorite location. However, if you find that you no longer use your timeshare or the costs are too high, then it’s time to end ownership. Timeshares are not like traditional real estate, but options for getting out of a timeshare contract are similar. The Timeshare Users Group (TUG) does warn timeshare owners to research the various options. There are both legitimate and helpful timeshare organizations and scams preying on those in a hurry to terminate a timeshare ownership.

Instructions

1. Read the purchasing contract that you signed when buying the timeshare. Depending on the state laws and company’s policies, you may be able to cancel the purchase if you just recently bought the timeshare. The Federal Trade Commission (FTC) also states that your contract may contain “restrictions, limits or fees that could affect your ability to resell or transfer ownership.”

2. Sell a timeshare yourself or through a broker. When selling through a timeshare agent or broker, the Timeshare Users Group recommends never paying excessive upfront fees or deposits. A small listing fee (less than $100) is considered acceptable. TUG recommends several resources for selling timeshares, whether through an agent or yourself, such as Redweek.com, MyResortNetwork.com and Timeshares Today, a print and on line publication.

3. Donate your timeshare to a charity that can sell it to raise funds if you do not have time to sell the timeshare. Several organizations accept timeshare donations, such as Donate for a Cause, The Children’s Home in New Jersey and the National Foundation for Cancer Research. You can also contact a local charity that you support to find out if it can use your timeshare donation.

Tips & Warnings

• Keep in mind that timeshares are not truly an investment that will earn you money if you sell. According to the Federal Trade Commission, “the resale value…is apt to be a good deal lower than what you paid.” Use the Better Business Bureau to research brokers, timeshare real estate agents and charities accepting timeshare donations.

References

• Federal Trade Commission: Time and Time Again: Buying and Selling Timeshares and Vacation Plans
• My Resort Network: Market Value Resort Information Report on Rentals and Resales
• My Resort Network: Timeshare Broker, Agent, Reseller and Realtor
• The Timeshare Users Group: How to Sell Your Timeshare
• The Timeshare Users Group: Can I Donate my Timeshare to a Charity and Claim a Tax Deduction?

Resources

• Timeshare Today
• Timeshares Only
• Donate for a Cause
• Better Business Bureau
• The Children’s Home: Help The Children's Home by Donating your Timeshare and Receive a Tax Deduction!