It could be challenging, but it is possible to dispose of a timeshare legally, even when the rescission period has passed. However, timeshare owners must beware of timeshare scams that try to take advantage of their desperation to sell. A real estate attorney can help buyers and sellers navigate the legalities of disposing of a timeshare.
Terminating After the Rescission Period
Timeshares are often an impulse buy. But if the buyer decides to cancel the purchase during the rescission period, he or she can terminate the contract without a penalty. But if that period has passed, it may be possible to get out of the contract if it contains any misleading statements. Misrepresentations about the purchase’s interest rate or number of times the timeshare can be used that deviate from those originally promised could constitute fraud. A timeshare company could be willing to void the contract instead of being sued.
Preparing to Sell a Timeshare
If canceling a timeshare contract is not an option, selling is the next best option for owners who want out of their timeshares. However, sellers could be in for a lengthy process and prepared to lose money on their sale because they will likely receive less than originally paid and may need to pay fees to unload the timeshare.
Before beginning the sales process, a timeshare owner should have all their timeshare information organized and available to access. This includes the deed and all signed contracts and information pertaining to:
- The size of the timeshare and resort
- Current amenities offered by the resort
- Fees that are required each year
Before a timeshare can be sold, the owner must be current with all the dues and fees that must be paid on it and any applicable property taxes.
Legally Selling a Timeshare
It is possible for timeshare owners to attempt to legally sell a timeshare on their own if they are comfortable doing so. But it is a good idea to consult with a real estate attorney to make sure they are protecting themselves legally.
A seller could choose to work with a reseller that specializes in selling timeshares. Before signing a contract with a reseller, ask for references from past clients and check for ratings with the Better Business Bureau. Avoid resellers that require payments to be made before timeshares are sold to avoid being scammed.