What do you do with that Timeshare you bought years ago but almost never end up using? Selling a timeshare is not as easy as hiring a real estate agent and waiting for someone to put an offer to purchase it like a home. While we don’t assist in selling timeshare units, we have worked with individuals who are selling their timeshare and encourage to do the following if you wish to sell your timeshare:
- Review Your Contract –
- What is included? Is the timeshare a house, condo, or townhome? Do you have access to a specific unit or do you pick the room and building? Access to amenities? Housekeeping and maintenance? HOA or other fees?
- Deed – Do you actually own the property or is it a right to use? Can you sell the property to anyone or does a resort or trust company have the right of first refusal on a resale? Is there a transfer fee to sell the timeshare?
- Visitation – Do you have access to the property whenever you want? There are four common types of timeshares:
- Fixed week – a specific unit at a specific resort for the same time every year in which you generally own a fraction of the property.
- Floating – you hold the deed for a specific unit but may book it for any time you want
- Right to Use – you do not have true ownership but lease the property for a period of time
- Point Based – you purchase a certain number of points that can be used at various locations and times with accumulated points.
- Find a Timeshare Exit company –
- Don’t work with an agent or company who demands payment for services before the property sells or who asks for a credit card.
- Do check with the Better Business Bureau before deciding on an agent or company and see if there are complaints against them.
- Don’t trust companies who already have a buyer. Timeshares generally take 6-18 months to fully transfer and finding a buyer is a process.
- Do research the value of your timeshare independently. Sites like https://www.redweek.com/ are a great resource.
For more helpful hints and guidance on your Timeshare selling process, see: https://www.consumer.ftc.gov/articles/0073-timeshares-and-vacation-plans
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.