Many people who travel to the U.S. to visit tourist destinations in Florida and elsewhere are talked into signing up for vacation timeshares. While a timeshare might initially seem to be a good idea, many people find that they are locked into a long-term contract and feel trapped by it. People who have timeshares do have the ability to get out of their agreements. However, doing so may take some work.
Contact the developer
Some developers offer surrender or deed-back options for timeshares. People whose situations have changed and no longer need their timeshares should start by contacting the developer. The developer might agree to allow them to exit through a program. This might be a good way for people who no longer travel because of age or health concerns to get out of their timeshares.
Sell the timeshare
People who do not plan to travel internationally as frequently might consider selling their timeshares. However, this can take some time, and the sellers should expect to incur a loss. Timeshares do not appreciate in value, so they will likely sell for far less than the purchase price.
People can also try gifting their timeshares to others or negotiating to try to get out of their contracts. If they run into difficulty getting out of their timeshares, they might want to retain an experienced real estate lawyer. A real estate law attorney might review the contract and negotiate with the developer or timeshare company on his or her client’s behalf to help them get out of their timeshares. What people should not do is simply stop paying. Doing so can negatively impact their credit and cause other adverse consequences.