Though you may have paid for your timeshare in full, the hefty fees imposed on you by the timeshare companies may have driven you to cancellation. Sometimes, a developer may allow you to give it away or sell it, but in many cases, this is not allowed. Selling a timeshare can prove to be a struggle, so cancellation may be the next best option…
How to Get Rid of Paid in Full Timeshares
Those that manage to pay for their timeshares in full either over time or outright are in a much better position than those still facing long-term mortgages. While it will of course be necessary to go on paying the annual maintenance charge as agreed in the contract, mortgage payments for the timeshare itself will no longer be necessary which is a great feeling to have. That being said, there will also be additional charges from time to time – essential repairs and improvements for example – for which the bill must be footed by the shared owners. And the fewer shared owners there are, the more those involved in the timeshare plan are expected to pay.
Paid in full timeshares represents a much more agreeable asset than one that’s still causing a great deal of annual debt. In terms of what you can do with it once it’s paid off, you have the option of passing it on to a member of your family or a friend, though this isn’t considered a particularly sensible idea. However, should you decide to give your paid in full timeshares away you must first let the property developer know about it as your contract most likely has a provision in it called first right of refusal. Or in other words, you cannot give the property away or sell it unless you have first given the developer the chance to buy it back. If they don’t want it, you’re technically free to do what you want with it though should be aware that if you do decide to give it to a loved one, you’re also passing on all the increasing debts and burdens that come along with it.
It’s also possible to actually ask the developer to take the timeshare off your hands, even if they refused to make you an offer to buy it back. The appeal of passing the property back to the developer is that you don’t have to worry about anyone else being burdened with the ongoing bills. As for the bad news, chances are they will either offer you a tiny sum that’s not worth mentioning or absolutely nothing at all – you’ll literally be giving it away. This can be annoying to say the least, but if your only goal is to get rid of the thing, you may have little to no choice. It’s also common to hear a developer say that taking properties back is not within their policy as they’d prefer not to end up with more inventory. However, depending on their needs, they may consider your request.
Speaking to an impartial attorney is important as this is the only way of finding out where you stand in accordance with the law and what opportunities are realistically accessible. They may speak one on one with the developer to reach a deal, which may involve you yourself actually paying to get rid of paid in full timeshares, but at least the final result is the one you were hoping for, it’s gone for good.
Looking for an immediate release from your timeshare debt? A deed in lieu of foreclosure may be your best option.