Dealing With Timeshare Stress- How To Handle It Legally
When you buy a vacation timeshare, you often have your travel dreams and goals in mind. The prospect of owning a share in an exotic property does sound exhilarating, but most people eventually realize that it isn’t worthwhile. It comes as no surprise that countless timeshare owners want to exit from the contract sooner rather than later. But the legal implications of the step may bring stress as you wouldn’t want to be on the wrong side of the law. Fortunately, there are ways to handle the concern legally. Let us share some insights to help you deal with timeshare stress.
Connect with the developer
The first thing you can do is connect with the developer and know your exit options. Getting out of the timeshare may be easier than you imagine, and everything boils down to the clauses in the contract. Some contracts require the owner to simply surrender the deed, while others can be more complicated. Go through the paperwork and talk to the developer first before exploring other options for a legal exit.
Rent it out
If you are in a tight phase financially, the maintenance fees for your timeshare will probably pinch your wallet. It can get hard to bear the burden if you are already struggling with a crisis such as unemployment or health issues. It makes sense to rent the property until you get rid of it. You can list the place on Airbnb or other rental marketplaces and get rental offers without much work. You will probably make enough to pay the annual maintenance fees until something works out.
Collaborate with a timeshare exit company
Renting out the property is only a temporary fix, and you must offload at the earliest. The best way to do it is by collaborating with a timeshare exit company to show you the way out. Luckily, you can find many options for Timeshare Group Transfers if you check online. But you shouldn’t simply opt for the first one you come across. Going through the reviews of the company gives you a fair idea of their experience and credibility. Pick the right one, and they will help you with an exit sooner than you think.
Gift it to a relative or friend
Gifting your timeshare to a relative or friend is another legal option to explore to get rid of it. You will have to bear the expenses of deed transfer, legal fees, and closing costs though. Transferring the deed as a gift is relatively simple for timeshares completely paid off. The only difference is that the new owner takes over the responsibility for maintenance payments. But things can get tricky if you have a balance on mortgage payments. Further, you will need to seek guidance from a tax attorney or financial advisor to deal with the tax implications of gifting.
The final piece of advice is to exit as soon as you make up your mind. Developers and agents will do their best to convince you about the worth of the timeshare, but you shouldn’t slip once again. Think wisely, and reduce your financial burden and stress when you can.
