Terminating a timeshare contract
Terminating a Timeshare contract is difficult for a reason – resorts do not want to miss out the maintenance fees, so most of them do not let you surrender your ownership.
Put simply they don't want you to go and will make it as difficult as they can for you to leave your timeshare.
This essentially means that you will own your Timeshare forever and your children and their children will be liable for the fees when you pass away. This is a scary thought for many owners, especially as 80% of timeshare members do not know their ownership rules.
The first step is to find out what type of agreement you have and seek legal advice if necessary. Do not be pressured into making any premature decisions before you have armed yourself with all the relevant facts.
Can I surrender my timeshare?
Very few companies let you do that as losing you as a member means they will lose out on management fees. Even if this is an option with your resort, bear in mind that any financial investments you have ever made during your ownership will be lost and you cannot get your membership back if you change your mind.
Are there costs involved in terminating a Timeshare contract?
Depending on the route you are taking there are potential costs involved. Your resort might charge you to surrender or transfer your membership and Timeshare Disposal companies usually charge you a set fee as well, depending on the amount of work that is involved in legally terminating your timeshare liability.
How do I know my contract is cancelled?
Once you have legally disposed of your Timeshare, you will receive a formal notification from your resort stating that you no longer own Timeshare with them and are no longer liable for any fees.
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