Clear Answers to Common Timeshare Exit Questions

A: My research indicates that most, if not all, timeshare companies will provide settlement offers and/or buyback agreements. This isn’t something they advertise for obvious reasons, but the fact is, once a timeshare week vacancy exists they can easily fill that void.

A: Even enlisting the services of an exit company will generally take months, and that’s when you enter into the settlement phase. The time prior to receiving a settlement offer will vary depending on a number of factors. But the good news is that you shouldn’t incur any additional costs during this period.

A. All parties that originally signed are required to submit paperwork to terminate the original contract. My suggestion is, if there are any issues between you and your former partner, let them know that by agreeing to adhere to the terms being presented they will be freed of their obligations as well and, if there are children that will be burdened with any contractual obligations, they will be doing this in their best interests as well.

A. This shouldn’t negatively affect your opportunity to exit your contract. During the webinar, we will discuss the pros and cons of this particular situation.

A. My experience is that my maintenance fees were put on hold pending the outcome of the buyback process. Once the settlement offer was paid, I no longer received any invoices for maintenance fees. I incurred no penalties or financial obligations while the process was underway.

A. Once you notarize, sign, and send the final paperwork (agreement) to your timeshare company, it should take approximately 2-4 weeks to receive the Quit Deed Claim, releasing you from your contract commitment.

A. Unfortunately, in most contracts, the legal obligation to fulfill the original contract terms will fall into your children’s hands once you can no longer meet your obligations (death being just one of the circumstances). Most people have made the mistake of not reading the entirety of the agreement they originally sign.

A. Unfortunately, your agreement doesn’t allow you just to walk away. This is why so many people seek counsel to help them navigate the system, but it can be a costly and challenging (not to mention “long”) process.

A. I’m a former owner who, like many of you, became frustrated with an obligation to pay for something I wasn’t using. After investigating the exit companies and discovering that they could cost several thousand dollars and didn’t consistently deliver on their promises, I took to the route of self-advocacy and successfully got my timeshare company to initiate a settlement agreement.

A. This varies from company to company and might be determined based on your current annual maintenance fees. I would say that, depending on your particular yearly fees, the settlement offer you may be presented with should be a reasonable amount (in the neighborhood of one annual fee), but whatever the cost, it pales to the amount you’re going to pay throughout your contract.