To get rid of it there are a couple of options to avoid scams:
Ensure you do not inherit the timeshare by modifying the will or estate plan. This depends on the terms of your deed. Horror stories abound of people inheriting debt from timeshares. Utilize a formal disclaimer of interest (under IRC §2518 at the time of bequest) or structure a revocable living trust that prevents the inheritance of a parent’s timeshare. Modifying the will can prevent future financial burdens on heirs, but may incur legal fees.
You can list your timeshare on resale websites like RedWeek, Timeshare Users Group (TUG), or eBay. Essentially, you pay someone to take the timeshare off your hands. The specifics of your week/property will determine how much you need to sweeten the deal.
Some companies specialize in helping owners exit their timeshare contracts. Be cautious, as some may charge high fees or be scams. Research thoroughly before engaging. Some developers offer deed-back programs where you can return the timeshare to the company. This often requires that your maintenance fees are current.
If selling is not an option, consider renting out your timeshare to cover maintenance fees. Websites like Airbnb or VRBO can facilitate this.
If you believe you were misled during the purchase, review the contract’s rescission period (which is governed by state law and is typically very short, often 3 to 10 days) or file a complaint with the state attorney general. The Federal Trade Commission (FTC) provides guidelines on timeshare scams and consumer rights.
While timeshares can offer vacation consistency and luxury amenities, they are generally not sound financial investments due to depreciation, liquidity issues, and ongoing costs. If you need to exit a timeshare, consider the resale market, exit companies, deed-back programs, renting out, or legal options.