While timeshares are designed to be a long-term vacation ownership product, we understand that sometimes plans change, and you may be ready to move on from ownership. There is a lot of information out there on what exiting a timeshare can look like, and it can be hard to determine where to start. But don’t worry, you have options. There are multiple safe and legal ways to get out of your timeshare, and timeshare deedback is one of the first that you should explore. Timeshare deedback is one of the most straightforward ways to exit your timeshare when it is offered by your timeshare developer. In this blog, we’ll go over what timeshare deedback is, how it works, and what to do next if it is not an option for you.
- What are Timeshare Deedback Programs for Timeshare Owners?
- What To Do When Deedback is Not An Option
What are Timeshare Deedback Programs for Timeshare Owners?
A timeshare deedback program is one option for owners to explore when they are ready to let go of their vacation ownership. Whether you no longer get use out of your timeshare or rising maintenance fees are getting too expensive, deedback can be a way to safely return your timeshare product back to the resort. This relieves you from any future financial obligations, including maintenance fees. The opportunity for deedback and the process itself can vary, but it’s generally a straightforward option worth considering early on. Exploring the possibility of a deedback first can help owners understand all the options. This helps with deciding whether the timeshare is worth keeping, selling, or returning to the resort through deedback.
Double-Check if You Are Within the Rescission Period for Your Vacation Property
Before making any decisions about the best way forward to let go of your timeshare, you should confirm that you are not within the rescission period. The rescission period is generally the most straightforward way out of a timeshare, but it is only available within a short period after purchase. During this period, you can return your timeshare to the resort within a specified window after purchase. This period varies by state but is typically anywhere from 3 to 15 days.
If you are within this window, it is important to act quickly. This is because you must inform the developer of your choice to return the timeshare before this period ends. The right to rescind must be exercised by a written request to the developer. Since this is time-sensitive, it is ideal to send it by certified mail with a return receipt. This will help you prove the date of cancellation if necessary.
Timeshare Deedback Programs Depend on the Timeshare Company
If you have already passed the rescission period, the next step is to look into timeshare deedback. Deedback programs can vary widely depending on the brand or resort developer. With that, it is important to check if it is an option for your situation. Not all resorts offer this, and the ones that do typically have different stipulations and requirements. Resorts offering timeshare deedback often do so to maintain long-term owner satisfaction or to control inventory.
If the resort accepts deedback, many require that your timeshare is in good standing, fully paid off, and that you are up to date on maintenance fees. That specific information can be found in your ownership documents. Some companies that are known to offer timeshare deedback include Wyndham Destinations, Holiday Inn Club Vacations, and Hyatt Vacation Club. However, it is always important to understand the exact terms of your contract, because debt collection is not one-size-fits-all.
Some Resorts offer Deedback Programs for Financial Hardships
One key difference to look out for when reviewing your timeshare contract for terms of a deedback program is whether it is contingent upon financial hardship. Some resort developers offer owners the option to surrender or deed back their properties due to financial hardship. While this is usually only an option if you are caught up on annual fees and have no outstanding mortgage, it is definitely something to look into. Some brands known to offer this include Wyndham (Wyndham Cares) and Westgate (Westgate Legacy).
The Difference Between Timeshare Deedback and Timeshare Buyback Programs
One important thing to understand about timeshare deedback is that it is not the same as timeshare buyback. With deedback, you are simply being released from the obligations of ownership. This means you are not getting any money back for your timeshare. On the other hand, buyback programs are when the resort developer purchases the timeshare back for a set price. This is usually because it is in high demand. Timeshare buyback programs are much rarer than deedback, as properties must meet stricter qualifications.
Where to Start with Timeshare Deedback
Since not every company offers deedback, the first step is to explore whether there is a deed-back clause in your contract. If you determine that there is, gather as much information about your timeshare agreement as you can. Any documentation that you have about your ownership is vital to the process. Once you have done this, you’ll need to submit a written deed back request to the resort developer to officially begin the process. This written request is typically a letter that states you would like to participate in the deedback program, along with the documentation you gathered. Before sending this request, it is important to understand all aspects of your contract. If you are unsure about the language in your contract or whether you are eligible for timeshare deedback, consulting a professional can be a good option.
Red Flags for Exit Company Scams
If timeshare deedback is not offered in your particular situation, it is important to find a trustworthy solution. When researching your timeshare exit strategy, you may come across companies that claim to be able to “cancel” your timeshare. These companies make false promises or offer things that are too good to be true.
Here are some red flags to look out for to avoid timeshare exit scams:
- Advice to stop paying maintenance fees immediately.
- Large upfront fees with guarantees of relief.
- No written agreement or explanation of services.
- Promises to find a “loophole” in your contract.
- Suggestion to let your timeshare go into foreclosure.
What To Do When Deedback is Not An Option
For many owners, timeshare deedback programs are not available due to the resort or the circumstances. If this is the case for you, do not worry. There are still safe options for relief from the obligations of your timeshare contract. The timeshare resale market is a legitimate way to transfer timeshare ownership to a new owner. By selling your timeshare through resale, you can recoup some of the money you have spent on it and be relieved of the future associated costs. Luckily, there are thousands of active buyers looking for great deals on timeshares.
Timeshares Only Can Help You Make an Informed Decision on Your Exit Strategy
Timeshares Only is an online resale marketplace that offers advertising services that will get your timeshare unit seen by active buyers. We have over 20 years of experience guiding owners through the resale process, helping them let go of their timeshare legally. Plus, with an A+ rating from the BBB (Better Business Bureau) and ARDA (American Resort Development Association), we are a name you can trust. By working with Timeshares Only, you will be backed by experts throughout the entire selling process, from creating your ad to transferring ownership. Here’s how it works:
How to Sell Your Timeshare with BuyATimeshare.com
- Gather your ownership details, things like the resort name, unit details, and financial documents.
- Work with one of our experts to create your timeshare advertisement for our resale market.
- Review offers on your timeshare as they come in.
- Work with our recommended resale brokerage, Fidelity Real Estate, to finalize the closing and transfer process.
If you have any questions about the selling process or want more information, do not hesitate to contact us. You can reach out to our friendly timeshare experts at 1-855-291-6327 or email us at [email protected].
