If you are in possession of an unwanted timeshare in Florida, know that you have options for freeing yourself from the timeshare.
Florida Rescission Period & Timeshare Resort Deedback Programs
All U.S. states have rescission period laws that allow new timeshare owners to rescind their timeshare for a complete refund from the timeshare developer within a certain period of time after the timeshare contract was signed. Each state has a different rescission period, but in Florida the period is 10 days. Timeshare owners must mail a letter stating their request to rescind their timeshare to the timeshare resort in order to cancel the contract.
Under law, timeshare developers must provide information regarding the rescission period to timeshare owners in the documents given out upon the purchase of a timeshare. Instructions on cancelling your particular timeshare using the rescission period laws should be found in these documents.
If the rescission period has ended, then the first step you should take if you wish to cancel your timeshare contract is to contact your timeshare developer directly to see if they have any programs of their own to assist with timeshare cancellation. Resorts including Wyndham, Hilton, WorldMark, Diamond, Westgate, and Manhattan Club all offer services directly through their company known as “deedback programs” that help timeshare owners give their timeshares back to the company. This is always the most cost effective, risk-free way to go about getting rid of a timeshare if such a program is offered by your timeshare developer.
If you have owned your timeshare for longer than 10 days in Florida and your timeshare developer does not offer a deedback program or timeshare cancellation service of their own, then you will need to explore other options for successfully terminating your timeshare contract.
Timeshare Resale in Florida & Broker Companies
Unlike real estate, timeshares typically do not hold their value. In fact, most lose around 50-90% of their initial value as soon as the contract is signed. Several timeshares can be found listed for as little as $1 on Ebay or Craigslist. While this may be disheartening news, it is important to realize that in most cases, selling a timeshare is not a viable option for getting out of one.
This is not always the case, however. Some timeshares, like those by Disney Vacation Club, can sell for most of their initial value. It is rare to ever sell a timeshare for the same price you purchased it, but in some rare instances, you may be able to get back a good portion of the purchase value. If you would like to consider the option of selling your timeshare in Florida, it is recommended to first do a search on Ebay for timeshares similar to your own in order to gauge whether it is worth selling or not. Timeshare broker companies exist for timeshare owners with high-value timeshares to assist with timeshare resale for a commission. It is important to be wary of any timeshare resale companies that charge an up-front fee or claim to be able to resell low-value timeshares, as these businesses are usually scammers that simply want your money and do not actually help with selling your timeshare.
Low Upfront-Fee Escrow Payment Options & Timeshare Exit Companies
An option for cancelling a Florida timeshare if your timeshare developer does not offer a program of their own and your timeshare is not worth selling is to work through a timeshare exit company. These businesses usually employ legal professionals to assist with breaking timeshare contracts for their clients. It is important to do your research on timeshare exit companies before choosing one to work with, and it is never recommended to work with a timeshare relief business that charges customers direct, up-front fees.
Instead, you should only consider working with a timeshare exit company that offers a low up-front fee escrow payment option, which allows the client to pay first to a third-party holding account that does not release any funds to the timeshare exit company until they have completed their timeshare cancellation service. This eliminates risk of fraud and is the only way to ensure you are protected from a scam or the company going out of business, taking your money with them.
If you want to find out more about timeshare exit companies, low up-front fee escrow payment options, or getting out of a timeshare contract in Florida, we are here to help. Fill out the contact form on this page or engage in our live chat for further assistance.