If you own a timeshare and are no longer interested in keeping it, you may be wondering if it’s possible to give it back to the resort. The answer is yes, but the process can be complex and involves several steps. In this article, we’ll explore the steps involved in giving a timeshare back to the resort and what you need to know.
Step 1: Review Your Timeshare Contract
Before you decide to give your timeshare back to the resort, you should carefully review your contract. Most timeshare contracts have a clause that allows owners to surrender their ownership back to the resort. However, this clause may come with certain conditions and restrictions.
Step 2: Contact Your Resort
Once you have reviewed your contract and confirmed that surrendering your ownership back to the resort is an option for you, the next step is to contact your resort. You can either call or email them or send a written letter requesting information on how to surrender your timeshare.
Step 3: Understand What You Owe
When you contact your resort regarding surrendering your timeshare, they will likely inform you of any outstanding fees or payments owed on the property. This may include maintenance fees, taxes, assessments, or any other fees related to the upkeep of the property.
Things You Should Know Before Giving Back Your Timeshare
- The Process Can Take Time: Surrendering your timeshare back to the resort can take some time. It’s important that you are patient and persistent throughout this process.
- You May Not Get Any Money Back: Surrendering your timeshare typically means forfeiting any money that has been paid towards it.
- Your Credit Score May Be Affected: Surrendering your timeshare can negatively impact your credit score, so it’s important to consider the long-term effects before making a decision.
Conclusion
Surrendering your timeshare back to the resort is a complex process that requires careful consideration. Before making any decisions, it’s important to review your contract and understand any outstanding fees or payments owed on the property.
You should also be aware of the potential long-term effects on your credit score. If you decide that surrendering your timeshare is the right choice for you, contact the resort and follow their instructions carefully.