Consumer Advocate Services Enterprises, Inc.

Individuals looking to rid themselves of the obligations that come with timeshare ownership should be cautious when considering the services of timeshare transfer companies. Typical complaints allege after owners pay upfront fees to have ownership of their timeshare transferred the company takes their money and fails to complete transfers. While many may guarantee they will complete the transfer these promises often fall flat and not only are owners still burdened with the timeshare often times they end up owing past-due maintenance fees that were promised to be covered by the transfer company. Before paying a third party to transfer ownership of your timeshare review your contract. Check to see whether it is a deeded timeshare or a leased timeshare property. If it is deeded you are the outright owner forever. As the owner you may sell rent or will it to your heirs. With leased timeshares you own the timeshare for a set amount of years specified in the contract. Leased ownership may restrict your ability to transfer the ownership. You may be restricted from selling it to someone else and will be responsible for paying the annual fees until the lease expires or upon death. Most states require that timeshare contracts contain a cancellation clause. Review the contracts cancellation clause and follow the cancellation procedures if you are within the cancellation period. If it is beyond the cancellation period you will have to end the contract legally by transferring ownership of the timeshare by selling donating or giving it away. Contact your developer or timeshare and ask them if you are able to transfer the timeshare. Ask if they offer a buyback program where they purchase the timeshare back from you. You can also inquire about selling the timeshare through the developer if they handle resales. Another option is to seek the assistance of a licensed real estate broker to help you sell the unit or list it yourself. Be mindful you probably won't get back nearly as much as you paid for it. You also are responsible for the fees until the sale is complete. Keep in mind failing to pay maintenance and annual fees can have an adverse affect on their credit and may be reported to credit reporting agencies. Still another option is to deedback the property to the developer or management company meaning you give back the timeshare to the resort and are no longer obligated to pay future fees. There may be a fee to do so but it will get the timeshare off of your hands. You might consider renting it out. Again check with the company you purchased the timeshare from to ask about renting the timeshare out when you are not using it. They may even have a rental division that can assist you for a fee. If you do choose to use a transfer company beware of representatives that require upfront fees. It is risky to pay anyone before services are rendered. Thoroughly check out the company before agreeing to any services. Interview the company and double check how long they have been in business how many transfers they have completed the name of the company’s owner what the complete process for transferring is and all associated fees. The Resort Owners Coalition provides a f="http://www.ardaroc.org/uploadedFiles/ARDA-ROC/Get_Involved/Timeshare%20Transfer%20Company%20Checklist.pdf" target="_blank">checklist to use when interviewing prospective timeshare transfer companies. Check with your timeshare to see if they have heard of the transfer service company you are considering and to inquire if they allow a third party company to be involved with the timeshare transfer. Some individuals have paid companies for transfer services only to find out that the timeshare developer or company will not recognize the transfer as valid. They end up still owning the timeshare.