Time Share Contract – what is mandatory for the sale?

Selling a timeshare is usually a more challenging process than buying it. While developers frequently ply you with free drinks, discounted vacations and sales people that act like your long-lost best friend, getting rid of your timeshare is usually a long and arduous process that ends in you taking a big loss. Because many timeshare owners are desperate to sell their units and escape their liability for maintenance fees, an entire industry has popped up to help owners sell. An upfront fee is usually the sign of a scam rather than a legitimate sales opportunity.

When you pay an upfront fee for the sale of your timeshare, you run the risk of losing the fee if the timeshare doesn't sell. If the fee isn't refundable, you will still own your unit, while having spent the money on a broker who didn't sell it. Among other authorities, the Federal Trade Commission recommends that you not pay an upfront fee and, if you do, make sure it is refundable.

How shall I choose the timeshare broker?

Other than a willingness to work without an upfront fee, there are a few other factors to look for when you choose a timeshare broker. Since timeshares are considered real estate, the broker should have a real estate license in the state in which the property is located. In addition, she should be able to provide you with information about what she will do for you and when. Finally, it's wise to check her references and see if she's successfully completed transactions for other people.

What is the listing fees?

The one exception to the rule that you shouldn't pay upfront fees is if you decide to sell your timeshare yourself. You will probably need to pay advertising fees to post your sale on major timeshare websites, on auction sites or in local newspapers. However, if you're looking at a timeshare website that is charging anything other than a nominal fee to join and post, it may also be a scam. You will probably also have to buy a set of transaction documents if you don't already have them, and will still need to pay many of the same closing fees as if you were using an agent.

In case, you no longer want to keep the property with you, you can take the help of Timeshare exit company. This will help you in all possible ways.