If you no longer want your timeshare
We understand that sometimes you just need to relinquish (hand back) or sell your timeshare; it may be you no longer use it, or may not be able to afford it anymore. Regardless of the reason, it is best if you contact your resort’s member services first as they should be able to talk you through your options.
If you are thinking about selling, you should make a note of the following:
- Timeshare is not a financial investment and it is generally unrealistic to assume you will sell for the original purchase price
- Sales rely on supply and demand and it may take time to find a buyer
- Before selling, check that your maintenance fees are up-to-date
- You should also make sure that the membership certificate – or escritura document – is available
- If you own points, check the resale procedures with the developer as you may need to transfer the points back to a week before selling – this process can take some time
How to sell through the club trust system?
The trust system is common in the United Kingdom but is also recognised elsewhere in the world. A trust is a legal obligation, which is imposed on a person to hold or deal with specified assets for the benefit of others. To sell through the trust system, you simply need to complete the ‘Form of Surrender and Request for Transfer’ which is normally printed on the reverse side of the resort membership certificate and return it to the resort/trustee with the appropriate fee.
How to sell through the escritura system
‘Escritura’ is the Spanish/Portuguese word for a deed or document, and this system of timeshare is often used in those countries. Transferring ownership through an escritura deed is not complicated but should be carried out before a notary – the notary normally retains the original and provides an authorised copy to be given to the new purchaser.
What steps should I take to sell my timeshare or points?
- In the first instance you should contact your resort to find out if they operate a resale programme
- If they do not, you can sell your timeshare privately, or through a resale company
- RDO has a number of resale companies in membership, all of which have signed up to our Code of Conduct:
- They are not permitted to take any form of mandatory upfront payment from sellers
- They must offer all buyers a cooling off period
- Payments must be protected
- They may not make cold calls
- They must not falsely claim that they have a buyer ready to acquire a seller’s timeshare
- The resale company you decide to do business with will take you through the sales process and will answer any questions you may have
Beware!
There are many companies that do not offer the same levels of protection as RDO members and you should be very wary if:
- A company cold calls you and claims that your telephone number was provided by your resort, an exchange company, RDO or even came from a European’ listing of timeshare owners’. This will not be the case – your contact details are protected by law
- The company claims to have a buyer lined up
- The company promises to pay an unusually high price for your timeshare
- You are obliged to pay an upfront fee for legal, registration or administrative purposes
- You are pressured into signing up for a holiday club in return for your timeshare. Contrary to their promises, you may find that the resale company has not taken ownership of your timeshare and you will continue to be liable for the maintenance fee
- A firm of solicitors calls you out of the blue and asks for an upfront payment to help you obtain a refund of a sum of money you paid to a resale company which has failed to deliver the services it promised.
- You receive an email, a cold call or a letter offering to help you get out of your timeshare contract. These companies are looking to play to your vulnerability, advising you NOT to speak to your resort or owners’ association, warning you that they will not want to help. They typically offer to assist you to relinquish your timeshare for a fee. This fee could be anything from £100 to £10,000 (this could be combined with an offer to join their own holiday scheme). Others may claim to offer a no-win, no-fee service but end up charging for “admin” fees.
Our advice
- Never respond to cold calls from resale agents or other companies promising to help you dispose of your timeshare – your details have probably been obtained illegally
- If you’re looking to sell your timeshare, contact a resale member of RDO and never use a company that hasn’t signed up to its code of conduct
- Do not agree to travel to a resale company’s offices, whether in the UK or overseas. There is absolutely no need to do this.
- Be careful of accepting invitations to join class actions as the actual claim may not exist or be quite as risk free as promised. You may also find that if you attend a meeting to discuss such an action, you are in fact being sold a holiday club
- Do not agree to post your ownership documents to a company you don’t know is reputable. You may never see the paperwork again but at the same time if the sale is not finalised, you may still be liable for your annual management fees
If you are not sure of a company’s credentials
Visit EUROC’s Timeshare Support Hub, which provides free access to independence guidance, as well as a wide range of FAQs for timeshare owners. It does not provide legal counsel, mediation or arbitration to timeshare owners.
Website: https://euroctimesharesupporthub.com/support-hub/
Email: support@euroc.org
Telephone: +44(0) 203 582 2345
Online Form: https://euroctimesharesupporthub.com/report-an-issue/
WhatsApp: https://chat.whatsapp.com/F3zNCxcw8NGGkgkZ6t5ve4
Download the list of RDO member resale companies here