If you are someone who is not happy with his timeshare contract, then you might consider canceling it. But the first thing you need to know is, how much this Timeshare exit is going to cost you. Unfortunately, there is no exact price estimate that can tell you how much you will have to pay for the Timeshare cancellation.
The cost varies and depends on a lot of factors including the timeshare owners and the type of your contract. But for your convenience, here in this article, we have created an ultimate guide which will help you know timeshare cancellation costs.
Why Do Timeshare Cancellation Costs Vary?
There are a lot of reasons on the basis of which the costs of Timeshare exit vary. When you will try to understand how much it is going to cost you, here are some factors you should consider:
- For how long are you owning this Timeshare?
- The amount you paid in yearly maintenance fees
- Is any maintenance fee left?
- Is the mortgage fee paid off?
- The amount of the remaining mortgage fee
- What type of resort do you have a timeshare contract with?
These are some variables which will affect the cancellation cost of Timeshare and make it vary.
Fees Associated with Timeshare Cancellation
To understand the fees, you would need to pay for the Timeshare cancel or exit, it is important to know about the additional fees associated with it.
Timeshare cancellation fee
This is the fee you will be paying to the company you have hired for the cancellation of your Timeshare contract. However, it must be kept in mind that this fee varies from company to company.
Transfer fees
If you are requesting for a real estate transfer within Timeshare cancellation then you will also need to pay its extra fee. You will not need to pay this fee to the Timeshare cancellation company but directly to the Timeshare resort.
Settlement fees
It is an uncommon occurrence, but in some cases, resort owners demand a settlement fee before canceling the Timeshare contract. Not all resorts ask for it, but some can, that’s why be ready for such fee submission as well.
Average Timeshare Cancellation Cost
Because of the different variables available and additional costs, it is not possible to give an exact amount for the Timeshare cancellation costs. Its cost completely depends on the nature and properties of your Timeshare contract. We can give you an average cancellation cost estimate from past cancellation records, but that might be completely opposite to your Timeshare contract scenario.
Our estimate can be completely inaccurate if your contact is of different types. For example, your resort owner may not ask for any settlement fee, then your cancellation cost will be lesser than our estimate. Or you might have not paid the maintenance fee till now; in this case, your cancellation fee will increase from our estimate.
Conclusion
Your Timeshare contract cancellation fee is dependent on the nature and type of your Timeshare contract. Therefore, if you want to know the amount you will need to pay for Timeshare exit, then make a custom Timeshare cancellation quote according to the variables and additional fees mentioned above.
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