- 1 How do I legally return a timeshare?
- 2 Can you quick deed a timeshare?
- 3 Can you just walk away from a timeshare?
- 4 How much does it cost to transfer a deed for a timeshare?
- 5 What is the average cost to get out of a timeshare?
- 6 Can you refuse to inherit a timeshare?
- 7 Can you give a timeshare back to the resort?
- 8 How do I get my name off a timeshare?
- 9 Can you transfer ownership of a timeshare?
- 10 What happens if I just stop paying my timeshare?
- 11 Why is it so hard to get out of a timeshare?
- 12 How can I get rid of my timeshare without damaging my credit?
- 13 How do you sell a timeshare that is paid off?
- 14 Do you get a deed when you buy a timeshare?
- 15 Are all timeshares deeded?
5 Ways to Legally Get Rid of a Timeshare Property
- Exit Within the Grace Period. If you don’t want to have to learn how to sell a timeshare legally down the line, this is often your best course of action.
- Find a Possible Breach of Contract.
- Return the Timeshare.
- Sell Your Timeshare.
- Contact a Timeshare Attorney.
With a quit claim deed, you’re essentially signing over ownership of a property or a timeshare to another party. There is typically no money exchanged in a quit claim deed transaction. For it to be official, the transaction must be filed in the court where the time property or timeshare is located.
You can’t just walk away from a timeshare. That’s because they often come with an obligation to pay maintenance fees for as long as you own them. It says 85 percent of timeshare owners who go to contract regret their purchase.
Timeshare closing costs typically range from $300 to $500 for a comprehensive transfer of timeshare ownership and associated closing activity. These fees cover the services of the closing company but do not include additional recording fees or taxes.
Costs to Get Out of a Timeshare On average, it costs about $5,000 to $6,000 and takes 12–18 months to get out of your timeshare contract using a timeshare exit company. But the cost and the timeframe can vary depending on a number of factors including, how many contracts are attached to your timeshare.
If you die owning a timeshare, it does become part of your estate and obligations are indeed passed onto the next-of-kin or the estate’s beneficiaries. However, they do not have to accept it, in the same way that anyone has the right to refuse any part of an inheritance.
A deed back clause or program allows you to give your timeshare back to the resort. Until then, you remain responsible for paying the maintenance and special assessment fees along with your mortgage payments.
Do you mean your name of the title to the timeshare, or you name off the debt? The only way to get your name off the debt is to have the party taking responsibility to refinance the debt, paying off the full obligation, and replacing the new debt – which is their sole responsibility- with the new debt.
Transferring ownership titles on your timeshare deed is a simple matter of paperwork and registering a change of names which your resort should be happy to do for a nominal administration fee. The best place to start the process of transferring your timeshare, is to give your home resort a call.
If you stop paying it, the timeshare company will do whatever it takes to collect. They’ll make phone calls and send letters, then they’ll assign it over to (you guessed it) a collections company. If you still don’t pay, the situation sinks even further into foreclosure and possible legal action against you. 6
In fact, it can be hard to even give a timeshare away, let alone sell it. One of the reasons it can be so hard to sell a timeshare is because timeshare loans tend to have a higher interest rate than traditional home loans. For example, timeshare loans can have an interest rate from around 6% to 17%.
Let’s dive into the most common ways on how to get out of a timeshare—without ruining your credit.
- Talk to your developer about buying back your property.
- Gift your timeshare to a family member or friend.
- You may be able to cancel your ownership.
- Post your timeshare for sale.
How to Sell a Timeshare
- Step 1: Revisit Your Contract. To start with, dig your original contract—and any other paperwork about the timeshare—out of your files to see exactly what you signed way back when.
- Step 2: Research Your Timeshare’s Value.
- Step 3: Try to Sell Your Timeshare.
- Step 4: Contact a Timeshare Exit Company.
Understanding Shared Deeded Ownership With shared deeded ownership, each timeshare owner is granted a percentage of the real property itself, correlating to the amount of time purchased. The owner receives a deed for a percentage of the unit, specifying when the owner can use the property.
Most timeshares in the United States are deeded timeshares. Usually (but not always), owners of deeded timeshares can rent their unused weeks to recoup their maintenance fee costs. And usually (but not always), owners can sell their timeshares if they choose.