aquired a time share of 2 weeks from a death in family, never did a transfer continued maintenance fees and rented the weeks out for 12 years.

[intheknowandconfused]

Acquired a timeshare for 2 weeks from a death in the family, never did a transfer, timeshare office accepted an in care of statement. Continued maintenance fees and rented the 2 weeks out for 12 years. A hurricane took the building and corporation wants to rebuild, we do not want any part of it. Is there equity to this time share? My family seems to think so, we no longer want to be involved, the price is too high. Thank you

 

[kanerf]

No one can assist unless you provide us with the name and location of said timeshare.

 

[Passepartout]

Acquired a timeshare for 2 weeks from a death in the family, never did a transfer, timeshare office accepted an in care of statement. Continued maintenance fees and rented the 2 weeks out for 12 years. A hurricane took the building and corporation wants to rebuild, we do not want any part of it. Is there equity to this time share? My family seems to think so, we no longer want to be involved, the price is too high. Thank you

There is no equity. Timeshares today are virtually worthless unless they are hotel-branded, like Marriott/Hyatt/Hilton. Insurance should cover the hurricane damage, but it's never enough, and owners can expect a healthy 'special assessment'.

Your problem is that you assumed the ownership from the decedent. Now, you own it. Nobody will buy it after the damage, and with an 'SA' on it. If it was mine, I think I'd let it go to foreclosure. The original buyer doesn't care about a bad credit report. There may be some letters, but in the end, I think you should walk.

This is not legal advice, and you may consult with an attorney in your area, who is familiar with inheritance issues.

Jim

P.S. DO NOT sign up with ANY timeshare exit company. They are ALL SCAMS that will just take more of your money and do nothing!

 

[CalGalTraveler]

Curious whether they own it if OPs name is not on the deed. If OP makes payments on it as part of the estate and rented it out does that constitute the estate owning it or does it become defacto ownership if the deed was given to heir as part of the estate and there was no disclaimer of ownership filed? If you send a death cert to the resort and they see that it has been years and you are listed as an heir could they make a claim?

Would love a lawyer like @LeslieDet to weigh in on this [in general of course] OP needs a lawyer.

If the resort does not have OPs social security number then perhaps they can let it go to foreclosure without credit repercussions because OP could claim to credit agencies that it was never in his/her name. The resort would incur heavy legal fees to prove otherwise so might let it go since the estate kept the payments current. I would definitely speak with a lawyer to try to negotiate deed in lieu with the resort.

I am assuming this is in Florida given hurricane damage. If it is still in the name of the person who died and resort refuses deed in lieu then let it go. Do not object to foreclosure or they may go after back-payments see the timeshare sticky on state laws. But I would consult a lawyer for your specific situation because it is complicated. Give them the Florida (or whatever state it is located) TS laws from the sticky so you are not paying for them to research this.

 

[elaine]

If deed is still in decedent’s name, and estate has been closed, there is no one who can sign over deed-so no way to transfer back or sell to anyone else. Since deed stayed in decedent’s name, I’m assuming it wasn’t listed in estate. I believe only remedy is foreclosure by the resort for nonpayment of annual fees, SA, etc. Non-judicial foreclosure is also not available where legal owner on title is deceased. Foreclosure, I assume, would be against legal owner on title. There will be a number of bills/collection notices, later a court hearing notice, and then a final disposition notice from court. Process can take 2+ years.
However, If TS was part of estate, what did executor do with it? Was there a report of settlement of estate? If the estate went via probate, were any docs filed with court? If the TS was not disclaimed and it was part of estate, something should have happened to that deed to transfer or disclaim it. If it was not, and it’s still in decedent’s name, I’d think foreclosure per above would occur. But I’d at least contact the estate attorney to inquire what happened.

 

[LeslieDet]

Curious whether they own it if OPs name is not on the deed. If OP makes payments on it as part of the estate and rented it out does that constitute the estate owning it or does it become defacto ownership if the deed was given to heir as part of the estate and there was no disclaimer of ownership filed? If you send a death cert to the resort and they see that it has been years and you are listed as an heir could they make a claim?

Would love a lawyer like @LeslieDet to weigh in on this [in general of course] OP needs a lawyer.

If the resort does not have OPs social security number then perhaps they can let it go to foreclosure without credit repercussions because OP could claim to credit agencies that it was never in his/her name. The resort would incur heavy legal fees to prove otherwise so might let it go since the estate kept the payments current. I would definitely speak with a lawyer to try to negotiate deed in lieu with the resort.

I am assuming this is in Florida given hurricane damage. If it is still in the name of the person who died and resort refuses deed in lieu then let it go. Do not object to foreclosure or they may go after back-payments see the timeshare sticky on state laws. But I would consult a lawyer for your specific situation because it is complicated. Give them the Florida (or whatever state it is located) TS laws from the sticky so you are not paying for them to research this.

If the estate was never probated and the deed was in the sole name of the decedent, then it’s a title quagmire. So much depends upon how title was held. And whether or not this was actually deeded and in the USA. Too many unknowns to speculate.

 

[LeslieDet]

If

There is no equity. Timeshares today are virtually worthless unless they are hotel-branded, like Marriott/Hyatt/Hilton. Insurance should cover the hurricane damage, but it's never enough, and owners can expect a healthy 'special assessment'.

Your problem is that you assumed the ownership from the decedent. Now, you own it. Nobody will buy it after the damage, and with an 'SA' on it. If it was mine, I think I'd let it go to foreclosure. The original buyer doesn't care about a bad credit report. There may be some letters, but in the end, I think you should walk.

This is not legal advice, and you may consult with an attorney in your area, who is familiar with inheritance issues.

Jim

P.S. DO NOT sign up with ANY timeshare exit company. They are ALL SCAMS that will just take more of your money and do nothing!

If the owner was an individual who died and nothing was ever probated, no one can simply acquire ownership by paying the MF. Assuming this is in the USA, no one assumes ownership from a dead person.

 

[TheHolleys87]

@LeslieDet, I appreciate your sharing your expertise. I've learned a lot and have implemented some measures as a result.

 

[Chocolate62]

If

If the owner was an individual who died and nothing was ever probated, no one can simply acquire ownership by paying the MF. Assuming this is in the USA, no one assumes ownership from a dead person.

Do you always need to go through probate? Can you just renounce the ownership of you are an heir if your name is not specifically on the deed?

 

[LeslieDet]

Do you always need to go through probate? Can you just renounce the ownership of you are an heir if your name is not specifically on the deed?

Don’t confuse the legal process of probate and what the executor is legally responsible to complete with what an heir can do. No heir is ever forced to accept a bequest. Whether it is a home or a timeshare (both deeded real property) any heir can disclaim the bequest. That is ALWAYS allowed. However that doesn’t mean the probate is complete.

Each and every person who owns deeded real property individually when they die, ie real property not owned as a JT or in a family trust, their estate must be probated. The executor is legally obligated by the laws that govern estates to dispose of all property that belonged to the deceased. The ONLY way for an executor to do that is via probate, and when the real property is in a jurisdiction other than where the decedent resided it’s called an ancillary probate. So, the executor must probate the estate in order to even give away the real property for no money if no heirs want the property.

 

[Chocolate62]

Don’t confuse the legal process of probate and what the executor is legally responsible to complete with what an heir can do. No heir is ever forced to accept a bequest. Whether it is a home or a timeshare (both deeded real property) any heir can disclaim the bequest. That is ALWAYS allowed. However that doesn’t mean the probate is complete.

Each and every person who owns deeded real property individually when they die, ie real property not owned as a JT or in a family trust, their estate must be probated. The executor is legally obligated by the laws that govern estates to dispose of all property that belonged to the deceased. The ONLY way for an executor to do that is via probate, and when the real property is in a jurisdiction other than where the decedent resided it’s called an ancillary probate. So, the executor must probate the estate in order to even give away the real property for no money if no heirs want the property.

Ty . This property is not my held in JT and one of the owners is still alive; not a spouse. The deceased has minor children who can't do anything until they are 18 or 21. It has been 4 years since she passed. Waiting until they become of legal age before anything can be done.

 

[LeslieDet]

Ty . This property is not my held in JT and one of the owners is still alive; not a spouse. The deceased has minor children who can't do anything until they are 18 or 21. It has been 4 years since she passed. Waiting until they become of legal age before anything can be done.

If the property was owned as tenants in common, the executor of the deceased’s estate must probate the estate and the heirs would take ownership. If the heirs are minors, then the laws of the state where the deceased resided would have provisions for who would be the guardian of the children’s assets.

 

[CalGalTraveler]

If

If the owner was an individual who died and nothing was ever probated, no one can simply acquire ownership by paying the MF. Assuming this is in the USA, no one assumes ownership from a dead person.

Thanks @LeslieDet for shedding light on this. It is good to know that even if a relative paid MF and used or rented out the timeshare owned by another that they are not legally owners - squatters rights do not apply to timeshares in the USA. And the HOA cannot go after someone who has been benefitting from the unit but whose name is not on the deed.

I presume this would be considered renting out the unit, as a renter would not be obligated to the deed ownership responsibilities of the landlord. The estate would need to recognize the income but also would offset with MF so 0 to tax if no profit.

 

[Chocolate62]

If the property was owned as tenants in common, the executor of the deceased’s estate must probate the estate and the heirs would take ownership. If the heirs are minors, then the laws of the state where the deceased resided would have provisions for who would be the guardian of the children’s assets.

Property not owned as tenants in common. I'm my state minors under 18 can not own property; so is the case in Florida. Probate was completed in home state. P!an to do an ancillary probate when minor is 18. Other owner continues to use the TS and maintenance fees are kept current.

 

[LeslieDet]

Property not owned as tenants in common. I'm my state minors under 18 can not own property; so is the case in Florida. Probate was completed in home state. P!an to do an ancillary probate when minor is 18. Other owner continues to use the TS and maintenance fees are kept current.

Your comments don’t make sense. You’ve said ownership wasn’t JT and co-owner deceased. If not JT and not Tenant in Common, then how was ownership held? And while children cannot own property, it could be placed in a trust FBO minor child depending upon state and provision in will of deceased whose child is to be successor owner. That would be done as part of the probate process.

 

[Chocolate62]

Your comments don’t make sense. You’ve said ownership wasn’t JT and co-owner deceased. If not JT and not Tenant in Common, then how was ownership held? And while children cannot own property, it could be placed in a trust FBO minor child depending upon state and provision in will of deceased whose child is to be successor owner. That would be done as part of the probate process.

There was not a will. Person passed at 38 yrs old. Tried to transfer deed to single owner after passing, title company said it had to go through Florida propate because of the way the deed was written 20 years ago. Contacted Florida lawyer, told me I would have to do ancillary probate in Flordia submitting probate information from home state's probate. He also said since the children are minors, there is nothing that could be done until they were 18. Since the other owner is still alive & using TS, fees are kept current.

 

[LeslieDet]

There was not a will. Person passed at 38 yrs old. Tried to transfer deed to single owner after passing, title company said it had to go through Florida propate because of the way the deed was written 20 years ago. Contacted Florida lawyer, told me I would have to do ancillary probate in Flordia submitting probate information from home state's probate. He also said since the children are minors, there is nothing that could be done until they were 18. Since the other owner is still alive & using TS, fees are kept current.

You’ve still never identified how title was held. What you’re referring to as the process is routine. It has zero to do with how deeds were written 20 years ago. If the deceased owned real property in Florida and died without a will, then Florida laws govern who is entitled to the property if the deceased owned it as an individual and not as a JT. Even though the deceased has minor children you do not wait to process the administration of the intestate estate. That will only cause problems.

 

[chapjim]

When I was in law school, I purposefully avoided anything to do with the law of persons and property (other than the first year property course). Situations like these make me glad I did.

 

[Chocolate62]

When I was in law school, I purposefully avoided anything to do with the law of persons and property (other than the first year property course). Situations like these make me glad I did.

Good choice. Probate is all about the clerks/courts making money; IMHO. They make more money by drawing things out. They have a vested interest in you keep coming back, filing more forms, and repeating processes, and paying more filing fees. Having a will does not avoid probate. After my experience, I have made everything TOD that I can ; updated deed to my property so my family won't have to go through probate & next is change my car title.

 

[Chocolate62]

You’ve still never identified how title was held. What you’re referring to as the process is routine. It has zero to do with how deeds were written 20 years ago. If the deceased owned real property in Florida and died without a will, then Florida laws govern who is entitled to the property if the deceased owned it as an individual and not as a JT. Even though the deceased has minor children you do not wait to process the administration of the intestate estate. That will only cause problems.

Looking at the warranty deed, it listed the 2 owners name. There is no tenancy in common clause or a right to survivorship clause stated in the deed.

 

[LeslieDet]

Looking at the warranty deed, it listed the 2 owners name. There is no tenancy in common clause or a right to survivorship clause stated in the deed.

Ok. I don’t understand why the intestate procedure hasn’t been processed for the property. You’re only creating potential title problems by waiting. Even though there are minor children, there should be some provision in the state for ownership to be conveyed on behalf of the minor children.

 

[Chocolate62]

Ok. I don’t understand why the intestate procedure hasn’t been processed for the property. You’re only creating potential title problems by waiting. Even though there are minor children, there should be some provision in the state for ownership to be conveyed on behalf of the minor children.

When I contacted a Flordia attorney, I was told that minors can not own property. To wait until they are 18; they can then renounce. They have no intentions of accepting a TS; they are going to college. I could have been given the wrong information?

 

[Chocolate62]

When I contacted a Flordia attorney, I was told that minors can not own property. To wait until they are 18; they can then renounce. They have no intentions of accepting a TS; they are going to college. I could have been given the wrong information?

When I contacted a Flordia attorney, I was told that minors can not own property. To wait until they are 18; they can then renounce. They have no intentions of accepting a TS; they are going to college. I could have been given the wrong information?

Just to clarify, minors can't inherit property in Flordia. Too costly to go through guardianahip for a TS. Also, they can't be forced to accept the TS once they are 18.

 

[LeslieDet]

Just to clarify, minors can't inherit property in Flordia. Too costly to go through guardianahip for a TS. Also, they can't be forced to accept the TS once they are 18.

Minors cannot hold title to real property. But minors should have a guardian who acts on their behalf to manage the asset as a minor can indeed inherit property. Of course no one can be forced to accept a bequest.

 

[Chocolate62]

Acquired a timeshare for 2 weeks from a death in the family, never did a transfer, timeshare office accepted an in care of statement. Continued maintenance fees and rented the 2 weeks out for 12 years. A hurricane took the building and corporation wants to rebuild, we do not want any part of it. Is there equity to this time share? My family seems to think so, we no longer want to be involved, the price is too high. Thank you

What is "an in care" statement that you gave to the resort?