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how do i give away a timeshare [merged]

richardm

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I've been waiting for the Timeshare No More shills to circle in... I'm going to unsubscribe before this thread gets too ridiculous....

Meshall, if the resort won't accept a deedback (and many of the HOA's in that area do not, but it's still worth a try), you'll simply have to place your ads and hope for the best. You've gotten quite a bit of good advice- even if it is hard to swallow..

Best of luck on your endeavor..
 

AwayWeGo

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[triennial - points]
The Timeshare Company & The Resort Management Aren't Always 1 & The Same.

what is going on when the company does not even want to take the timeshare free of charge.
a timeshare that they can sell again to another person.
The timeshare company isn't always in charge of the management of a timeshare. Once enough units have been sold, a tipping point can be reached when majority ownership control transfers to an independent, owner-controlled Homeowner Association. That's not automatic & it doesn't always happen, but at many timeshare resorts that does happen after a few years.

Although a timeshare company might well accept deedbacks so it can sell the units to new full-freight purchasers for big bux, an independent Homeowner Association might not accept deedbacks.

For 1 thing, what would the HOA do with the units it took back ?

Typically the HOA is not allowed to do any selling on-site, because that exclusive privilege is reserved to the timeshare company even after the timeshare company gives up management control of the timeshare.

For another thing, if word gets out that the HOA is taking deedbacks, then deeding back units to the HOA might become the easy way out -- too easy -- for owners who for any reason get tired of owning their units & can't be bothered to find a buyer or a donation recipient.

From the HOA's perspective, it is extremely important for responsibility to remain with the individual owners to keep on paying all required fees & assessments until such time as ownership transfers to new owners via sale or gift.

Any unit owned by the HOA is a unit whose fees & assessments are not being paid -- meaning that all the other owners' fees have to go up to cover the unpaid fees on any units that were deeded back.

In certain instances (on a case by case basis) the HOA might agree to take a deedback -- for example, if a unit is already in serious arrears & the alternative to accepting deedback is costly legal action that would cause all owners' fees to go up to pay the lawyers' bills.

But case-by-case deeback acceptance is a far cry from taking back any & all timeshare deeds just any time the owners decide they're done with them.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​
 
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niki

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Farewell Timeshare

It would appear the consensus is not to walk away from a timeshare without exhausting ALL options. We have tried to sell & donate it but no one wants to pay the $900 maintenance fee. What are the consequences of walking away from a fully paid unit in Mexico? Although we realize our sterling credit rating could be affected, does a Mexican company have the jurisdication to place a lien on a US property??? Anyone out there able to advise...please!!!
 

jdb0822

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have you tried listing it on ebay, with you paying all closing costs? list it for $1, perhaps someone will take it. List it here on TUG with the same, you paying the closing. you may get lucky.
 

theo

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"What's going on" is....

what is going on....does not even want to take the timeshare free of charge.
a timeshare that they can sell again to another person.

makes you really think how timeshares are a burden than an asset if the company doesn't want to get it absolutely free.

You may well be overlooking the fact that, as already pointed out above, a timeshare ownership in the hands of an actual owner is an ownership with someone legally and fully responsible for paying the associated annual maintenance fees. An ownership taken back by the HOA, on the other hand, is an ownership on which NO ONE is actually paying (or is even responsible for paying) those same annual fees, until the week is bought by someone else. This distinction should give you some insight into why an HOA getting it "absolutely free" is really not "absolutely free" at all --- it's actually a negative on their balance sheet since, from the HOA perspective, it's acceptance of a non-paying substitute for someone paying (...or at least fully responsible for paying) annual ownership fees. As far as just "selling it to another person", that is often a whole lot easier said than done in a weak and struggling economy.
 
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AwayWeGo

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[triennial - points]
The Owner's Death Does Not Extinguish The Obligations Of Timeshare Ownership.

I believe that children do not inherit their parent's obligations, when the parent dies. and timeshare weeks can definatly be more of an obligation than an asset!
When the owner dies, the obligations of timeshare ownership automatically go to the deceased owner's estate, irrespective of whether any heirs do or do not inherit the timeshare(s).

So even when fulfilling the obligations of timeshare ownership does not become the problem of the heir(s), it remains the problem of the Estate Executor. There's no getting around it. (So it goes.)

Supposing no heir accepts ownership of the timeshare(s) by the time the next round of maintenance fees comes due, & the Executor, acting responsibly, therefore sees to it that those fees are paid on time out of the estate's funds. Who gets to check in at the timeshare(s) that year? Not the heirs -- they don't own the timeshare(s) even though the decedent's estate covered the year's timeshare fees.

Supposing the Executor tries to rent out the paid-for timeshare week(s) but gets no takers. In that case, would anything be wrong with letting the Executor take a little surprise timeshare vacation rather than letting the paid-for week(s) go unused ?

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​
 

hokiegal

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same situation

I'm basically in the same situation, as the original poster. The timeshare that my deceased father has, is currently still in his name (or the estate's). They resort tried to have me put it in my name, but I told them absolutely not. His estate should be settled within the next month or so, which I am the only heir to. I'm a bit concerned what to do with it. I have paid the maintenance fee for this year, but my husband and I have no desire to keep it. I'm in the process of talking to a charitable org about taking it, and having them auction it off, so we'll see.

I don't know anything about the closing of a timeshare, is it similar to a house?

All of these suggestions are very good, and will look into ebaying it if the org doesn't want it.

I'd consider keeping it, but we can't afford to be hit with the random maintenance fees they can charge for such things as hurricane damage... last year alone it was $1500 right when my father died. Luckily I was able to get out of paying that, but I don't think that would happen again.
 

theo

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Yes and no...

I don't know anything about the closing of a timeshare, is it similar to a house?

There are numerous timeshare closing companies around. Some are very good, some are not. Expect a timeshare closing with a competent and reputable company to cost around $300 or so. This will include preparation and recording of a new deed and escrow of any funds involved in the transaction. The resort itself might also charge a "transfer fee" to make the ownership change on their books; a cost which is not included within the closing company fees. Not all resorts charge a transfer fee. Among those that do, cost is typically $75 - $100. Good luck.
 

AwayWeGo

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[triennial - points]
Timeshare Closings Are A Specialized Variety Of Real Estate Closing.

I don't know anything about the closing of a timeshare, is it similar to a house?
Basically it's pretty much the same -- except that closing service agencies which handle deeds for regular homes, farms, condos, duplexes, apartment houses, etc., are unlikely to have ever seen any timeshare paperwork.

As a result, specialized timeshare closing services agencies have come into being to handle deed preparation & recording, etc., exclusively for timeshare sale transactions.

Examples are JRA Services Inc. & Timeshare Transfer Inc. & Timeshare Closing Services Inc. All 3 of those are in Florida. Nothing is wrong with that, although some savvy TUG-BBS people say that it's important for the closing services agency to be in the same state as the timeshare resort.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​
 

dwsupt

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Another thought......

A little research (very little) showed that it is an older ocean front property that trades through II. The photos on II show a very dated kitchen and out of date green carpet. This would suggest that the resort is on the decline or due for a major overhaul which means a large assessment coming your way. I suggest you keep trying to unload it. Their corperate website lists a realtor that handles resales, perhaps they could move it for you. :shrug:
 
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