Quit claim deed -- the future and other questions

Marilyn · Jan 19, 2012

Hi all;

I quit claimed a Mexico TS back to them and they accepted. I have another TS I want to quit claim but have not yet asked if they accept them.

My question is that if they don't accept the quit claim, then I have this resort forever? My heirs have this forever too? And their heirs? My great great great grandchildren will have to pay for this forever?

There is no possible way to get rid of it unless I get someone to buy it/take it?

Just curious if anyone knows the law about this.

thanks-

Marilyn

DeniseM · Jan 20, 2012

No one can be forced to inherit property that they don't want. Ask your estate planner how to handle it.

BTW - have you made an earnest effort to give this property away to someone who might like to own it?

Why?
-You can give it away yourself for nearly no cost.
-You can control the transfer process to make sure it is truly transferred out of your name.
-You won't have to deal with companies that may or may not be Legit.
-You can transfer it to a private individual who will be happy to have it for their own use.
-You will have the satisfaction of knowing that you ended your ownership legally and ethically.

There are two places on TUG where you can give away your TS's for free (no charge for the Ads.) There are other cheap and free sites on the internet, as well.

TUG Marketplace - the only cost is your TUG membership - $15 (List it for $1 and it will automatically go in the Bargain Basement Ads.)

Bargain Deals - Totally FREE! - just write a simple post with all the pertinent info. In your post, include the following info.:

-resort name
-unit size
-season owned
-maintenance fee
-current reservations

To make it more attractive I would:

1) Pay the 2012 maintenance fees and don't ask for reimbursement.

2) Pay for the title transfer (you can get a simple title transfer with no escrow or title search for about $100.) Many people have used Tugger TTT (Alan) at Time Travel Traders for this service in the past, but he is retired and is referring most business to Lisa Short for this service - 1.706.969.8906 readylegal@gmail.com Lisa has been receiving good reviews on TUG.

3) Reserve a popular holiday week in 2012 for the new owner

4) Instead of paying a fee to a rescue company - consider offering a cash incentive to the new owner.

Good luck!

Marilyn · Jan 20, 2012

This TS is a fractional ownership at the [deleted]- it is for 12 weeks a year and we split the weeks with another couple.

The MF are $5000 (for the 12 weeks) for a mediocre resort that we loved but no one else will. It is 2 hours from my house and allows dogs.

We love to hike there and ski here and used it as a second home. We will truly miss it but we cannot afford it anymore.

We have owned there for 12 years and always looked forward to going there.

But finances are what they are.

Marilyn

ronparise · Jan 20, 2012

Marilyn said:
This TS is a fractional ownership at the [deleted]- it is for 12 weeks a year and we split the weeks with another couple.

The MF are $5000 (for the 12 weeks) for a mediocre resort that we loved but no one else will. It is 2 hours from my house and allows dogs.

We love to hike there and ski here and used it as a second home. We will truly miss it but we cannot afford it anymore.

We have owned there for 12 years and always looked forward to going there.

But finances are what they are.

Marilyn

Im going to guess from what you say, that you and the other couple own this together/

It seems to me that you need to go back to your original agreement and follow the direction that you wrote into it. ie you should have anticipated something like this happening and decided on a procedure to follow if it did

If you didnt do that than I would think you can just walk and screw the couple you leave holding the bag

DeniseM · Jan 20, 2012

Since this is going to be a challenge, I recommend that you start working on finding a new home for this property ASAP, and use not only TUG, but at many other cheap and free websites as possible - Craigslist, Redweek, My Resort Network, local free classifieds, local real estate office, etc. You need to bite the bullet and plan to pay all transfer costs, etc., to make it more attractive.

Ask the resort if they will take a deed back.

It probably can't, but have you asked if it could be split into individual weeks?

Is the other couple's name on the deed?

rrlongwell · Jan 20, 2012

DeniseM said:
... have you asked if it could be split into individual weeks?

Good question. If it can, split it into two parts and deed half over to the other group you have been sharing with. The easyiest way would be to have them just take it if they want it. Or, in the alternative, check with the people that come before and after you and see if they want it.

Marilyn · Jan 20, 2012

I would never screw the other couple!!! Yeesh... They are wonderful friends. Not to mention Bad Karma...

We are negotiating for them to take it over and we would rent from them. So that might work for us.

They have a lot more money than we do and love the resort more than we do which helps with the negotiating!

We also have the best unit in the whole place.

Something will work out maybe not exactly what we wanted but I think we'll be able to salvage our finances.

Thanks for the ideas.

Marilyn

rrlongwell · Jan 20, 2012

Marilyn said:
I would never screw the other couple!!! Yeesh... They are wonderful friends. Not to mention Bad Karma...

We are negotiating for them to take it over and we would rent from them. So that might work for us.

They have a lot more money than we do and love the resort more than we do which helps with the negotiating!

We also have the best unit in the whole place.

Something will work out maybe not exactly what we wanted but I think we'll be able to salvage our finances.

Thanks for the ideas.

Marilyn

That would be the perfect solution to the problem.