Can i will my timeshare back to the resort

Owning a timeshare gives you the right to enjoy a resort vacation once a year -- at but you've also got the "right" of paying the annual maintenance fees. If you want to unload your timeshare, there may be a deed back clause in your purchase contract or the resort may have a deed back program.

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. If your contract has a deed back clause, you can relinquish all ownership rights to the resort if you meet the conditions.

If your contract has no deed back clause, you may be able to give your timeshare back under a deed back program. To qualify, most resorts insist that all maintenance fees and special assessment fees are paid in full. Another consideration is how close the resort is to being sold out. If the resort is holding a large number of unsold timeshares, it may refuse to accept your deed back.

Most resorts require the same standard documents when deeding back a timeshare. To legally transfer ownership, most resorts will accept a quitclaim deed. Some resorts also require you provide proof that any mortgages on the property are paid in full. No one is legally obligated to accept something just because it was bequeathed to them. The Andersen Firm will know how your state governs the right to disclaim. Generally speaking, a disclaimer of interest must be filed with the probate court, stating that you reject the timeshare.

There are time limits—in some states, you have only nine months after the death of a loved one to file. When the next-of-kin rejects the timeshare, it may go to the next heir, and the next, and the next, etc. Every family member must file their own disclaimer. If the timeshare is disclaimed by all heirs, it is likely that the timeshare company will foreclose on the timeshare.

There may be leftover debts for unpaid fees, and the estate may have to fork over those payments. A few tips: if you are planning on refusing a timeshare, you cannot use it. If you wish to disclaim something, you cannot receive any benefit of the thing you are disclaiming. Once you receive a benefit, the opportunity to disclaim it is gone.

Unwanted timeshares usually sell for far less than the original purchase price. Selling a timeshare involves a market loaded with scammers who promise a quick sale, while charging thousands of dollars upfront.

If possible, speak with your parents and their estate planning attorney to head the problem off in advance. Forced to Inherit a Timeshare? Use an Attorney. Use a Timeshare Exit Company.

Options to Avoid. Basically, if you owe any sort of money to the resort or the lienholder , the resort will simply not take this unit back from you even if it was willing to do so until these fees are paid in full.

At worst, you will pay a timeshare exit company to do something you could easily do yourself. Some people just stop paying on their timeshares.

If you do walk away , don't be surprised to see a big hit to your credit score and to start getting regular calls from collection agencies. When the parents die , the assets transfer to the kids, and the only asset left is the timeshare interest.

The timeshare resort is a creditor; and when the amounts owed are not paid, the timeshare resort can foreclose the interest of the deceased owner and resell the timeshare unit. If you stop paying on your timeshare loan, you face foreclosure. Foreclosure is the process whereby the lender files to take possession of the property and sell it at auction to recover the money you owe. The lender sells the timeshare at an auction.

It's rare that a timeshare increases in value. In fact, expect it to lose value, as the total cost of your ownership was marked up to cover sales presentations, incentives and giveaways. Timeshares are usually sold to you when you're on vacation and your defenses are down. Most have high yearly maintenance fees. What is the best way to get rid of my timeshare?

Contact Your Timeshare Company. List Your Timeshare for Sale or Rent. Consult an Attorney who Specializes in Timeshare Contracts. Vidanta is a luxury destination club that offers the finest and most exclusive resorts in Mexico. But not everything is good.

Canceling A Vacation Club Contract Some call it dispute resolution, rescission period, and other legal mumbo-jumbo. If you are still within the contract's rescission period then, send a notice of termination. This can be sent via email and can be backed up with a phone call. Deeded timeshares are a real estate property in which the buyer obtains a deed. Maintenance fees are part of the purchase contract.

Failure to pay the maintenance fees results in the resort foreclosing on the property and selling it at auction to recover money owed. You may face a judicial or non-judicial foreclosure. Timeshare Exit Team, which doesn't sell timeshares but aims to dissolve your legal contract, is reported to cost thousands itself and can take years.