These days, timeshares are a pretty popular option among vacationers who spend holidays in luxury apartments and resorts every year. Furthermore, individuals who own this type of property are obligated to pay maintenance and membership fees annually to a timeshare management company. Since the financial situation of timeshare owners tends to change over time, they decide to give back a timeshare as soon as they receive bills to pay fees on their ownership. In this article, we’ll try to find out if there is a way to give back a timeshare.
Essentials: how to give back your timeshare
1. Think twice about your decision
Any timeshare company must be obligated to return property from their clients. If a resort isn’t willing to take a timeshare back, you have a quite limited list of other options. Don’t think you will get rid of a timeshare once you stop paying timeshare maintenance fees and other obligatory payments – this can make things worse, resulting in foreclosure and even legal actions against you. The most successful ways to end your timeshare contract when a resort refuses to take it back is transferring a deed to someone else or selling it on the online resale markets or forums.
2. Be aware of mortgages
No matter what you are going to do – selling a timeshare or giving it back to a resort – you can be stuck with your property once you still have a mortgage attached. Most resorts offer to timeshare owners deed back programs that are based on paid-off mortgages and maintenance fees, so it turns out to be a complicated task to return your property with a mortgage.
3. Available deed backs
If you still wonder if you can give your timeshare back, some resorts enable you to do this if you need to get rid of an unwanted timeshare as soon as possible. Once you decide to use a deed back program offered by a timeshare developer, you need to sign a property deed and pay a transfer fee.
Keep in mind that such programs don’t usually include any refund, but they can anyway release you from paying burdensome maintenance fees that increase over time. Apart from that, once a timeshare developer owns a large number of unsold timeshares, they aren’t likely to accept property returning, but it would be better to ask twice.
4. Deed back documents
Many timeshare owners ask – so I decided to give back my timeshare. What’s next? If your resort agrees to take back an unwanted property, be ready to engage in some paperwork. In some cases, you need to sign a quitclaim deed to the resort owner. Additionally, multiple timeshare companies can ask you to provide evidence that you have paid off all the required fees on your property, as well as a copy of a deed that proves you have purchased a timeshare.