So, you’ve purchased a timeshare and determined it’s just not suiting you anymore. Maybe you don’t like the area as much as you thought you would. Maybe the yearly maintenance fees are straining your budget. Maybe you never really wanted the property in the first place. You start thinking: “Can I just give my timeshare back?” It’s a good question and one that we at Step Zero get time and time again. Most often, when people ask this question, they want to know if they can file a quitclaim deed. A quitclaim deed is a legal document that transfers an owner’s property rights to someone else with no associated exchange of funds. It’s most commonly used during divorce proceedings, when a husband or wife wants to relinquish his or her part of a shared property and move on quickly.
Technically, it’s perfectly legal to sign property over to someone else. In the case of timeshare property, though, it’s not so simple because the management company or resort might not want the property back. For quitclaims to work, both parties have to be willing participants. You currently pay the maintenance fees and all expenses for the upkeep of the property. If the resort takes your property back, it now has to cover those annual costs itself. That’s not often in the resort’s best interest. Of course, the resort in question may be in high demand with a low inventory, making it profitable for management to take control of your property and resell it. But don’t count on it. And don’t try to leverage your offer by saying you’ll just default on your fees if the resort doesn’t accept it. There’s no sense in angering the resort. It will simply force them to foreclose on you if you follow through on your threat. This will negatively affect your credit, compounding your issues and posing more problems that it will solve.
Our advice? If you want to get rid of your timeshare, get help from a professional. The legal nuances and contractual language of timeshare documents make it paramount that you understand just what your obligations are, as well as what they really mean. Otherwise, you could potentially bury yourself deeper in debt, both time-wise and financially. A professional service that specializes in the timeshare and travel industries can guide you through the quitclaim or deedback process (those deeds that transfer ownership with an exchange of fees) and assist you by contacting the resort and presenting your offer to its board of directors and/or homeowner associations.
Contact our team at Step Zero to learn more about timeshare cancellations, quitclaim deeds and other options for terminating timeshare agreements.