Multiple timeshare owners regret their purchasing decision as soon as they receive burdensome maintenance and membership fees, apart from the real estate taxes. The truth is that these fees are non-negotiable at all, and they typically become the first reason why owners decide to cancel timeshare. Individuals can get out of their ownership legally through the rescission period that lasts a couple of days following the day of purchase. Fortunately, there are some other ways to get rid of unwanted property, like a deed back timeshare. This article will introduce you to how to deed back a timeshare.
Deed timeshare back to company: what to know?
1. Look for a deed back clause in the contract
Before deciding on a timeshare deed back, check your timeshare contract first. Most such agreements tend to include a deed back clause that enables timeshare owners to return all ownership rights to the resort. However, an individual who owns a property is required to meet some conditions.
Many timeshare companies refuse to take a property back unless all the fees and payments are fully paid, and there is no mortgage attached to the property. One more important thing – since you give your property back to a developer, you won’t receive any refunds. Anyway, you are at least no longer obligated to pay further fees on a timeshare.
2. Use a deed back program
If you didn’t find a deed back clause in a timeshare agreement, it would be better to ask a resort whether it offers a so-called deed back program. Under this program, you can give the property back to a timeshare company if you pay all the maintenance and special assessment fees.
Remember that once your timeshare developer owns several unsold timeshares, they aren’t likely to accept your property, but it never hurts to ask twice. Additionally, some resorts ensure a deed back program with the ability to return a small portion of the initial price of a timeshare according to the timeshare value on the current market. It is anyway better than returning the property with no refund at all.
3. Collect required deed back documents
If your timeshare company agrees to accept your property, your next step is to get together the paperwork. To start the process related to a deed back your timeshare, your first task is to fill out a resort’s timeshare transfer form. A quitclaim deed is an essential document to transfer your ownership rights legally.
Besides, you are likely to be required to show a copy of the deed that proves you have purchased a timeshare. If you deal with a buyback program instead of a deed-back program, most timeshare companies demand to provide a waiver of the right of the first refusal. At the same time, some timeshare developers can ask you to provide evidence that you have fully paid any mortgages on your property.