How to Gift, Resell, or Deed Back Timeshares
For real property timeshares located in California, Hawaii, and Nevada
By: Deed and Record
The first option is to do nothing and not pay maintenance fees is bad. The timeshare company will be aggressive in collecting their fees. The timeshare company may turn over collections to a third party that will relentlessly pursue those fees. Worse, the timeshare company will report the delinquency on the owner's credit history.
A better option is to attempt to sell the timeshare. But the resale market is thin. The timeshare owner may be shocked that the resale value is pennies on the dollar compared to the original purchase price. For many timeshare resorts, there is no resale market.
There are timeshare brokers in the resale market. But the problem is that the broker will want payment of fees upfront. Brokers require upfront costs because supply exceeds demand, and the likely hood of getting paid a commission is low.
The next option is to give away the timeshare. A friend, a relative, or a neighbor may be willing to take the timeshare because they will use it. The current owner must disclose the ongoing maintenance fees to the potential new owner to maintain the relationship.
These are steps to gift a timeshare. 1. Find someone who can use the timeshare, which is most likely the most challenging step. 2. Prepare a deed to transfer ownership. 3. Record the deed with the County or the Bureau of Conveyances. 4. Present the recorded deed to the resort management to update their records.
A final option is a deed back. Some timeshare companies are willing to take the timeshare back. The process is known as a "deed back." The timeshare owner returns ownership to the company in exchange for relief from the maintenance fees.
This press release explores what to do if a timeshare owner no longer uses their timeshare. The options are to do nothing, gift, resell, or deed back the timeshare. The best options are to sell or give away with a recorded deed. Deed and Record prepares and e-records deeds for owners to sell or give away timeshares. For more information, email Mark@DeedAndRecord.com or call 714-846-2888.
Mark W. Bidwell
4952 Warner Ave, #235, Huntington Beach, CA 92649