While your timeshare may have initially brought you years of cherished memories, there may come a time when it becomes a burden. Whether you’re no longer able to afford the rising annual fees, you’ve grown tired of vacationing in the same resort year after year, or have some other reason for wanting to break free of your obligation, you may find that it’s extremely challenging to get rid of your timeshare. If you have a friend or family member interested in taking it off your hands, this can become a win-win solution for everyone involved.
It’s important to understand that giving away your timeshare is a complicated process. You’ll most likely need to enlist the assistance of an experienced real estate attorney who knows the laws in the state or country where your timeshare is located. Below are some considerations to keep in mind before you gift your timeshare to a friend or loved one.
As you’re no doubt well aware, timeshare ownership is accompanied by a significant financial burden. It’s important to make sure the person taking over your timeshare understands these costs and can afford to pay them, especially as they continue to rapidly escalate year after year.
If you still owe money on your timeshare mortgage, you will need to discuss who is responsible for making these payments moving forward. If you expect your loved one to take over the mortgage, you should clearly express this to them and review the payment schedule with them in advance.
In addition, make sure your loved one is aware of the current cost of your annual maintenance fees, as well as the rate at which they increase each year. It’s a good idea to show them maintenance fee statements from the previous few years to illustrate the rapid rate at which they rise (on average, timeshare maintenance fees increase 4% each year). You’ll also need to explain the other costs they’ll be responsible for, including:
The last thing you want to do is gift your loved one a financial burden if they’re ill equipped to afford it.
In many instances, the timeshare resort may charge a transfer fee when you give away your timeshare. Discuss who will be responsible for paying this fee upfront so that there is no confusion at the time the property changes hands.
While you are giving your timeshare away as a gift, there are legal obligations associated with the fees related to the property. Therefore, you should always create a contract outlining the terms and financial responsibilities associated with the transfer of the timeshare. This will prevent you from incurring significant debt if your family member fails to make the required payments.
To ensure the smoothest possible process, you’ll need to address the following items prior to gifting your timeshare to your friend or family member:
The transfer of the deed to the new owner will be governed by the real estate laws in the state or country where your timeshare is located. You’ll need to understand the specific laws that apply to this transaction, especially since they may be different than the laws you’re used to where you live.
If your timeshare is located in another country, it’s crucial that you work with a real estate lawyer licensed to practice in that country. This will ensure the smoothest possible process and avoid a misstep that results in devastating financial consequences for you or your loved one.
As you can see, there are many factors that must be considered before giving away your timeshare to a friend or family member. While the process is highly complex, the most important consideration involves the immense financial obligations that come along with the timeshare. Most likely, these financial burdens are at least partially behind your desire to get rid of your timeshare. Before saddling your loved one with these burdens for which they may not truly understand the scope of, you may want to consider an alternative solution – canceling your timeshare.
At Timeshare Termination Team, we’ve helped thousands of people like you break free from an unwanted timeshare. We understand that every situation is unique, and we’ll cater your exit strategy to address the specifics of your contract and your goals for the outcome of the process. All of our strategies are formulated by our team of attorneys, allowing us to achieve a 100% success rate. This gives us the confidence to offer you our exclusive Money-Back Exit Guarantee™ ensuring you receive a full refund if we’re unable to safely, legally and permanently cancel your timeshare.
Our unique You First Approach™ places your needs at the forefront throughout the entire process. We’ll listen carefully to your concerns and goals before presenting you with a customized strategy designed to work for you and your family. As part of this approach, we’ll provide you with our Straight Facts Exit Guide™ and a Step-by-Step Exit Map™ to ensure you have all the information necessary to understand your options.
Giving away your timeshare may relieve you of the burdens associated with your timeshare, but it may also transfer those burdens to someone you love. Unless your family member truly wants to take on these responsibilities, canceling your timeshare may be the most effective and appropriate solution.
Please contact us today to schedule a free consultation. Find out how we can help you move on from your unwanted timeshare and begin living life on your own terms.
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