Getting out of timeshare that you signed up for can be a frustrating process. But what happens if you’ve inherited a timeshare? Your loved one who left you the timeshare had the best intentions and wanted to give you and your family the opportunity to relive those happy vacation memories.
Many people decide to keep these timeshares as a way to honor their friends and family who have passed on. But for some, it can become a financial burden that they didn’t plan on. In many cases, inherited timeshares can be forced as a result of perpetuity clauses, where the administrator of the estate automatically inherits the contract.
The good news is that getting out of an inherited timeshare is about the same as if you were the one who signed the contract.
Understanding Inherited Timeshares
Timeshares are a way to use vacation property for a set period of time each year. Traditional timeshares included a real estate deed, but they are now called “right to use” contracts. In addition to the upfront costs of buying a timeshare, which could consist of a monthly mortgage, there are also additional fees. These annual maintenance fees can be anywhere from $1,000 to $3,000 per year, depending on the property. There are also special assessment fees to cover occasional repairs and damage.
When a timeshare owner dies, the obligation to pay those fees, and any remaining mortgage payments, often pass on to whoever inherits the contract. These are part of “in perpetuity” clauses that are included within the fine print of timeshare contracts.
Getting Out of an Inherited Timeshare
Many people who inherit timeshares want to keep them because they have great memories of fantastic vacations spent with their loved ones. However, with constantly rising annual maintenance fees, the timeshare can become a significant financial burden. And many people who do inherit timeshares want to get out of it.
When dealing with legal issues (and getting out of a timeshare is a legal process), it is always best to go with an attorney who specializes in that particular field.
Timeshare attorneys have been helping people legally cancel their timeshares for many years. They are experienced in navigating the nuances of timeshare ownership, ownership rights, developer rights, HOA rights, and other rules and regulations governing the timeshare industry.
At the end of the process, you will need to receive supporting documentation, proving the legal and permanent removal of your name from the ownership agreement in order to be permanently free from your timeshare.
It’s in your favor to start the process as soon as possible. In some states you only have a limited amount of time once you inherit a property to then refuse it. This time can range from mere months to a year, so it is important to understand the law in your state.
Prevent Inheriting the Timeshare
If you have relatives who currently have a timeshare, be sure to let them know you have no interest in inheriting it. Doing so can save you a lot of headaches down the road. And if they are looking to get rid of the timeshare, help them do their research and find a highly rated company they can trust to get out of their contract.
The comforting thing is, you do not have to do this alone. Our team of Expert Advisors can give you all of the information you need to make a decision on getting out of your timeshare, even if you inherited it and do not want it.
We work with timeshare attorneys to ensure everything is legally and permanently taken care of, providing you with peace of mind. If you have questions, please give us a call and ask for a free consultation.
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