Timeshares are an efficient way of leasing or owning a property. However, timeshare contracts are challenging, and selling back your timeshare back is strenuous. It is why many people ask the question, can they sell their timeshare back to the resort or not? Today, we will discuss all this.
What are timeshares?
Timeshares are vacation properties, such as resorts, that are purchased by vacationers. Timeshares are of two types; deeded and leased. Deeded timeshares are those timeshares in which a vacation property is owned or leased by multiple parties. In a deeded timeshare, a vacation property is allotted to different owners of the timeshare property for a specific time.
Leased timeshares are the ones in which a deed is held by the resort owner. But users (vacationers) pay lease to rent the vacation property for a specific period. Timeshares allow vacationers to avoid maintenance and property buying costs.
Can you sell your timeshare back to the resort?
Well, the answer to this curious question is no. The reason for this is that you can only sell or your timeshare in the open market, meaning to other users, and save your future maintenance costs.
One thing you must know is that timeshare properties depreciate rather than being appreciated. Hence, selling your timeshare would only get you out of the timeshare game and not earn you a hefty profit.
However, you can return or give back your timeshare to the resort. However, this is only possible if it is specified in your contract. However, you can always try and convince the resort owner(s) that you impulsively made decisions. Furthermore, it is also recommended that you request the owner(s) of the resort in writing that you wish to quitclaim your timeshare property.
In addition, successfully quitclaiming your timeshare property would help you get future savings or future costs as you would not pay membership, maintenance, and upkeep costs. However, there are certain things that you should consider when returning your timeshare property to the resort.
Things to consider
Some of the things to consider when offering back the timeshare property back to the resort are:
- Do not stop paying your maintenance fees
As mentioned earlier, you might only return your timeshare property if such a thing exists in the deed. However, when this is not the case, some owners of the timeshare property stop paying their maintenance fees.
Although this may sound like an acceptable strategy to get rid of the property, it accumulates debt in your account and ruins your credit. Now, we all know what problems do people with bad credit records face.
- Deed backs With Permission
In deed backs with permission, you may sign a contract stating that you ought to transfer your timeshare property to the actual owner(s) of the resort. However, in this, you would not be paid a single dime. Instead, you would be the one paying the transfer fee. But transferring your timeshare property would allow you to foreclose yourself out of the property.
Transferring via deed backs with permission is difficult as making up your maintenance fees from someone else is strenuous for timeshare management.
- A quitclaim deed might not be suitable
As mentioned earlier, you can forfeit the timeshare property using a quitclaim deed. It might not be suitable as your resort owner would not know your exact reason for quitclaiming. Hence, a quitclaim would not legally release you off from the property.
The above-specified is a comprehensive guide about you can sell your timeshare back to the resort or not.