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How to Get Rid of Your Parent’s Timeshare
If you need to know how to get rid of your parent’s timeshare, the Timeshare Defense Attorneys can provide assistance. Read more and call us to get help now!
How Do I Relieve Myself of My Parent’s Timeshare Ownership?
If your parents are timeshare owners and are considering leaving it to you in their will, you may wonder whether you should allow them to give you such a gift.
Your uncertainty in such an instance is understandable, especially when you’re not the vacationing type. If you’re not going to use the timeshare, it may be better to get rid of it as soon as possible. Keeping it means you’ll be responsible for paying for the ever-increasing dues and annual maintenance fees.
Several options are available if you’d like to get rid of your parent’s timeshare, including putting it up for sale or giving it away. Read on to see how it works.
Do I Have to Inherit My Parent’s Timeshare?
The short answer is that you are not obliged to inherit your parent’s timeshare by any means, regardless of your reasons.
If you decide to refuse the timeshare under a will, you need to follow the correct procedure to renounce the property. The renunciation procedure varies across states, so you might need to contact a timeshare attorney in your state for help on this.
However, if your parents are still alive and you know they have left you their timeshare, you need to let them know that you’d be better off without the gift and possibly help them get rid of it as soon as possible.
Rejecting or accepting a timeshare gift or inheritance is a personal decision only you can make. Once you inherit it, you undertake all obligations in the timeshare contract and become responsible for all mortgage payments and other annual fees so consider this very carefully.
Getting Rid of a Timeshare Left Under a Will
If you discover that you’ve inherited a timeshare after your parents’ will has been read. Renouncing the property would involve certain steps, including the following:
Assess the Timeshare Contract
The first thing to do is get a copy of the timeshare agreement. The agreement is legally binding and will spell out all rights and obligations of the parties. Contracts are different, so you need to assess precisely the terms. If you find the jargon confusing, it’s a great idea to consult your attorney for a professional opinion and to have your questions answered. It’s not a bad idea to discuss the contract with the executor.
Notify the Executor
The next important thing is to notify the executor that you legally disclaim the property. This is done by filing a letter called a disclaimer of interest.
The letter should clearly describe the property, plainly state that you do not want to inherit the property, and contain your name and signature. It should also be delivered to the executor and the resort. In addition, the resort may require a copy of the death certificate. If you decide to draft your disclaimer on your own, have an attorney look at it before submitting it.
Do Not Benefit Under the Agreement
It would be best if you did not do a few things while the probate process is in progress. First, do not visit the resort, and do not pay any associated fees from your bank account towards the resort (the estate’s executor is responsible for paying any expenses out of the deceased estate during probate). Also, try not to take advantage of the resort’s generous offer, if any, to allow you to stay for a few days to see whether you want to change your mind. If you receive any benefits from the timeshare, you may be prevented from refusing it later on.
What if You Have Already Accepted the Timeshare and Want to Get Rid of It?
This scenario is much more complicated as you are now the registered property owner responsible for timeshare payments and ongoing expenses.
Stopping payments is a bad idea and will spell trouble for you down the line with your credit rating and possibly even foreclosure. Nevertheless, you could try any of the following options:
Sell or Rent
Firstly, don’t expect to sell it for anything close to what it initially cost. Timeshares are luxury items and depreciate the moment you buy them. There is a vast supply of second-hand timeshare properties in the resale market. You could try and sell it out of hand either privately to a friend or relative who loves the idea of owning a timeshare.
Some second-hand timeshare sales agent companies will charge a fee to broker a deal. Be careful of timeshare scammers who will promise the world and make you part with your money by charging a hefty upfront fee without finding you a buyer.
You could also consider timeshare rentals by renting the property out yourself or through an agent to cover the annual fees.
Give It Away
You could give the timeshare away to anyone, including a friend or family member willing to accept it and bear the costs of paying the annual fees. However, such gifts must be legally documented to ensure that all rights, benefits, and obligations are duly passed to the receiver.
You could also give the timeshare back to the timeshare company for a token or for free, depending on their policy. Remember that your goal is not necessarily to make money but to save yourself the stress and financial pressure of recurring maintenance expenses that you’re responsible for as a timeshare owner.
If you’re considering seeking the help of timeshare exit companies, be sure to find one with an established reputation for success. Be wary of any timeshare exit company that makes lofty promises. In many cases, such companies turn out to be scammers looking to fleece you of your hard-earned cash.
Get Help From Timeshare Attorneys in Florida
Timeshare attorneys can also help you in your quest to get rid of your parent’s timeshare. They are familiar with the workings of the timeshare market and the legal aspects of timeshare inheritance and ownership. They can offer you a more holistic service than regular timeshare exit companies by providing suitable strategies to help you get rid of your timeshare ownership inheritance and also cover all the legal bases of your timeshare transfer transaction. This means you’d be killing two birds with one stone.
So, as you seek to transfer the inherited timeshare in question, consider consulting a timeshare attorney in Florida for professional help and legal advice.
If you have further questions about timeshare contracts, transfers, ownership, or cancelation, reach out to us at Timeshare Defense Attorneys.
