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Everything You Need to Know About a Timeshare Deed-Back Program
Do you know what the Timeshare Deed-Back Program does? If you have an investment vacation property, the Timeshare Defense Attorneys offer options. Call us!
Timeshare Deed-Back
Many timeshare owners seek to eliminate the burden of timeshare ownership after purchasing it. Unfortunately, offloading the responsibility of annual fees is more challenging than acquiring it.
Customer representatives in the timeshare industry are not the most transparent. Their sales tactics typically involve convincing customers what an asset a timeshare is when it is often not. Furthermore, they seldom inform customers about the difficulty of getting rid of a timeshare. This leaves many frustrated owners feeling trapped with recurring annual maintenance fees.
Owners looking for options to get rid of their timeshare may have come across the term ‘deed- back clause’ or ‘timeshare deed-back.’ But what does a timeshare deed-back mean, and could it be your escape route?
How Does a Timeshare Deed-Back Program Work?
A timeshare deed-back program is a way for a timeshare owner to return the property to the developer and rid themselves of all obligations associated with the property. Deed-backs work precisely the way the name implies; the owner signs the deed back to the resort.
It is similar to the buyback program some timeshare vacation resorts offer, except, in the case of a deed-back, the resort does not repurchase it from the owner because they don’t give the owner any money.
The process sounds simple enough, but it isn’t entirely straightforward. To deed back a timeshare property, the company has to willingly accept it back. Additionally, it may require a fee of a couple of hundred dollars.
Not all companies have deed-back programs or accept deed-backs, and it may be more difficult to exit a timeshare contract with such companies. However, some companies that don’t have formal deed-back programs are usually willing to collect the property back from the owner based on certain terms and conditions.
Timeshare Deed-Back Process
Timeshare Clause
Where your timeshare contract has a deed-back clause, you are to adhere to the provisions of the clause. You need to meet the conditions listed in the clause and contact the timeshare developers to inform them of your intent to process a deed back.
You then have to provide them with the requested documents and fees. Relevant documents typically include the original deed you were given upon purchasing the timeshare. Once completed, the company should process your deed back and rid you of all liabilities and responsibilities relating to the property.
Timeshare Program
Where there is no deed-back clause in your contract, some companies may have programs that can accommodate you. However, you will need to be up to date on your bills in most cases. You may also have to pay transfer fees.
If you are asked to update your timeshare before the company allows you to process a deed back, make sure to hold on and consult your lawyer. Several times, upgrading your timeshare before a deed back makes it harder to exit your timeshare contract.
Factors That May Affect the Possibility of a Deed Back
The Size of Your Timeshare Company
Larger and well-established companies are more likely to offer a deed-back program than smaller ones. This is because more established resort developers are less likely to have a lot of unsold timeshares sitting around for an extended period. If you bought from a well-known developer, chances are you can easily enter into a deed back with the resort.
Your Payments
If you have neglected to pay maintenance fees or shirked on mortgage payments, there is almost no hope of processing a deed back. Other methods of ridding yourself of the burden of the timeshare may prove futile too.
Season and Desirability of the Property
Another thing timeshare developers may consider is the state of the timeshare market when you want to deed back your timeshare. If it is peak buying season for owners, the resort may be incentivized to take the timeshare back from you.
Some resorts may even offer a fraction of the timeshare’s market value when collecting it from the owner, i.e., a buyback. However, the company may decline to take the timeshare back when the market is slow, or the property is not desirable to the customers.
How to Write a Deed-Back Form?
To write a deed-back form, follow the instructions given to you by your timeshare company. Your timeshare company will inform you of the process to follow. You can also consult a Timeshare attorney in Florida for assistance in writing the form.
In cases where there are any intricacies you need clarification on, even if the company provides guidelines on how to do it, it may be a good idea to consult a timeshare lawyer. An attorney is a great way to make sure you don’t get into even more trouble, especially if you are dealing with a dishonest company.
Where Are Timeshare Deeds Recorded?
A timeshare deed is a public record. It is typically recorded with the county recorder wherever the timeshare is located. You should be able to access these records through the county recorder’s website or the town clerk’s website.
Alternative Options to Deed-Back
If you want to get rid of your timeshare without paying transfer fees, there are other ways to do it. You could sell your timeshare to a third party. However, be prepared to make a loss. Since the resale market is saturated and highly competitive, you are most likely to get much less for your timeshare than it is worth.
You could also transfer ownership to someone who wants it for free. If you know someone who wouldn’t mind owning a timeshare, you could transfer your deed to them as a gift. However, having a lawyer draft the transfer agreement is a good idea to ensure both sides’ interests are secured.
A lawyer should be consulted if your situation is complicated, such as if you got an upgrade and need to get out of two contracts at once. In this situation, a lawyer will be able to take appropriate legal action for you.
Timeshare Cancellation Lawyer
Skilled timeshare attorneys can help you handle timeshare cancellation issues with their legal knowledge and experience. Legal training in contracts and agreements can help us help you legally rid yourself of that burdensome timeshare.
Do not hesitate to contact Timeshare Defense Attorneys if you need a lawyer. We are dedicated timeshare cancellation attorneys whose results speak for us. Schedule a free consultation with us today!
