Timeshare ownership can cost an owner several hundred dollars in fees each year. If you are on a budget due to job loss or reduced income, timeshares can prove burdensome. The chance of selling a timeshare often takes years and donation might not be possible if debt remains on the unit. Through a quitclaim deed, an owner can transfer the rights to the timeshare back to the resort or to another person. Many people wonder if signing a quitclaim deed dissolves the debt owed on the timeshare or the yearly maintenance fees.
What is a Quitclaim Deed
A quitclaim deed, according to the Northwest Justice Project, transfers ownership of property, houses, land and mobile homes. Through obtaining a quitclaim deed, timeshare ownership transfers through sale or transfer to the 'Grantee.' This option requires a notary public's legal witness to the transaction. Sellers also should use the service of an attorney for the correct transaction without mistake.
Can You Use One for a Timeshare
In some cases, owners can use a quitclaim deed to transfer timeshare ownership if the resort agrees on the transfer. Contact the timeshare to ask if they allow a quitclaim deed from sellers to get rid of the burdensome timeshare. Depending on the situation and the company, they may allow the transfer back to them through the deed. When asking the company if they would take the quitclaim deed, owners should remain courteous and present the request in writing.
Does a Quitclaim Deed Free You of Debt
In a large number of cases, timeshare owners have received quitclaim deeds from the resorts in advance of their asking. The quitclaim deed does not extinguish any mortgage payments remaining on the timeshare. Quitclaim deeds only relinquish timeshare ownership and use of the unit. Unless an interested party wishes to take over the payments, a quitclaim deed only transfers the ownership to another person.
What You Lose
Through signing a quitclaim deed, owners of the timeshare lose all rights to the equity and access to the unit. The quitclaim deed is hard to reverse and an owner loses the property after transfer. Even if debt remains on the property, the owner must pay for it unless the interested party completes a sale and gives the owner enough money to pay off the debt.
In the event the timeshare owner deceives a person about the property this counts as a felony and is punishable by high fines and prison. Consider a quitclaim deed's pros and cons before obtaining one because it is not the magic timeshare ownership solution.
How to Get One
Use the sample form at the Northwest Justice Project website to fill
out a quitclaim deed for ridding yourself of timeshare ownership. Fill
in the requested information as completely as possible. The deed is
upheld in the court system once filed, extinguishing all ownership of