In the world of timeshare ownership, a quit claim is nothing more than a basic relinquishment of a timeshare. Taking the form of a document called more properly a quitclaim deed, a quit claim is where a timeshare owner, the grantor, disclaims any interest he may have in a timeshare--or any other piece of real property--and then passes it on to another person, commonly called the grantee. This is in contrast with, for instance, other types of deeds, say those used for real estate sales, where the document includes a guarantee from the grantor to the grantee that the title is clear. It is easy to get a quit claim, but there are questions associated with whether such quit claims are useful in the context of a timeshare ownership.
Is a Quit Claim Useful?
Some people may be under the unreliable notion that a quit claim is some magical, all-purpose document that can instantly get the timeshare owner out of his contract, but this is a wrong assumption. In reality, a quit claim is only a piece of paper, a document and nothing else. It is non-binding as far as your relationship as the timeshare owner to the resort goes. Even if you present a quitclaim deed that says you disclaim any ownership of your timeshare, the resort you are presenting it to has no obligation to accept it. In other words, you will still be stuck with your unwanted timeshare and all the associated fees attached to it.
Be Prepared to Take a Loss
In the event that you go through with a quit claim anyway, be prepared to lose a lot on your original investment. Even if the resort you bought the timeshare from does not take it back based upon your quit claim, because they are under no obligation to, you may succeed in simply passing on the title of your timeshare to another person and selling it to them, but for a lot less than what you originally paid. Since the purpose of a quit claim at its heart is to clear the title and convey any interest a grantor has in the timeshare, passing on the claim to the timeshare in this fashion is a successful use of the quit claim despite the monetary losses on your part. Still, once you pass on your timeshare, you will be liberated from the associated fees you were obligated to pay under your contract.
Resort and Homeowner's Association May Want You to Keep Timeshare
The interests of the resort and/or the homeowner's association (if applicable in your timeshare scenario) may actually lie in not taking the timeshare back from you. If they are successful in making you keep your timeshare by virtue of not taking it back, they can still earn off of you, the owner, by all the yearly fees you are obligated to pay. Additionally, if the week you are trying to turn back in to the resort is not a popular week that will reasonably turn over quickly to another purchaser, they, again, have no interest in taking the timeshare back from you.