HUNTINGTON BEACH, Calif. (PRWEB) February 28, 2018
At the time of purchase timeshare owners enter into a contract to pay on-going maintenance fees. Regardless if the timeshare is used or not the owner is obligated to pay the fees. Tip Sheet by Deed and Record considers options available to timeshare owners.
The first option of not paying the maintenance fees is a bad one. The timeshare company will be aggressive in collecting their fees. The timeshare company may turn over collections to a third party who will be relentless in the pursuit of those fees. Worse, the timeshare owners credit history will be adversely impacted.
A better option is to attempt to sell the timeshare. But the timeshare resale market is thin. The timeshare owner may be in for a shock to find the resale value is pennies on the dollar compared to the original purchase price. For many timeshare resorts there is no resale market.
There are timeshare brokers in the resale market. The problem is the broker will want payment of his or her fees upfront. This is due to the broker knowing the supply exceeds demand and the likely hood of getting paid a commission is low.
The next option is to gift the timeshare. Friends or relatives may be willing to take the timeshare because they will use it. But full disclosure of the maintenance fees is necessary.
Some timeshare companies are willing to take the timeshare back. The process is referred to as a “deed back.” The timeshare owner deeds back ownership to the timeshare company in exchange for relief from the maintenance fees.
Timeshare owners are contractually obligated to pay annual maintenance fees. Options available to timeshare owners who no longer use their timeshare are to either sell or gift the timeshare. Some timeshare companies will take back ownership. Regardless, the timeshare owner most likely will not recoup his or her original purchase price.
This Tip Sheet was provided by Mark W. Bidwell. Mr. Bidwell markets primarily through a website, http://www.deedandrecord.com. Address is 4952 Warner Avenue, Suite 235, Huntington Beach, CA 92649. Phone number is 714-846-2888.