HUNTINGTON BEACH, Calif. (PRWEB) August 22, 2019
At the time of purchase from a resort, the owner enters into a contract to pay on-going maintenance fees. Regardless if the timeshare is used or not the owner is obligated to pay the maintenance fees. Tip Sheet by Deed and Record considers options available to timeshare owners to stop paying maintenance fees for timeshares located in California, Florida, Hawaii and Nevada.
The first option is to not pay maintenance fees and this option has problems. Timeshare companies are aggressive in collecting their fees. Often collection is assigned to a third-party collection agency who are relentless and threatening. Worse the timeshare owners credit history is adversely impacted.
A better option is to sell the timeshare. But the resale market for timeshares is thin. Timeshare owners are often shocked to find the resale value is pennies on the dollar of the original purchase price. There are timeshare brokers in the resale market. But brokers will want payment of fees upfront. This is because supply exceeds demand and the success of a commission from a sale is low. For many timeshare resorts there is no resale market.
A common option is to gift the timeshare. An owner knows of a friend or relative will use the timeshare. Full disclosure of the maintenance fees is a moral obligation. The new owner has access to the timeshare and is responsible for the maintenance fees.
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.
Most owners of timeshares located in California, Florida, Hawaii and Nevada are contractually obligated to pay annual maintenance fees. Options available for relief of maintenances fees are sell, gift or “deed back” the timeshare. Gifts have the moral obligation of full disclosure of the maintenance fee prior to the gift.
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.