A timeshare, also known as vacation ownership, allows owners to spend weekly holidays in the resorts every year. Even though a timeshare is considered an excellent idea for recreational purposes, an individual is obligated to pay determining fees by signing a timeshare contract.
Burdensome payments usually force multiple owners to get out of a timeshare, and the timeshare exit company is here to help them deal with the contract termination. In this article, we’ll discover whether you can sell your timeshare back to the resort and, if yes, how.
The deed back contract clause and deed back program
A deed back clause in your timeshare contract allows you to give a timeshare property back to a resort. If your agreement includes this clause, you can refuse the ownership rights once you have met certain requirements. Usually, resorts won’t accept a deed back if you have a mortgage on the property or don’t perform all the maintenance payments in time. One more important thing – by giving a timeshare back to the resort, you can lose your equity in the property, but herewith you will be free from all the financial obligations.
Other resorts offer clients the deed back programs instead of a deed back contract clause. To give the property back to a resort, you have to pay the maintenance fees and special payments in full. On the other hand, whether a company has several unsold timeshares, it might refuse you to accept a deed back. Apart from that, take into account that some timeshare companies offer a deed-back program that allows selling a property back to a resort for a small quota of the market value of your timeshare.
Documents for deed back
Most resorts demand a standard set of documents for a deed back. It often includes a copy of an act that confirms your purchasing, resort’s timeshare transfer form, quitclaim deed, waiver of the right of first refusal, etc. To start a process, an individual should fill out the mentioned form and provide evidence that all the mortgages on your property are fully paid.
How to sell a timeshare that is paid off?
As a timeshare is a real estate, it is essential to find a real estate agency to deal with a timeshare resale. A company will consult you in terms of timeshare laws and regulations. Keep in mind that whether you still owe money on your timeshare or are behind on payments, it might be challenging to sell your property. You should contact a resort to find out how to cope with this issue.
If you want to sell your timeshare now, and all the payments are paid off – congratulations, you can efficiently perform it. It would help if you placed a timeshare on a resale market or consulted with a real estate agent to find a buyer. Believe it or not, timeshares are in demand now, so buyers won’t make you wait a lot.