Quit Claim Deed for Timeshare release debt?

"I was provided a quit Claim Deed by a Timeshare company and they said that if I sign it the responsibility will go away. Is that statement true?"

Hi Ecabrera,

A quit claim deed can be used to transfer ownership of the timeshare back to the company. Quit claim deed is one type of property transfer deed which can be used to transfer ownership a person has to someone else.

Howard Jarvis

Hi Ecabrera,

Welcome to Mortgagefit forum.

You can give the timeshare back to the timeshare company. Just only signing the deed will not do, you need to ensure that the deed is properly notarized and recorded with county recorder's office to be effective.

Colin

Welcome Ecabrera,

This is not true. When you sign on the quitclaim deed, it does not release your liability to pay off the timeshare debt. Whatever the company says, if you are financially stable, just pay down the debt as soon as possible. But I have a question here. Why does the timeshare company want you to sign on a quitclaim deed?

We own a timeshare in Maui. It is very nice but we can no longer travel and would like to give this every other year, one bedroom, floating unit to anyone who would like it. How do we make sure of all the legalities?

Hi joyce,

You will have sell off the timeshare. In order to sell off the timeshare, you can list the property in the market. Once you get buyers, you can use a warranty deed to transfer the property to the buyer. You should mention the selling price of the timeshare in the warranty deed as well.

Thanks

I own a time share free and clear, with all fees and taxes paid through 2009. But I want to deed it back to the company. Can I simply and properly complete a Quit Claim Deed and send it into the Time Share resort? I would need to also find out the company name to put it in, correct?

Hi Karen,

You can simply sign a quitclaim deed back to the company. You'll also need to find the name of the company as you need to put it in the deed. You have to sign it, get it notarized and recorded in county recorder's office. In some states though, the grantee is required to sign on the deed as well. To find out more on the deed, visit the following page:
http://www.mortgagefit.com/quitclaim-deed.html

My sister-in-law graciously "gave" me a time share that was partly paid for my birthday. Now I'm saddled with the payments for years, even though I hardly use it! I want to sell/rent it but need the mortgage to be in my name. Can I use a quit-claim deed? Do I need a lawyer/professional to do it?

Hi ximena,

A quitclaim deed can transfer the title of the timeshare. But it cannot transfer the mortgage. If you are on the title, you need to get the mortgage refinanced in your name. However, I think you need to pay off the mortgage before you can sell/rent it.

My Mom owns a timeshare (free of debt) that she can no longer afford to pay the MF. I contacted the company that owns the property and they told me she can "deed back" the weeks by signing (and notorizing) a Warranty Deed and she can part ways with the timeshare.
Is this accurate?

Hi JoJo,

What the timeshare company said is true. All your mother needs to do is to sign either a quit claim deed or a Warranty Deed to transfer her interests to you. to validate the deed, it is required by the law to be notarized and recorded with the county recorder's office where the property is located.

Thanks,

Jerry

Hi Carla,

You can surely quitclaim it back to the resort owners. It is better to get a deed drafted by an attorney. However, you can view a sample quitclaim deed form for Wisconsin on the following page:
http://www.mortgagefit.com/predeal/quitclaim-stateforms.html

As far as I know, in Wisconsin the grantee needs to sign the deed along with the grantor. So, I believe they will have to sign the deed as well.

I've had a timeshare for quite some tyme now and i think i have a buyer.What paperwork do i need to do this and how much generally does it cost?

how much will a lawyer charge me to prepare the paperwork for the selling of my timeshare?