Quit Claim Deed for Timeshare release debt?

Hi gary,

The charges of the attorneys can vary. You need to contact a real estate attorney and check out his fees. However, you will also get sample quitclaim deed forms online to transfer the property.

Thanks.

My timeshare company says they won't let me sell my timeshare to a corporation--since a corporation does not have a social security number they can check--my original deed does not say anything about this. What would be my next step

Hi Diane!

Welcome to forums!

If your timeshare company does not allow you to sell the property to a corporation, then it will difficult for you to go ahead with the deal. You'll have to check out if you can get any other buyer for the property.

Feel free to ask if you've further queries.

Sussane

a quit claim deed releasing the timeshare back to the resort is only good if the resort agrees to it.

if we use the quit claim form and the company accepts the claim, can we claim any of our loss come tax time?

Hi rick,

As far as I know, if you sell your timeshare and incur a loss, you may not be able to deduct the losses in your tax returns. However, if you regularly rent the unit, then the loss on the sale would be termed as a business loss and it would be deductible as an allowable ordinary loss in tax returns.

I have a timeshare paid for clear and Maintenance/Taxes paid for 2010. I am told I can quitclaim the timeshare and it must be notorized/signed and filed in the county/state its located. I am also told its best to file a copy w/that state. Is this correct? Is there any other agency that must receive a copy so that I am completely free of any future liabilities?

Hi Gail,

The information that you have received is correct. You should sign a quit claim deed and notarize and record the deed at the county recorder's office where the property is located. This will help you in getting rid of the future liabilities of the property.

Thanks

I own a Tahoe, CA, timeshare outright, and have been contacted by several companies who will get out of the timeshare for a fee. I had not heard of just Quitclaiming the timeshare back to the resort In California, can I just Quitclaim it back or does the Timeshare have to also sign?

Hi Cheryl,

As far as I know, it is the grantor who needs to sign the quit claim deed and not the grantee. As you own the timeshare now, you need to sign the quit claim deed and transfer the property to the resort.

Thanks

You can sign the quit claim deed but that will not entirely free you of your responsibilities. A quit claim deed only transfers the granter's share of interest in the property, without warranting the rights. The deed will not transfer the ownership of the Timeshare Company from you to them.

If you want to free yourself of the responsibilities, the company has to get you signed a warranty deed. But make sure that the company is clear of any lien, otherwise the warranty deed will not be valid.

Would like to deed timeshare back to owners, and would like to know the process. I am confused about who the grantee is because in the Deed it lists the individuals who made the loan to me the grantee, and the Seller as the grantor. I am listed as indebted partee. How do I file myself in a quitclaim deed.

Hi shirley!

Welcome to forums!

If the property is in your name and you want to transfer it to someone else, then your name will be mentioned as the grantor whereas the person to whom you're transferring the property should be mentioned as the grantee. You can contact a real estate attorney and take his help regarding filling out the deed.

Feel free to ask if you've further queries.

Sussane

If I stop paying on a timeshare how bad will it affect my credit

I own a timeshare in St Maarten . I have had it for 20 years and have enjoyed it. A new company took it over that is based in Las Vegas Nevada. They have doubled the mnt fees.If I quit claim this over to new resort owner do I have to get it filed in Las Vegas or St Maarten? Any advice? Can I just fill out the form and send it instead of this coming years mnt fee. My timeshare is actually a 85 year lease hold.