Timeshares are units owned by individuals. They are typically used as vacation spots and a fee is paid that allows multiple individuals ownership in the unit and that is used to help maintain the unit so that all owners can use it. Each owner is then permitted to pick slots of time to use the timeshare unit for vacation purposes. However, timeshares are a long term investment property. Although others own and claim responsibility for the unit jointly, you still have ownership of the piece of property, so this may leave you wondering if you can quit claim timeshare properties when you want to get out. Relinquishing or release from timeshare ownership and maintenance liability is possible, but often leaves you out of money because the unit cannot simply be sold.
Typically quit deeds are used in divorce proceedings so that one spouse can give up the rights to property and claim no financial obligation to such property. However, quit deeds can be used in some other situations as well. You can use a quit deed to release yourself from timeshare ownership and maintenance responsibility, but keep in mind this is not selling your rights to such property. You will receive no cash in the process of filing a quit deed, but you will no longer have obligation for ownership and maintenance responsibility either, as long as the deed is approved through the legal process and the other owners agree to allow you to quit your ownership interest.
In order to have a quit deed approved, you will need to follow a few simple steps. The steps you should follow are:
The quit deed will relinquish all ownership and responsibility back to the company or other owners so that they may sell it again to someone else.
To do a quit deed for timeshare properties requires getting the proper approvals and making sure you comply with all legal requirements. It is important to have a lawyer assist you so you make sure you do it right and don't end up still owing for a timeshare you no longer want.
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