Releasing a Timeshare from Out of the Country

In an attempt to avoid the costs involved in owning a condominium unit, some people opt for a timeshare. This allows them to enjoy the pleasures of the unit without many of the high costs. In return for ownership, an individual will receive fractional ownership of the real estate property. However, there may come a time when the individual seeks a timeshare release.

What Is A Release?

A release in law is a very specific term. It is an act or writing through which one individual gives up certain rights, claims or interests to another. It may, for example, end the right of someone to sue. Real estate law uses the term in regards to leasing. It is also possible to obtain a timeshare release.

What Is A Timeshare Release?

In real estate, a release agreement is a very specific term. While being one of the most common of legal contracts, in real estate it refers to an agreement between the seller and the buyer on property debt. The buyer agrees to eliminate all debt from the property. He or she promises to do so by the time the sale is complete.

Essentially, the release agreement protects the interests of the buyer. It ensures the property the buyer is purchasing is debt free. The seller is responsible for all property-related debts. This is also applicable to a timeshare property. If anyone intends to purchase the timeshare, he or she should ensure a release agreement is in place. This provides the property purchaser with a guarantee the condo timeshare is free from all financial encumbrances.

Other Ways Of Releasing A Timeshare

There are other possible ways of releasing a timeshare. A timeshare release may occur through two other means:

  • Quitclaim Deed
  • Warranty Deed

In some instances, a quitclaim deed provides a solution and a release from the timeshare. It may be a means of getting rid of the property, but a quitclaim has specific problems. In a quitclaim deed, the individual transfers over the title/ownership of the real estate property. In the cases of a timeshare, this usually means the company from which the individual purchased the timeshare. A quitclaim, however, does not relieve the seller of the various financial burdens associated with the timeshare. If there is a mortgage on the property, it is up to him or her to continue to pay for it.

Use An Attorney

If you are considering a timeshare release, talk to a qualified real estate lawyer. He or she can advice you on your best options. If you are out of the country, a lawyer is your best means to ensuring the timeshare release is handled properly.

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