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Giving a Timeshare Away
Annual maintenance fees of timeshares cover the upkeep of landscaping, pools, tennis courts, and other facilities. Fees and taxes can easily add up to more than the timeshare's value or monthly payments. When owners do not keep up with their fees, timeshare associations can and will do a number of things.
They can call credit agencies to ruin the owner's credit. They can sue the owner in the country where the timeshare is located or where the contract specifies. Rather than repossess the timeshare, timeshare associations would often rather let the owner get deeper and deeper in debt on the fees.
One solution may involve giving your timeshare away, as reselling it can be difficult. The "donee" (person receiving the gift from the "donor") can agree to pay any back-due maintenance fees in exchange for a "free" timeshare. If an owner can't find a donee, the owner can donate the timeshare to a charity, which will auction it off.
Another option is to give up all property rights in the timeshare. First, the owner records a "quitclaim deed" at the local courthouse with jurisdiction over the timeshare. Then, the owner takes the quitclaim deed to the property management office and politely offers it to them. If they accept it, the owner is no longer responsible for annual fees.
As with all property, timeshares can be bequeathed by will or trust to heirs. The heirs and trustees will be responsible for continued payment of fees.
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