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How To Get Rid of a Timeshare Inherited From Parents

Going through the loss of your parents is an obviously difficult time in life. No one wants to face this reality, mostly for the emotional toll that it will take. In addition to those emotions that need to be processed, there are sure to be more than a few administrative matters that need to be handled.

One of those matters might be figuring out what to do with an inherited timeshare. If you don’t want the timeshare, you need to act quickly to take the right steps and avoid being stuck in a contract that you have no interest in owning. This page will go over the basics of this situation so you can make a plan and start working toward getting rid of the timeshare while settling other affairs.

Act Right Away If You Can

I understand if dealing with a timeshare is one of the last things on your mind in the aftermath of losing a parent. There are many more important things in life to deal with at this difficult time. Unfortunately, the longer you wait, the harder it can become to successfully get rid of the timeshare without having to go through a lot of hassle (and, potentially, expense).

If you work with an estate lawyer on this process, inform them that you do not want to take the timeshare. You can typically issue a “Disclaimer of Interest” to refuse to take the timeshare – from there, it may go on to the next person in line in the will. Also, help them understand their rights and that they can refuse to take it if they so choose.

Once the initial process of distributing the estate is completed, your options will change, and getting rid of the timeshare will likely become more difficult. You will now be the legal owner of the timeshare and you will have to figure out how to move on from this contract that you really didn’t want in the first place. I’ve compiled some options below to help you understand what tactics may be effective.

Ask About a Deed Back Program

If you haven’t been very involved in the timeshare within your family up until this point, you might not know much about how they work. The timeshare you now own was sold to your parents by a timeshare developer that runs either a single property or a collection of properties. As a result of that purchase, they received a deed that you now hold. That deed outlines both rights and responsibilities, such as the ability to use the timeshare for a certain number of days or weeks per year, and the requirement to make payments for things like maintenance fees and assessments.

If you don’t want to own the timeshare, you might consider contacting the timeshare developer directly to ask if they have a deed back program in place. This is a program where they will take back the deeds of current owners, so they can be sold again. That would have the result of getting you out of the ownership situation without having to do anything else. In many ways, this is an ideal exit strategy, if it happens to work out. You might not be offered this kind of program the first time you ask, so be persistent and keep coming back to the developer to try again until you are made an offer.

Try to Sell the Timeshare on the Open Market

You also have the option as a timeshare owner to go ahead and seek a buyer for the timeshare. This buyer could be someone you know – a friend or another family member – or it could be a stranger you connect with through a timeshare resale platform. There are plenty of places to list your timeshare if you want to seek a buyer, and you should be able to put those listings up for free just to test the waters.

The hard thing about selling a timeshare is simply finding a buyer. Not too many people are interested in buying a timeshare, as there are so many obligations that come with timeshare ownership that it’s difficult to see the value in it over the long run. With that said, there are still some people who might want to buy a timeshare, so you can’t rule out this path entirely.

One thing to know right from the start is that a lofty sale price for your timeshare is extremely unlikely. Even if you do find a buyer, that buyer is likely to make a very low offer because they have so many options available to them on the market. There is no reason to offer a lot for a timeshare when dozens of others are available. So, be happy with basically any offer you get and make sure the paperwork is done correctly so that ownership is transferred, and you can move on.

Renting It Out Could Be an Option

There is another option that I wanted to mention as an alternative way to deal with this timeshare situation in the short term. If you are having trouble getting rid of it, or if you aren’t sure whether you want to keep it or get rid of it, you may consider renting out weeks to bring in some income and offset the cost of the maintenance fees for a while.

You can think of this approach as something of a middle ground. It will enable you to lessen the financial burden of suddenly becoming a timeshare owner while at the same time keeping the timeshare in the family until you decide what to do about it in the long run. Listing a timeshare for rent and successfully renting it out does take a bit of legwork so be sure to factor that effort into your equation.

Get Help from an Exit Company

Your parents may have left you many great things, both tangible and intangible, but a timeshare probably isn’t one of them. Most people feel that inheriting a timeshare is more of a burden than anything else, and if you feel stuck with it at the moment, a timeshare exit company might be the best way to get out. One of the best things about working with a timeshare exit company is having someone take on this project for you while you are busy dealing with other things. Life is busy enough without having to consistently follow up on paths that might lead you to get out of a timeshare. Once you select a company that you trust, and they get started on the project, you can just step back and wait for the day that they tell you the timeshare is gone and you can move on.

To make it more likely that you arrive at such a point successfully, it’s important to do your research. Only work with an exit company that has a proven track record of success and that is willing to work under an agreement where your money is held in an escrow account. Too many people have been taken advantage of by timeshare exit companies that didn’t treat them fairly and just took off with their money. Use an escrow service to avoid that outcome and you can feel much more confident that the end result is going to be what you have paid for.

Frequently Asked Questions

We’ve already provided quite a bit of information on this page, but it’s just a starting point for what you may need to know. The questions listed below could also be helpful, so take a moment to check them out.

Q: Are timeshares inherited?

A: They can be, yes. There are some details involved that can impact who becomes a legal owner of a timeshare after the original owner passes, but it is often the case that the heir or heirs of that individual will take over ownership and the timeshare will become their responsibility.

Q: Should I keep an inherited timeshare?

A: That’s a personal decision that will vary from one individual to the next. You might feel good about owning the timeshare and being able to travel, just be sure you understand the obligations that it includes.

Q: What costs are associated with owning a timeshare?

A: You will have to pay regular maintenance fees – usually annually – as a timeshare owner, in addition to paying any assessments that come up periodically.

A Step in the Right Direction

Settling the matter of an inherited timeshare certainly isn’t going to put the bed the difficult situation you are facing, but it’s a good step. I hope the information provided on this page is helpful, and if you need more assistance or have other questions, you can use the live chat feature here on the site. Alternatively, reach us at 833-416-8796 to get help directly. Thank you for stopping by and I wish you the best of luck moving forward.

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By providing my contact information I am giving TimeshareExitCompanies.com and its partners permission to contact me about this and future offers using the information provided including calls and text messages to my wireless telephone numbers. I also consent to use of emails and the use of an automated dialing device and prerecorded messages. I understand that my permission described herein overrides my listing on any state or federal do not call list and any prior listing on the do not call lists of our partners and is optional. I acknowledge that this consent may only be revoked by email notification to info@timeshareexitcompanies.com.