What Is the Difference Between Timeshare and Fractional Ownership?
3 min read
Are you looking for a way to get rid of your timeshare and don’t want to wait the months it usually takes for an exit? With a quit claim deed deal, you can get out of your timeshare contract and pass it over to someone else who wants it.
Most owners don’t realize that timeshare can change hands in several ways. They can be sold on the secondary market, resolved via settlements with the timeshare company, donated, or via a quit claim deed.
If you’re in a timeshare contract that you no longer want or need, a quit claim deed could be a great way to reduce your obligations and finally be free of your timeshare liabilities.
Unfortunately, a lot of timeshare owners enter into their agreements believing that they can cancel at any time or simply return the timeshare ownership to the timeshare company. This is rarely the case.
People get stuck for years paying on contracts that they don’t use or can’t afford. For many families, a timeshare is a burden they live to regret shortly after the presentation. Whether you were promised things that didn’t turn out to be true or didn’t fully understand the transaction you were entering, getting professional timeshare exit assistance can help you find a resolution.
Executing a quit claim deed could finally be your way out.
Let’s explore a bit about what a quit claim deed is and how you can use it to exit your timeshare contract.
With a quit claim deed, you’re essentially signing over ownership of a property or a timeshare to another party. You’re “quitting” your claim on the deed and giving it to someone else.
After the deal, the name on the title of the property changes, and you are no longer the owner. There is typically no money exchanged in a quit claim deed transaction. For it to be official, the transaction must be filed in the court where the time property or timeshare is located.
Some people assume that where you live matters. This is wrong. What matters is where the property is located.
Typically, the person transferring ownership away is called the “grantor”, while the person getting the property is called the “grantee”. Both parties have to sign and agree to the quit claim transaction for it to be final.
If one party, most of the grantee, does not sign the required paperwork to make things official, then the property or timeshare is still in the grantor’s name according to the law.
Quit claim deeds happen often when someone wants to pass a piece of property to a family member, business partner, charity, or some other party. It’s relatively rare with timeshare, but it still does happen, especially for people who want to get out of their contracts.
One of the hardest parts of a timeshare quit claim deed is finding a grantee or someone willing to take on the timeshare ownership.
People who purchase timeshare often do so because they have been manipulated emotionally. Promises of amazing vacations, gifts in exchange for their time, and a false sense of ease that comes from believing they can get out of their contract without much trouble lure them into signing.
However, when you’re looking for someone to act as grantee for your timeshare property, there are no misleading sales tactics and free nights at luxury resorts that you can offer. The transfer is more transactional, and it requires finding someone who very much wants what you have.
If you walk up to your average person on the street and tell them you want to give them a timeshare, they’d probably be inclined to listen to what you have to offer. However, things might be different once they understand all of their payment and fee obligations.
You also have to contend with the fact that timeshare companies are actively marketing to target customers, and it’s more likely that many people would want to deal directly with the timeshare company.
Pro Tip: Timeshare exit experts will have contacts who may be willing to act as grantee under the right circumstances. They can guide you to someone or some party who wants what you have to offer.
Not only do quit claim deed regulations vary by state, but your local jurisdiction may also dictate rules around deeds and transaction recording. Location will also impact the quit claim transaction process.
In most cases, though, the transaction and associated paperwork will be notarized before it’s recorded at the county level wherever the property is.
The best thing you can do when you want to get your name off of a timeshare deed is hiring a legal team that can guide you through the transaction. They will know all of the legal requirements involved in making the transaction final.
Every year, there are timeshare owners who sign a quit claim deed thinking they are finally free of their timeshare only to realize later that it didn’t tick all of the boxes that their state requires.
If anything is off with the paperwork or the process, it could void the transaction.
The quit claim deed is a viable option for people who want to shed their ownership and free themselves of financial obligation.
People want to get out of timeshares for all sorts of reasons, though, and often there are way more people wanting out than wanting in. That can make finding someone to take on the deed complicated.
Finding legal assistance and dealing with an expert timeshare exit company can help you decide on the best way to get rid of a timeshare. Some of your options include:
If you’re one of the lucky people who find someone to take on your timeshare deed, then a quit claim deed transaction is a good way to transfer your timeshare away.
A quit claim deed transaction, however, is still a legal transaction. Legal experts familiar with local regulations will walk you through the process and get things done right.
Both parties sign the necessary documents. Notarize the transaction and file it with the local government where the timeshare is located.
Insider Info – Quit claim deeds often involve some level of negotiations. Grantees know that grantors, or owners, want out of their timeshare. Thus, they typically try to get other incentives thrown in. Having the advice of a timeshare exit expert is great way to find the best deal no matter what.
How can you find the best advice on whether a quit claim deed is right for you?
Timeshare exit companies exist to help timeshare owners fight back against unfair contracts and misleading timeshare presentations. They have years of experience working with large timeshare companies and know how they operate.
Spend some time online reading reviews and learning about others’ experiences dealing with timeshare exit companies. Find some companies with a good track record and give them a call. Ask them some questions about how they operate and what kind of advice they’d give you with your timeshare.
At PMG, we know how important it is to find your way out of a timeshare you no longer want to own.
It’s our goal, with every client, to minimize your costs and make things happen quickly to get you the results you expect.
We regularly assist clients with quit claim deeds and know how to make sure the transaction is legal and meets all pertinent regulations. Contact us today for a free consultation about your situation and hear how we can help!
How to choose the right company to get me out of my timeshare
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