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Your Parents’ Timeshare: What You Need To Know

Your parents' timeshare: what you need to know

October 5, 2018 – by Primo Management Group

Your parents' timeshare: what you need to know

Are you at risk of inheriting your parents’ timeshare? Read on to find out!

Most timeshare contracts are contracts in perpetuity. That means forever. So, if your parents own a timeshare, at the time of their death, your parents’ timeshare could pass to you. If the timeshare is not yet paid off, you inherit those payments. And you will inherit the maintenance fees. Since the average timeshare owner pays almost $1,000 in maintenance fees each year, think carefully before you say yes to your parents’ timeshare. Also, you would also be liable for any special assessments. Again, in perpetuity.

If you want your parents’ timeshare and you’re ready for all the fees associated with it, then you’re all set. You’ll be able to enjoy your new timeshare just as your parents did. But if you want to avoid your own contract in perpetuity, then here’s what you need to do to avoid owning your parents’ timeshare.

Stay off the Deed

The best way to not inherit your parents’ timeshare is to make sure you’re not on the deed. If you’re on your parents’ timeshare deed, you’ll have a much harder time not inheriting the timeshare. Unfortunately, timeshare companies will urge parents to list their children, claiming it’s a convenience. This is a common way that timeshare resorts take advantage of consumers. If you are already on your parents’ timeshare deed, they should have you removed. As with all timeshare transactions, you’ll want to confirm that they have done as your parents asked and truly removed you.

Just Say No

If you’re not on the deed, you don’t have to accept any timeshare that’s left to you. With some timeshares, you can simply refuse the inheritance. In some cases, you need to file a disclaimer of interest with the executor of the estate saying you do not wish to inherit the timeshare. The important thing to remember is they can’t make you take a timeshare you don’t want it.

Timeshare Exit

If no one wants the timeshare, consider helping mom and dad get rid of it. It’s common for people to use their timeshares less and less as they age. So, if your parents’ timeshare has fallen out of use, there’s no need to continue paying expensive fees year after year. Unfortunately, timeshares can be very difficult to sell. You certainly won’t make any money off of the sale. Luckily, there are other options for getting out of a timeshare contract. However, be very careful not to fall for timeshare resale scams. These scams claim to have a (fictional) buyer for a timeshare in exchange for a fee in advance. But, after you pay the fee, the buyer disappears, along with your money.

Instead of a risky sale, consider a timeshare exit partner to help you get out of your timeshare safely and ethically. At Primo, we help people exit their timeshares every day. And we offer a free, no-obligation consultation where we’ll go over possible options for canceling your parents’ timeshare. So contact us today to learn more.

(Image Source: Melinda Gimpel on Unsplash)

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Frequently Asked Questions ?

How does PMG get me out of my timeshare contract?

PMG is not a resale, transfer, or donation company. We are consumer advocates—we help to negotiate the release of your timeshare contract obligation. We do not buy, sell, or rent your timeshare. Simply put, we help you to get out of your timeshare contract forever.

How long does the process usually take?

Usually less than 12 months, but it all depends on your situation. If your timeshare is free and clear with no mortgage, then the process may only take 3-9 months.

Speak to your advisor about the time, and what delays the resorts have put into place to prevent timeshare owners from departing their ownership. If you have a mortgage or past due maintenance fee, the process takes more time.

How much is my timeshare worth?

This is probably going to hurt, but whether you paid $5,000 or $50,000 for your timeshare, the IRS values all timeshares as worthless investments. In addition, that timeshare would have negative value due to the annual maintenance fee bill which compounds year after year. That is until PMG helps you cancel your timeshare.

Can I use your service if I still have a balance owed on my mortgage?

Yes. Whether you bought your timeshare 20 days ago or 20 years ago, PMG has a solution for you and is here to help.

Will my name be off the timeshare?

Yes! Permanently! GUARANTEED!

In addition to getting me out of my timeshare, can you recover the money I’ve already spent on mortgage payments and maintenance fees?

While we are able to recover money in rare cases, beware of any timeshare cancellation company that entices you with the promise of fund recovery. The truth is, timeshares are loath to give back the money they’ve already taken.

Are your consumer advocates really “consumer advocates”, or is that just a fancy word for salesperson?

Because most of our clients have had their trust betrayed by timeshare salespeople, we understand how some consumers can become a bit jaded. When you call us for a consultation, that’s exactly what you get, a consultation. At PMG, our job is not to sell you; our job is to help you get out of your timeshare. Which is why we have numerous 5-star reviews and an “A” (excellent) rating from the BCA.

Why should I choose PMG to get me out of my timeshare?

We pride ourselves on providing our customers with the best customer service in the industry. When you contact our company, you speak to a live person, not an automated system or voicemail. We go above and beyond for our customers by helping you to protect your credit and even repair your credit if needed. We offer a 100% money back guarantee, and we can provide documented proof of our success in helping customers just like you.

What happens after I sign up with you? Will I be apprised of your progress?

At PMG, we pride ourselves on our hands-on, boutique-style customer service, so every new client is assigned a case manager whose job is to keep you in the loop throughout the entire cancellation process. Your case manager is always just a phone call away.

How much is your fee?

Not all timeshare experiences are created equal. Some are more complicated than others, and every situation is different. That’s why our trained timeshare elimination consultants will ask you a series of questions designed to determine exactly what needs to be done to terminate your timeshare, how long it will take, and how they can best advocate for you. We will always seek the most cost-effective route for you.

What if I still have more questions?

Canceling a timeshare contract is not a cookie cutter process. With each situation being unique, once you complete the form below an experienced consumer advocate will call you today to discuss your options.