Getting rid of Timeshare by transferring deed?

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Latest post Tue, Feb 28 2017 10:18 AM by ca19lawyer2. 5 replies.
  • Mon, Feb 27 2017 7:51 PM

    • wonce
      Consumer
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    • Joined on Tue, Feb 28 2017
    • NJ
    • Posts 2

    Getting rid of Timeshare by transferring deed?

    We would like to get rid of our timeshare. A company called National Cancellation and Transfer says that they can do a transfer or liquidation and get it out of our name and no longer have the timeshare in our name or have maintenance fees. They charge $1500.00 total fee from beginning to end. They are located in MO. They are rated A+ with the Better Business Bureau. They say they have a money back guarantee for their fee. I could not find any comsumer reviews for them. Are they a legit company? We just want out of our timeshare and maintenance fees even if it means taking a loss. At least we won't have to keep throwing good money after bad for something we do not use or want!!!!

  • Mon, Feb 27 2017 8:43 PM In reply to

    Re: Getting rid of Timeshare by transferring deed?

    Hi, I don't know anything about that company, but I was able to get rid of two timeshares for my husband's uncle back in 2013.

    I got rid of one by giving it back to the timeshare management for a $250 transfer fee.  Before you pay $1500 to a third party, I think it is certainly worth contacting the timeshare people to see if they will take it back.  You have nothing to lose.

    I got rid of the other one by listing it for sale (for $1) in the Timeshare Users Group classifieds.  The Timeshare Users Group (TUG) seems to be a very good resource;  it's not for profit and they have a lot of good articles, including some about how to sell a timeshare.  To list a timeshare for sale there you have to join, but they only charged me $15 for that.  I'm not sure what they charge now.  Anyway, here's a link to their homepage.

  • Tue, Feb 28 2017 7:03 AM In reply to

    • wonce
      Consumer
    • Not Ranked
    • Joined on Tue, Feb 28 2017
    • NJ
    • Posts 2

    Re: Getting rid of Timeshare by transferring deed?

    @Karen2222

    I called Flagship Resort and they said No, they do not take them back(NO surprise there)but they will send me the names of some companies that will help me sell it. Now, if I list it and it sells, then what? If I were to list in on TUG or Ebay and someone wanted it then what should I do next? Get a lawyer?...Title company?...What?  I don't know what to do next(?) I see timeshares exactly like mine on both sites. Also I don't want to pay another maintenance fee. So that's why I was thinking using a third party - hopefully to expidite the whole process!!!

  • Tue, Feb 28 2017 8:11 AM In reply to

    Re: Getting rid of Timeshare by transferring deed?

    I know theres a company called "Timeshare Exit Team" who only charges a fee if they successfully get you out of it. They seem legit. Dave Ramsey does commercials for them.

  • Tue, Feb 28 2017 8:57 AM In reply to

    Re: Getting rid of Timeshare by transferring deed?

    wonce:
    I called Flagship Resort and they said No, they do not take them back(NO surprise there)but they will send me the names of some companies that will help me sell it.

    If National Cancellation and Transfer was one of the companies recommended by your timeshare company, then they're probably OK.  It would be important to read all the fine print before you sign anything, of course.

    wonce:
    Now, if I list it and it sells, then what? If I were to list in on TUG or Ebay and someone wanted it then what should I do next?

    What I did was as follows.  Before I even listed the timeshare on TUG, I researched the timeshare's process for transferring ownership to make sure I understood it.  They had a fairly convenient online process, so that was good.  But, as is typical, they did charge a transfer fee ($400 in this case) and they did reserve the right to disapprove the buyer.  If that happened they would not refund the transfer fee, so there was some risk there.

    Then I browsed other people's TUG ads for similar shares in the same timeshare so I could write an ad that would be competitive.  I also read TUG's articles about how to sell a timeshare, which were very helpful even though the news they shared was generally not pleasant.  To have any chance at making a sale, most sellers had to (1) make sure it was bought and paid for - no loans outstanding, (2) be up-to-date on the dues and maintenance fees, (3) set a sale price of essentially zero, and (4) agree to pay all the transaction costs.  I don't know how it is now, and of course I have no idea how much in demand your timeshare is - that's why it makes sense to browse the other ads before you write yours.

    When my buyers (a couple) told me they were ready to buy, I asked them to sign a purchase-and-sale agreement that I'd written up and to send me a copy of one of their driver's licenses.  That wouldn't have protected me from losing the $400 fee if the timeshare had decided to reject them (or they had changed their minds), but at least it let me communicate clearly all the details of our deal and gave me some reassurance that they weren't complete flakes.  It turned out that they were already owners in that timeshare and were just wanting to add points, so I think that significantly reduced the risk that the timeshare company would reject them.

  • Tue, Feb 28 2017 10:18 AM In reply to

    Re: Getting rid of Timeshare by transferring deed?

    This is a place to ask general questions about legal issues, not a place to vet companies.

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