How I get out of a timeshare without affecting my credit?

Question Details:

I own the timeshare outright and I am willing to donate it to charity. I simply want someone else to take over the maintenance fees.

Asked 1/7/2012 under Real Estate | 49 View(s) | More Legal Topics

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Real Estate Law Answers

You can sell the timeshare, if  you can find a buyer; or you could give it to either a person or an institution (such as a charity), subject to that person or institution taking over the maintenance fees. Or you could hold onto the timeshare and possibly sublet it or rent out your use. There a number of different options.

What you have to do are:

1) Look to all the agreements governing the time share, including the agreements by which you bought it--those agreements are contracts, and you may only do what they permit. You therefore have to check your rights under those agreements.

2) Discuss the matter with a tax preparer so you can understand the tax consequences of different actions.

Once your know your rights and the tax consequences, you can decide *what* to do. Once you know what to do, an attorney can help draw up any paperwork or documentation you need.

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