How I get out of a timeshare without affecting my credit?
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How I get out of a timeshare without affecting my credit?
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 on January 7, 2012 under Real Estate Law, Indiana
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
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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