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

UPDATED: Jan 7, 2012

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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


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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