Frequently Asked Questions
Just like you, hundreds of other families are seeking help in relieving them from their financial obligations related to their timeshare. Please keep in mind that sometimes purchasing a timeshare isn't an investment. Your Timeshare is a Resort vacation property that decreases in value every day while the cost continues to rise on an annual basis. Timeshare units are impossible to sell on the secondary market for a fair price and the listing fees are most at times equal to the resale value. Don't be mislead by a resale agent, check the facts before spending money on an internet classified ad. Our service is not free, but cost less than the average resale listing fee and your Maintenance fee combined.
Will my timeshare deed be transferred completely out of my name?
Yes, you will be completely relieved from the obligation of your timeshare contract. Your name is transferred off of the deed by quitclaim deed performed via our in house closing service or a licensed, bonded and insured title agent of your choice. Depending on the property, the title is transferred via deed, membership contract, or Lease. At this point you are completely off of the deed and resort membership contracts.
If I am released from the timeshare obligation, then who is responsible for my financial obligation?
Once you decide to Transfer your deed, Timeshare Warehouse Group (TWG) will be responsible to pay all future maintenance fees, special assessments, and property taxes related to ownership of the timeshare forever. You will never be responsible to pay any fees associated with the ownership once the transfer is completed!
Is there a charitable contribution deduction for this Donation?
Possibly? We have a Non Profit that has asked us for certain Timeshare Inventory, if yours is accepted then yes we will be able to provide you with the proper documentation for your accountant to submit with your tax return.
If your unit is not accepted we will accept your unit into our holding company through our non charitable donation program and you will be free of this headache once and for all.
What Happens to my timeshare during the donation process?
We accept full responsibility for the timeshare until we find a good family or organization to accept ownership.
This can take up to a year or more. But remember you are no longer the owner, so the cost of ownership will no longer be your responsibility.
Who handles all the paperwork and transfer with the resort?
As part of the service this is managed during the transfer through our offices. If you chose you may hire your own transfer title agent, although we do charge an additional fee if you go outside of our standard program.
Does your company charge an upfront fee with a promise to sell our property?
NO! There is a fee to have your deed transferred, but we do not promise to sell your timeshare. We do promise to take ownership and relieve you immediately of all financial obligations.
How long does the entire process take?
On average, 2 to 4 weeks from the date of your agreement. However, transfer times vary based on the location of your property and resort transfer requirements.
What if I have an outstanding mortgage on my property?
We will help you; however we require that all timeshares mortgages be paid in full before we can move forward with the process.
Do my maintenance fees and assessments have to be current in order to transfer my deed?
Yes, your maintenance fees and any assessments must be current in order for the resort to transfer the ownership.
What if I have an existing reservation for the current and following year?
Then take your trip, however you are responsible for all Maintenance fees, Taxes, Assessments billed for all weeks banked related to that use year.
Does my timeshare have any value?
If you are using your timeshare every year, then yes, your timeshare has value to you. If you are not using your timeshare you are only paying for something year after year that you get no value in return for. However, the majority of timeshares are almost never used and the longer you wait the more it will cost you. When you factor in the additional costs of annual membership and booking fees for exchange clubs such as RCI and II, the cost to maintain the timeshare will cost you an average of $9000 over the next ten years.
When can I stop making maintenance and tax payments?
Depending on the date of your agreement, you may stop paying fees IMMEDIATELY. Our policy is that you will be responsible for any fees billed 1 month after the date of your agreement with TWG while your property is in escrow ( For example, if your fees are billed monthly, you will be responsible for the next monthly payment. If your fees are billed annually, your fees are generally due January 1st of each year. Therefore, if the agreement is dated prior to December 1st of the current year, TWG will take care of next year’s maintenance fee.
A TWG consultant is available to answer any other questions you may have, just send an email, Instant message, or call.
