In the section on resale prices, I discussed the (lack of) wisdom in continuing to pay maintenance on a unit/week that you’re not using while you try to get an unreasonable sale price for it (and remember that it’s only “reasonable” if someone’s willing to pay it). But what if you’ve found that you “can’t even give the thing away”, as I’ve had people tell me in the past?
My first question to you is, what do you consider “giving it away”? Are you trying to “give it away” for $3,000? $2,000? $500? Or are you literally offering to just sign it over to anyone who wants it? If your idea of “giving it away” is “lowering the price to what I think is a ridiculous amount based on what I paid for it” then I really would like to refer you back to the section on resale prices again, because this page is not for you.
But if you LITERALLY (lit·er·al – adj. – Avoiding exaggeration, metaphor, or embellishment; factual) cannot GIVE the unit/week away, then please read on.
As you may have read in other sections of this website, if you have a mortgage, it is not held by the Association. The mortgage holder is one entity, the Association is another entity, and never the twain shall interfere in one another’s business. So please note that if you have a mortgage, there is NOTHING the Association can do about “getting you out of it”. It’s a contract, and we’re not one of the parties of the contract, so we can’t help you with changing or voiding that contract. So if you have a mortgage on the property, this page is also not for you.
All that said, here’s the point of this page. If you have not been able to sell your property, and you do not have a mortgage on it, the Association will take it back from you, if your account is paid in full and you are willing to pay two years’ maintenance fees and taxes in advance. That is, if you can’t get rid of it, and you’re concerned that you’re going to be paying into it forever and not getting anything out of it, you can give it back to the Association.
The question we always get here is, “Why do I have to pay maintenance fees up front if I’m giving it back?” There are several reasons for that, and the first has to do with “The Association”. If you don’t know what exactly “The Association” is, please visit Timeshare 101 to read a brief overview. If you do know what “The Association” is, then you understand that when “The Association” loses money, it’s actually all of the owners who make up the Association that lose that money. In fairness to all of the other owners, we ask those that are surrendering their unit/weeks to cover the maintenance fees for the time we estimate that it will take to get a new paying owner into the unit.
Another reason has to do with scams. There are “timeshare relief” groups out there who will ask you to pay upwards of $3,000 for them to take your unit/week off your hands. We get calls weekly from owners who thought it would be a good idea to go this way… and then found out that the company didn’t even record a deed changing ownership – they paid all that money and they still own the unit/week! Rather than paying one of these companies to (MAYBE) take the unit/week, why not go the responsible route by making sure the other owners aren’t out anything because of your choice to walk away from the unit? Two years’ maintenance and taxes ranges from $1,000 to $2,000 depending on the size of your unit, and we send you a copy of the recorded deed showing that you no longer own the property and will never have to pay on it again. Whose “deal” is better?
Now please don’t read this page and think I’m saying that anyone who doesn’t want their unit/week anymore should just give it back to the Association. For one thing, I’d love to talk to most of the people who say they don’t like their timeshares, and see if I can’t educate them about how to use it, and make them happy owners instead of unhappy owners. For another thing, I’m not black-hearted… I would rather see an unhappy owner at least get a few bucks out of his unit/week than to become even more bitter by having paid to give up his unit/week, and grouse about it to all his friends, and make them think timeshare is anathema, too. But on the other hand, I would rather see someone just pay a couple of years ahead, give up the unit/week, and be done with it, than to keep scrimping to pay for it, never using it, and becoming more and more bitter about the whole situation.
So if you haven’t been able to “get rid of” your Canada House unit/week, please contact us, and we WILL “take it off your hands.”
PLEASE NOTE: If your account goes into collections (this means being sent to a collection agency OR being sent to our Attorney for foreclosure), you will be required to pay not just the current account balance + two years’ maintenance fees, you will also be required to pay any Collection Costs and/or Attorney’s fees prior to relinquishing the unit/week. In other words, if your account is past-due and you are thinking of giving the unit/week back, it is IMPERATIVE that you contact us AND complete the necessary paperwork BEFORE your account goes into collections!!
If you have another question that wasn’t answered here, or if you would like to give up your unit/week, please, feel free to contact us.