Legal Question in Real Estate Law in California
I own fully paid for timeshares in Hawaii . Maintenance fees and a recent assessment are costly. We have been offered a "surrender agreement" of our deeds with a refund of the current fees and assessment with their statement that there would be no affect on our credit rating. What are the pitfalls of this deal?
1 Answer from Attorneys
The most likely pitfall is that you may have a marketable interest that someone would buy from you for more than zero dollars. There are Web sites operated by timeshare dealers and brokers. You might investigate before simply surrendering what someone else might value. Needless to say, some of these dealers or brokers may be less than fully legit, not licensed, etc., so you should do some background checking before signing any agreement. Of course, I have no way of knowing the value of your particular timeshare, but the chance that it is marketable suggests it's worth a try before surrendering ownership.
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