Legal Question in Real Estate Law in Massachusetts
timeshares
Hi,
I was curious if I already own a property, still have a mortgage on it, can I turn it into a timeshare? If so, what sort of things need to be done to accomplish this? Please advise. Thanks Dawn
2 Answers from Attorneys
Re: timeshares
Timeshares involve certain property rights that are conveyed pursuant to a deed and contract for exchange of serveces. For you to legally sell or convey any portion of your interest, your present mortgage would have to be satisfied. Please feel free to contact me if you would like our office to assist you in developing the appropriate plans, contracts and financing schemes.
Re: timeshare conversion
Time sharing is a sale of rights to the property. Whether it reflects on your mortgage depends on its language. This may also depend on where you reside and if the location permits this type of situation.
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