QUESTION

URGENT: Should I take Resourts Offer of Quick Claim on Paid Timeshare - excluding maintenance fees?

Asked on Nov 21st, 2013 on Real Estate - New Jersey
More details to this question:
I have a timeshare in New Jersey that I don't want. Was forced to pay over the last 10 years now fully owned. The resort recently contacted me offering a quick claim deed to settle maintance fees which I've not been able to pay due to job loss. I do work now but not a full time position and barely keeping up private home costs.
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1 ANSWER

William Mack
I am sorry to hear that you are in this situation. Let me focus first on the legal aspects of your question.  A quit claim deed is a form of deed without any warranties from the seller.  It is held in law to mean that the seller is conveying any interest he may have in the property, but is not making any warranty as to what he owns or the quality of the ownership interest.  It is truly a "buyer beware" kind of deed, since the buyer cannot come back to the seller after the closing and say that the buyer did not get what the seller promised.   So, you are not taking on any legal risk by giving such a deed; however, you need to make sure that you are not giving the buyer any representations or warranties in OTHER documents you may be asked to sign at the closing, especially if there will "survive" the closing and be actionable later. I cannot of course tell you whether conveying the timeshare back to Resorts is a good transaction from the value standpoint.  Only you can make that decision. Good luck.
Answered on Nov 22nd, 2013 at 9:55 AM

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