How to Get Rid of a Paid in Full Timeshare in Florida

Those that manage to pay for their timeshares in full either over time or outright are in a much better position than those still facing long-term mortgages. While it will of course be necessary to go on paying the annual maintenance charge as agreed in the contract, mortgage payments for the timeshare itself will no longer be necessary which is a great feeling to have. That being said, there will also be additional charges from time to time – essential repairs and improvements for example – for which the bill must be footed by the shared owners. And the fewer shared owners there are, the more those involved in the timeshare plan are expected to pay.

Paid in full timeshares represents a much more agreeable asset than one that’s still causing a great deal of annual debt. In terms of what you can do with it once it’s paid off, you have the option of passing it on to a member of your family or a friend, though this isn’t considered a particularly sensible idea. However, should you decide to give your paid in full timeshares away you must first let the property developer know about it as your contract most likely has a provision in it called first right of refusal. Or in other words, you cannot give the property away or sell it unless you have first given the developer the chance to buy it back. If they don’t want it, you’re technically free to do what you want with it though should be aware that if you do decide to give it to a loved one, you’re also passing on all the increasing debts and burdens that come along with it.