Post reply

Ownership Transfer vs. Power of Attorney (by KC):

If you're going to pay some entity several thousand dollars to take your timeshare, for reasons I could never comprehend, at least make sure that you clearly understand the difference between actual transfer of ownership by the preparation and recording of a new deed in the company name vs. merely providing the "entity" with power of attorney.

In the first instance of deeded transfer, you are OUT and you walk away after new deed recording. In the power of attorney approach, however, you instead merely authorize the "entity" to sell the timeshare on your behalf for whatver they can get for it. **BUT**....until that timeshare is actually sold and a new deed is recorded in a new name, **YOU** will remain personally and soley responsible for all maintenance fees, interest, special assessments, etc. if they go out of business, or willfully choose not to pay the fees. And yet, you will have formally relinquished your right to use, rent or exchange your own week while its under their power of attorney umbrella.

Please be sure that you clearly understand that the two procedures described above are about as different as night and day. Make very sure that you know exactly which approach the "entity" utilizes. There is a distinct possibility of getting "whipsawed" by some of those "entities" if your week doesn't get sold and your fees don't get paid --- even AFTER you have turned over a few thousand dollars. Proceed (if at all) with great caution.