• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Using LLC entity to dump timeshare property

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

S

SilverLeaf88

Junior Member
I have a timeshare. Fully paid for. No lien. High maintenance fees. Can't sell. I need to get my name off the deed and stop paying the monthly fees. Can I establish an LLC entity -- let's call it "New Owner LLC" -- with the intent of selling the timeshare to "New Owner LLC". Afterwards, "New Owner LLC" stops making the maintenance payments. Of course, the Timeshare Resort will come after the "New Owner LLC". Will a foreclosure of "New Owner LLC" impact my personal credit in any way? Can the Resort company put a lien on my personal property, etc. that is outside the "New Owner LLC"?

If this is possible, is there any state that is preferable to register the LLC in?

Also, is there anything special that should be done regarding the LLC structure to maximize my protection?
 


A

Andy0192

Member
SilverLeaf88 said:
Also, is there anything special that should be done regarding the LLC structure to maximize my protection?
Click to expand...
Google the term "Piercing the corporate veil".

Also, is there any language in the timeshare contract which requires them to approve the transfer/sale before releasing you of liability for annual fees?
 
H

HomeGuru

Senior Member
SilverLeaf88 said:
I have a timeshare. Fully paid for. No lien. High maintenance fees. Can't sell. I need to get my name off the deed and stop paying the monthly fees. Can I establish an LLC entity -- let's call it "New Owner LLC" -- with the intent of selling the timeshare to "New Owner LLC". Afterwards, "New Owner LLC" stops making the maintenance payments. Of course, the Timeshare Resort will come after the "New Owner LLC". Will a foreclosure of "New Owner LLC" impact my personal credit in any way? Can the Resort company put a lien on my personal property, etc. that is outside the "New Owner LLC"?

If this is possible, is there any state that is preferable to register the LLC in?

Also, is there anything special that should be done regarding the LLC structure to maximize my protection?
Click to expand...
**A: nice try.
 
You must log in or register to reply here.

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top