TIMESHARE HELL - (Big surprise!!!)

[wandag]

What is the name of your state (only U.S. law)? FL

My associate owns a deeded timeshare with 4 years of maintenance fees due. (He hadn't used it, so he never paid them.) Suppose he sells (or transferes the title (which he owns outright) it to an LLC, as is. Is he clear of the back maintenance obligations?

If then the LLC disolves. What happens to the timeshare? What happens to the owed maintenance fees?

 

[tranquility]

He already owes the contracted amounts and a transfer will not prevent that. A transfer into an LLC may or may not help for the future, depending on the wording of the agreement. If the LLC is dissolved, I suspect it was created for this and was inadequately funded and there could be a successful piercing of the corporate veil.

 

[wandag]

The LLC he is considering has been registered for over 2 years, so it clearly was not created for this purpose.

Is there a valid document which would indicate that the LLC has purchase the debt as well as the property. My (limited) understanding is that some of the partners in the LLC would actually use the timeshare.. as it is a 2 bedroom (sleep 8) in Orlando, and they all have children.

 

[Zigner]

The LLC he is considering has been registered for over 2 years, so it clearly was not created for this purpose.

Is there a valid document which would indicate that the LLC has purchase the debt as well as the property. My (limited) understanding is that some of the partners in the LLC would actually use the timeshare.. as it is a 2 bedroom (sleep 8) in Orlando, and they all have children.

The association will not allow a transfer if the fees aren't paid...

 

[John_DFW]

The LLC he is considering has been registered for over 2 years, so it clearly was not created for this purpose.

Is there a valid document which would indicate that the LLC has purchase the debt as well as the property.

The original intent of the LLC won't matter much if it is obviously underfunded and used for the purposes of avoiding the debt or obligations.

 

[Free_Advice]

Your associate made a mistake when buying the timeshare ; should pay up the fees and just sell it ... might get his fees back ....

Like your title though.