Q: What would the legal consequences be for heirs of an estate if the owner of a time share in his will specifically left word for the executor to pass the time-share deed back to the property association or company that owns the time-share complex?
A: Interesting question — and creative thinking. Unfortunately, unless the other party agrees to accept the deed, it won’t work. Otherwise, people would give their underwater houses back to the lender — or to some stranger — and be relieved of all legal and financial obligations.
There is a process called deed-in-lieu whereby you can give your house back to your lender instead of (in lieu of) foreclosure, but it takes two to tango. And too many time-share managers don’t know how to dance.
Benny Kass is a practicing attorney in Washington and in Maryland. Email questions to [email protected]
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