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I am in Alexandria, VA, but the property in question is in

Good Morning: JA: What state are...
Good Morning:
JA: What state are you in? It matters because laws vary by location.
Customer: I am in Alexandria, VA, but the property in question is in West Palm Beach, FL.
JA: Has anything been filed or reported?
Customer: No. This is a timeshare issue. I am part owner in a timeshare and willing to sell my equity share to the other individual. He does not want to pay me no make payments. When the relationship dissolved, he agreed to take the West Palm Beach property and make payments. Now he wants it for free. Can I legally offer to sell him my share. He is the first name on the property. Do I need to offer him a legal document?
JA: Anything else you want the lawyer to know before I connect you?
Customer: Since he is refusing to make payments unless I give it to him, how much is my liability. I do not want this to be come a credit reporting issue. He also file bankruptcy and it was discharged in August 2015 (Chapter 7). He is retired and his income with 3 types of pension is over $7000 .
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Answered in 16 minutes by:
10/18/2016
KLAW
KLAW, Arbitrator
Category: Real Estate Law
Satisfied Customers: 1,847
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
Verified

Hello and welcome to Just Answer. No attorney-client relationship or privilege is formed by speaking to an expert on this site, the answers are for general information. By continuing, you confirm that you understand and agree to these terms.

Since he filed bankruptcy the debt obligation for his portion of the time share that would have been discharged, but he would remain as owner on the time share title. You could make a written offer to him to buy you out of the time share for a fixed price.

It would appear that you own the time share either as a joint tenant, the most common form of ownership, or as “tenancy in common” , which is unlikely with a time share investment.

If you propose a buy-out price, and he does not agree, you can file what is called a Partition lawsuit in the county where the contested real estate is located. In the action you will seek a judgment, signed by a Florida judge, that formally alters the title and ownership of the time share, and makes an equitable distribution of those costs among both of you. The judge will decide a fair price for the buyout based upon the facts and history.

Propose a written contract for a buyout of your share to him. If that does not work, you may have to file a partition action.

It was a pleasure assisting you today, and I would appreciate if you would rate my service, so I will receive credit and payment for my work. After you rate the question you can ask follow up questions, and you will not be charged any additional money for the follow-up questions.

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Customer reply replied 1 year ago
Thank you,I appreciate you getting back to me. Sorry for the delay in responding. As with technology and memory I had to get a new password. I assume I can find the forms on the internet and send them to him in registered mail as well as through e-mail. I will also try to find the forms online for FL or call the courthouse in that area. If I find the forms for the buyout, may I contact you to see if the form I selected is the correct form,

yes. You would just need a template, similar to this one fond here. This would have to be modified. http://closemytimeshare.com/cms/wp-content/uploads/2013/10/resalert.pdf. After you review and modify you could re contact me here to see if the document is correct.

It was a pleasure assisting you today, and I would appreciate if you would rate my service, so I will receive credit and payment for my work. After you rate the question you can ask follow up questions, and you will not be charged any additional money for the follow-up questions.

Ask Your Own Real Estate Law Question

If you have any other questions, just ask.

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Customer reply replied 1 year ago
I have attached a sample of the Buyout Agreement. Would you please review the document I have attached? I am only asking him for the equity share (although I made he majority of payments and paid all the maintenance fees since 2009) because he wants to trade the contract into an upgrade so the balance on the existing contract would be cancelled. Should I give add a response date and send the document by registered mail? Thank you

Good morning. I looked at the agreement. You should also include a cover letter, certified return receipt, indicting a time certain to respond and accept the offer. It appears to be in his interest to accept the offer.

Also, I would appreciate if you would rate my service, so I will receive credit and payment for all my work. After you rate the question you can ask follow up questions, and you will not be charged any additional money for the follow-up questions. Thank you.

KLAW
KLAW, Arbitrator
Category: Real Estate Law
Satisfied Customers: 1,847
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
Verified
KLAW and 87 other Real Estate Law Specialists are ready to help you
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KLAW
KLAW
KLAW, Arbitrator
Category: Real Estate Law
Satisfied Customers: 1,847
1,847 Satisfied Customers
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.

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