With warm weather and world-famous theme parks, Florida has long been considered an attractive destination for vacation property owners, especially those interested in timeshares.
A timeshare typically involves a contract that allows individuals to stay at a property during specific periods of the year, often at a lower cost than purchasing an entire vacation home on their own. The model has become especially popular in tourist-heavy states such as Florida, where millions of visitors travel each year looking for vacation experiences near beaches and attractions.
According to a report published by the American Resort Development Association on the vacation timeshare industry, Florida holds 24% of the nation's resorts, with many located near beaches and major tourist destinations.
Timeshare challenges
However, since 2019, the industry has faced growing challenges related to owners trying to exit their timeshares. According to the report, the COVID-19 pandemic caused an impact on travel and leisure, which affected timeshare sales.
Another major concern among prospective buyers is what happens to a timeshare after the owner dies.
Brian Rogers, president of Timeshare Users Group, said many parents worry about leaving what they view as a financial burden to their children and other family members.
"There is no law anywhere in the United States that forces an heir to take over an unwanted timeshare," Rogers told "Florida Matters Live & Local. "This is just a myth perpetuated by the scammers that just litter this industry."
Jason Gamel, president and CEO of the American Resort Development Association, said unwanted properties can often be returned to the developer or eventually foreclosed upon if payments are no longer made.
That means maintenance fees and other financial obligations may continue after an owner's death, but the estate is responsible for those charges until ownership is resolved. According to Rogers and Gamel, family members are not automatically required to inherit a timeshare they do not want.
How to deal with an unwanted timeshare
Rogers added that there are generally three ways to deal with an unwanted timeshare before death or another unexpected event: transferring ownership to another person, negotiating to surrender the property back to the resort or stopping payments altogether — an option he does not recommend.
"If you stop paying for your times here, you're no longer going to own it," Rogers said. "The problem comes in how different resorts handle those defaults, how it could impact your credit."
Because of growing concerns about scams targeting timeshare owners, organizations and advocacy groups have also emerged to help consumers better understand their legal rights and available options.
According to Gamel and Rogers, organizations such as the Coalition for Responsible Exit work to educate owners about exit solutions and warning signs related to fraudulent companies.
This story was compiled from interviews conducted by Matthew Peddie for "Florida Matters Live & Local." You can listen to the full interview with Jason Gamel and Brian Rogers here.
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