Sham Corporations

Sham Corporations “buy” the timeshare from the timeshare owner. But instead of the timeshare owner receiving money, the timeshare owner pays the Corporation to take over ownership of the timeshare. The sham organization is established only for the purpose of owning timeshares to avoid maintenance fees.

The timeshare is owned by the Corporation. The timeshare resort management company goes after the business entity and is unable to collect any money from an individual. There is no individual to send threatening letters, or make harassing phone calls for collection. The timeshare sits in limbo.

The more creative brokers of these Sham Corporations will contact the resort management company to sell them the timeshare. It may be better from the resort’s point of view to take back ownership and sell to someone else than to have at timeshare sit in limbo without receipt of the maintenance fees.

Many resort management companies will no longer accept transfer of ownership to a business entity such as a Corporation, or Limited Liability Company. They continue to hold the prior individual owner responsible for the maintenance fees.

Deed and Record offers an alternative with genuine, bona fide gifting to friends and relatives. For more information on Deed and Record please go to www.DeedandRecord.com

 

Posted on Jan 29, 2014

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