Are you frustrated with the lack of compassion that the timeshare company you’re dealing with is showing? Do you want out of your timeshare, but don’t know what you need to do to get started?
Not only is this a frustrating situation, but it can be emotionally draining and financially detrimental.
The truth is that timeshare transfer is actually not too hard to do if you do it correctly. If you’re looking for help with your timeshare, you’ve come to the right spot!
Keep reading to learn what you need to know about starting a timeshare transfer and how we can help you make it happen.
Take Your Time
The first step to begin your timeshare transfer process is to determine if the receivable party is trustworthy and/or legitimate. This is simple if it’s someone you know; however, many timeshare transfers don’t happen with someone you’re familiar with and it could be a total stranger.
Scammers are plentiful and outweigh the presence of legitimate people. If you at any moment have doubts about who you are dealing with, do your research before giving them any information.
Establish an Earnest Money Contract
After determining the legitimacy of the receivable party, you will have to establish an earnest money contract.
This contract is a real estate document, which is as detailed as a home sale.
A seller can create an agreement with a variety of service providers or their personal attorney.
A buyer should call the resort and find out about any outstanding feeds or the presence of liens on the property. Make sure that the title is clean and not overburdened with escapist shadows.
Create the Deed
After establishing a sales agreement, you have to get a deed. This is the title or the proof of ownership that shows the property has been transferred from seller to buyer.
It can be a warranty deed or a quitclaim deed. The first being the buyer warranting ownership and with the latter, the owner transfers the interest of their ownership.
Record the Deed
A deed has to be notarized and submitted to the county or local clerk. All of the fees and taxes should be provided on the spot in order to fulfill the request.
A locale can have specific requirements for deed records, such as affidavits. Make sure to create copies for all parties before sending the original deed to the office.
Notify Property
The seller has to send a notice letter to the management or resort detailing the entire transaction from start to finish.
It should include the time frame, the unit, and the contact information of the buyer. The property might charge a transfer fee depending on different factors.
Make sure the management receives a copy of the deed record. A property might not allow ownership records to transfer until you provide the copy.
In-Depth Timeshare Transfer: Short and Long Term
Now that you have a general idea of a timeshare transfer, let’s take a look at the short-term and long-term approach in detail.
These examples will be provided on the basis of transfer to family members.
Short-Term
The owner wants to provide use of the timeshare to family members for a specific year/time frame; they retain ownership, but book use of the property for a certain period.
This is similar to a timeshare rental, but no money is involved. The owner has to contact the property and announce that a family member will be using the property, which provides the management team with the names of those who will be present.
This is usually known as a guest program and can come with a nominal fee. Usually, this fee is designed to cover administrative costs. Once the property confirms the booking, the owner can inform the family, who shall begin to arrange their travels.
It’s best to check in with the property management to make sure that the guest’s arrival is expected and not a surprise.
Long-Term
A long-term transfer would be next of kin to a sale of a timeshare with the ownership changing to a family member. When an owner is no longer capable of retaining timeshare ownership, they might want to transfer ownership to a child or loved one.
As ownership has to be changed, the formal process has to be integrated, which is quite similar to the one listed above.
A signed contract, deed recording, and property notification are all still part of the equation, except no money is being exchanged throughout the process. Because of the complexity of a non-financial exchange, it’s best to hire a closing company to handle the process.
For example, we specialize in legal and timely title transfers. We help remove feeds, provide contracts, deplete club liabilities, and much more.
If you have the right-to-use interest and no deed is involved, the process is simpler and only requires the involvement of the property management.
As an owner, it’s easy for you to establish your type of ownership and then be able to provide that special vacation experience to those closest to you – a gift that they will enjoy for many years to come.
Timeshare Transfer Services
Now that you understand the pragmatics behind the timeshare transfer process, you are well on your way to performing the transfer appropriately.
Whether you are looking to sell or buy, share, or accommodate, you won’t have to worry about figuring out how to do it.
Even though it is simple to do on your own, it is time-consuming and requires some extraneous efforts. Not to mention the fees and liabilities, which can be diminished by employing the services of a specialized transfer firm. Let us help you!
If you’re interested in getting to know what we can do, give us a call and we will happily accommodate your needs.
