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What To Look Out for When Gifting a Timeshare

What To Look Out for When Gifting a Timeshare

Several people share the right to use a property, typically a vacation home or resort, for several days each year in a timeshare. With the possibility to exchange their time at the property for a time at other properties through a vacation exchange network, owners frequently purchase a specific week or set of weeks at the property.

When a timeshare ownership transfer occurs, the right to utilize a timeshare property is transferred from one owner to another. 

To do this, you can either sell your timeshare on the secondary market, give it to a friend or family member as a present, or donate it to a charitable organization.

Transferring Your Timeshare 

The process of giving or donating a timeshare varies depending on the property and the terms of the contract. Typically, the owner must transfer ownership to a reputable nonprofit organization. 

This operation may require the assistance of a real estate attorney or other specialists. Certain tax advantages or deductions can only be accessed if the gift is made to a recognized charitable organization.

Transferring a timeshare requires the owner to hand over ownership to the recipient. There are also restrictions related to the specific property, the timeshare agreement, and the laws and regulations of the country where the property is located. 

Gift taxes may be applicable, and contacting a lawyer or other specialists can help you understand the financial and legal repercussions of selling a timeshare.

What Your Transfer Agreement Covers

What Your Transfer Agreement Covers

You give up your timeshare property rights, meaning you won’t be able to use, decide how to use, or derive any benefits from it. You must expressly renounce the following rights:

  • The ability to use the property for a stipulated period.
  • The right to decide how the property will be maintained, decorated, and marketed.
  • A person’s entitlement to property benefits and income.
  • The right to vote in property-related actions taken by timeshare companies or governing bodies.

When transferring ownership of a timeshare, it is important to understand the limits of the property, the conditions of the agreement, and the laws of the nation where the property is located. 

Contacting a timeshare lawyer or other specialist is a wise option to fully understand the financial and legal repercussions of selling the timeshare.

How the Process Works

Transferring ownership of a timeshare may differ depending on the specific property and the terms of the timeshare agreement. However, a timeshare transfer agreement often includes the following stages.  

  • Decide who will buy or receive the timeshare.
  • Study the timeshare agreement’s clauses to ensure transfer is allowed.
  • A buy and sell agreement, deed, or other legal documents must be prepared and executed to transfer ownership.
  • Pay transfer fees, closing costs, or other fees.
  • A timeshare transfer should be completed by completing papers and paying fees.
  • Change ownership records to update timeshare association records.

Selling a timeshare can be challenging and may require the assistance of a real estate lawyer or other experts. 

Contacting a lawyer or other specialist is a smart option to fully understand the financial and legal repercussions of selling your timeshare. If a transfer agreement is required, consult a lawyer to ensure it is valid and enforceable.

Connect With Lonestar Transfer for Your Timeshare Concerns

Need some assistance with gifting a timeshare? Lonestar Transfer can help you! Our title transfer service is our primary offering. We work closely with you to transfer or cancel your timeshare where you made the purchase during the entire process. 

Call Lonestar Transfer today for a free consultation at 855-722-3166.

Why Trust us

Timeshare exit call to action

Our primary service is our title transfer service. This service helps timeshare owners by legally transferring their timeshare property title out of their name. Once the transfer is complete, all financial liability and obligation is removed.

Timeshare owners that still have a mortgage on their timeshare may qualify for our Timeshare mortgage cancellation which is the most successful timeshare exit strategy available. Throughout this process we work directly with you to cancel your timeshare with the resort where you purchased it.

Please call our office today for a free consultation

Every clients situation is unique and therefore the costs vary.

After your consultation we will give you specific cost and a guaranteed time of completion in writing for your exact situation.

We provide a 100% written guarantee and have earned glowing testimonials.

Every clients situation is unique and therefore the costs vary. After your consultation we will give you specific cost and a guaranteed time of completion in writing for your exact situation.

We provide a 100% written guarantee and have earned glowing testimonials.

A recession period is outlined in your timeshare agreement and is usually 3-10 calendar days where you can cancel your timeshare contract. Each state and resort have different guidelines for this, which are outlined in your contract. If you happen to be in your recession time period, you can cancel your timeshare. Be aware that timeshare companies will often make it very difficult to contact them and cancelling often requires filling out paperwork and mailing it in.

If you are in your recession period, act quickly. You can also contact our team for help cancelling your timeshare.

Call our office today

Timeshares are difficult to cancel due to the nature of the contracts that timeshare companies and resorts use. Recession periods are generally very short and difficult to navigate. Writing a letter to cancel your timeshare is often lost or not received by the resort, or that is what they’ll say.

Our team of experts know how to navigate the process and guarantee your freedom from your timeshare.

Call our office today

For more detailed information

Are You Ready to Get Out of Your Timeshare?

Complete the form for your free consultation.

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By submitting my phone number and contact information, I consent to receive calls and text messages from Lonestar Transfer and have read and agree to the Terms and Conditions and Privacy Policy. You can opt out by replying STOP at any time.