Timeshare owners eventually feel their ownership has run its course, and it’s time to pass on the keys to their vacation home. Transferring timeshare ownership is common no matter the stage of ownership. An aging owner may decide to transfer their timeshare property to a living trust as a way of estate planning. Or, an unhappy buyer may choose to resell the property shortly after the purchase.
Find out how it’s done and get all your questions answered in this article.
When ready to move on with the timeshare interest, refer to these easy-to-follow tips:
Before beginning the transferral process, someone must be willing and able to accept the timeshare. Whoever the other party is, be sure they are trustworthy and legitimate. Timeshare ownership is a financial responsibility. Be cautious in who you decide to work with, as you don't want this burden to return.
Finding a timeshare buyer is not difficult unless you want to make a profit. The timeshare resale market is full of listings, but there appear to be few buyers. Hence, so many of these properties get given away. Check out the local ads of the newspaper and browse through online marketplaces for buyers; just be wary of scams.
Once someone agrees to receive the timeshare transfer, get the appropriate documentation. A timeshare sales agreement or real estate contract is the priority as it details the transaction.
Next, consult the assistance of an attorney on what other documents are required of you specifically. A law professional can also advise on where to record and notarize these documents for an official transferral of a timeshare interest. Inquire with an attorney early on to avoid delays.
The last is notifying the property management company about the transferral. The original owner should write a letter to the resort describing the transaction, including essential details such as the unit number, reserved week(s), and the new owner's contact information. As for the new owner, a copy of the recorded deed should be sent for their business records.
Many timeshare resorts will not adhere to transferral proposals until they've received a copy of the recorded deed. Failing to update the ownership records could result in an unsuccessful timeshare transfer. It's also typical of some resorts to charge transfer fees, which could also hold up the process. Once these tasks are complete, the timeshare ownership is transferred.
Following are a few of the most common questions regarding the matter:
As long as the timeshare property was obtained in the form of a deed, then it will be treated as a real property interest. Deeded timeshare ownership interest can be transferred like other real estates. All that’s required is a property transfer deed. Check with the relevant state laws and requirements to ensure the transfer can be completed. With timeshares, failure to accomplish the transfer could result in further financial distress. Seek help from a qualified attorney or professional for help.
Depending on the resort developer, a ten percent transfer fee is standard, and that’s not the only expense. When submitting a timeshare transfer deed, closing costs such as recording fees and taxes are necessary.
There is no standard timetable. Every owner’s situation is different, and the process will vary depending on several details. On average, it can take between two and three months. While there’s no exact answer, the following are some contributing factors:
Owners typically do not have to go through the transfer process in these circumstances. Seek help from a qualified attorney or professional to understand further the process of adding new owners or removing deceased owners from a timeshare title deed.
What if I Have No one to Transfer My Timeshare To?
Consider donating it to charity. Or, list it for sale and find a buyer in the online secondary market. Last but not least is the option of hiring a timeshare exit company that can assist you in the termination of the agreement on your behalf. An excellent example is Wesley Financial Group, LLC (“WFG”). Learn more about WFG here.
*Wesley Financial Group, LLC, and its affiliates, successors, or assigns are not lawyers or a law firm and do not engage in the practice of law or provide legal advice or legal representation. All information, software, services, and comments provided on this site are for informational and self-help purposes only and not intended to substitute for professional advice, legal or otherwise.