Once a timeshare owner regards the purchasing decision, they might sell a property to another individual. The timeshare transfer is integral to buying or selling timeshare ownership. Typically, timeshare owners leave a closing of a timeshare deed transfer to the professional team. It is hassle-free and can save you money in the long run. Today, we will discover how to transfer a timeshare to someone else in a few steps.
How to transfer a timeshare deed?
1. Prevent yourself from fraud
If you are a timeshare seller, make sure you work with a responsible party. Believe it or not, a modern timeshare resale market stands out by the more significant number of scammers than several legitimate buyers. Moreover, markets, where timeshares are sold are often associated with the highest possibility of getting scammed. This way, be careful while selecting a buyer for your property.
2. Create a sales agreement
Once you are sure your future deal is reliable enough, you need an earnest money contract, also known as a buy-sell agreement. This document is generally a real estate contract and should be carefully detailed.
If you are a seller, make sure you include the following details in the agreement – the name of the resort and a number of units, the weeks available in a timeshare, whether weeks are fixed, floating, or attached to a point system, interest information, the responsible individual for maintenance fees and other payments, names, contact information and signatures of both parties, and other required terms of the sale. If you are a buyer, it would be better to call a resort to find out about required fees, liens of the property, available weeks, and so on.
3. Create a deed
A deed is a document that proves ownership that will be transferred from the seller to the buyer. It can be a Quitclaim deed that provides an owner ability to transfer any interest they own or a Warranty deed where the buyers warrant their ownership.
4. Record a deed with the county
The next step of a timeshare transfer is notarizing your deed and submitting it to the county clerk’s office. You should follow all the specific requirements for recording a deed, like additional affidavits. Apart from that, you can pay some recording fees or tax fees. Don’t forget to make copies for both parties before sending off the original deed.
5. Notify the resort about timeshare transferring
The last task a seller should face is sending a letter to the timeshare resort with details of the transaction. Mention the week and unit and the buyer’s contact information in the letter. Make sure a resort gets a copy of the recorded deed. Otherwise, you will be refused to transfer ownership records and the right to use. It is worth mentioning that timeshare sellers might also be required to pay a transfer fee.