It could be quite difficult to sell your timeshare for a profit due to the saturated resale market. Often times it is simply easier to have your timeshare transferred to a family member or any other person. One must keep in mind that it is a legally bound business deal and hence would need to follow a certain protocol. In most cases it would be advisable to get professional help to ensure a smooth and hassle free transfer of your timeshare deed.
Step 1: Enquire with Your Timeshare Company
It would be best to first discuss with your timeshare company about transferring your timeshare deed. Check if the company has any specifications regarding the transfer. In some cases, the management may want to buy it back and resell it. If you decide to transfer your timeshare to someone other than your family, do a good back ground research as there are a lot of scammers out there. Try to get to know the buyer by having a few initial discussions with them so that you are sure about your timeshare transfer.
Step 2: Documentation
Once you have finalized with your buyer, make sure you have all the documents ready. You may need to create a sales agreement also known as an earnest money contract. Make sure you are up to date with all the maintenance fees, cost of transference, or any new membership applications that may need to be filled. Also make sure you make it clear from the beginning about who would make the payments if there is any mortgage involved. Once that is done, you would need to create a timeshare deed which is the actual proof of the ownership transfer. You will then need to record your deed with the county clerk’s office. Make sure to check with your country or state as they may have specific requirements for recording your deed and you may also be asked to pay the required fees. Also keep copies of the deed with you for further reference.
Step 3: Notify the Resort
Once the deed is ready, a detailed letter about the deed transfer needs to be sent to the resort. The letter should include details such as account numbers, unit numbers, contact information of the purchaser, billing addresses etc. You must also ensure that the resort receives a signed , notarized copy of the recorded deed as many resorts do not transfer the ownership records until they receive a copy of the deed.
Although it may seem easy, there could be many pitfalls while transferring ownership and hence it is always better to take legal help.
