How to Transfer a Timeshare
Any timeshare owner knows there are reasons to leave a timeshare. When it is time to transfer a timeshare they must know how to do that so the proof f the transfer is complete and official. It can happen because they are tired of the maintenance involved in their property. Financial burdens can also be a reason why they must know how to transfer a timeshare. This is how that is done.
The seller must have the real-estate contracts to offer the seller. Here is the list of these contracts:
- Earnest money contract
- The original deed
- A copy of the original sale
- Two covering letters
- A new deed contract
- Membership transfer application
These documents must be handled in different ways. Where they are sent and how they are handled is specific and must be processed properly. Here is a breakdown of how each one must be handled and how to transfer a timeshare.
The Earnest Deed
The earnest money contract must list the name of the resort, the unit address, the time that is available for the occupancy of the unit and the information about the interest of the fees. Any disclosure must be revealed in this document. Leave nothing out.
The Original Deed
In some cases, a “release of lien” is required to get the original deed. It is very important to make sure the deed is authentic. This process is very important to get right. Failure to do so can create a headache later. The seller must tend to all details and make sure everything is in order.
Copy of the Original Sale
This is necessary in order to determine the true owner of the property or unit. This must be done to ensure that all the proper work is in order to sell the property. This step may take some time. Be prepared to handle further court proceedings if the original sale names someone else.
Two Covering Letters
Two covering letters are also required to . One copy goes to the resort where the timeshare or property is located. The other copy goes to the County Clerk’s office. Make sure that this step is complete. It handles the proof that is on the record for future documentation.
New Deed Contract
Once this is done, the new contract must be created and drawn up. This document will outline everything in the sale of transfer of the timeshare. This must be exact and leave no detail out.
Membership Transfer Contract
The membership transfer contract allows the exact details of the timeshare to be documented for the new owner. Outline when the property or unit is available and the maintenance responsibilities that are required for the sale and transfer.
Some Tips for the Buyer
The buyer should contact the resort that the timeshare is part of. Make sure that the unit or property is what the seller has described and is available. Also ask about any repairs and maintenance that might have been overlooked by the seller.
That is all there is to how to transfer a timeshare. It can be tricky when missing documents are an issue. Just make sure that all of the documents are in order and file them as they are required. The owner must check it all and make sure that the transfer is complete. Then they can sit back and enjoy the freedom from the prior responsibilities of the timeshare now that they know how to transfer a timeshare. It is a winning situation for all parties involved. The owner gets to relieve their financial responsibilities and the new timeshare owner has a wonderful place to vacation.