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Timeshare Transfer: All You Need to Know
Understand the process of timeshare transfer and how an experienced attorney can help you protect your rights as a timeshare owner.
Why Timeshare Transfer?
The honeymoon is over. Suddenly the bright gloss of your timeshare vacation has dulled. Now that you have time to think clearly, you suddenly realize that you are no longer keen on paying the annual maintenance fees.
Perhaps you are tired of visiting the same holiday destination or no longer need the timeshare. Maybe you have been divorced, and the holiday spot has memories you are trying to erase.
Whatever your reasons, you may be looking at getting rid of your timeshare ownership. Is it possible to sell it? Can you even get out of it? Perhaps you can transfer the timeshare to family or friends.
A timeshare attorney in Las Vegas is a valuable asset when you need help resolving a dispute regarding your vacation property. Timeshare Defense Attorneys are here to help you understand the process of a timeshare transfer and protect your rights as an owner.
Timeshare Transfer of Ownership
Your timeshare relationship, rights, and obligations are outlined in your timeshare contract. As a signatory to that contract, you and the other signatory are bound by the terms of that agreement. So, if you need to find out whether you can transfer ownership of your timeshare or not, read the contract to find out.
Transfer of timeshare ownership is not simple. The timeshare contract can contain clauses about selling, and transfer of ownership is required, as is usual with most real estate contract transactions.
Before selling your timeshare, verify the lease agreement and contact the resort or management company. Many timeshare contracts and management agreements also provide provisions concerning property sales and transfers.
Timeshare resort owners may retain ownership and demand that the new owners meet specific conditions. In extreme cases, a private property transfer that timeshare owners have not disclosed can be illegal.
Assuming you have found an interested buyer, have agreed on the resale value, and now need to transfer the property. Let’s take a deep dive at transferring timeshare ownership.
How Do Timeshare Transfers Work?
As with every step of the timeshare transfer process, it’s not quick and straightforward. Transferring a timeshare property will likely take longer than most timeshare buyers expect.
The original timeshare agreements are typically drafted with one thing in mind – keeping you bound to the contract for as long as possible so that the maximum revenue can be extracted. This means that the contract is typically one-sided and poses all sorts of challenges for you to extricate yourself.
There are a few steps that must be followed.
How to Transfer Your Timeshare Deed
Even though you may be frustrated with your timeshare and eager to pass on the annual fees to someone else, understand that the process is complex and may take a while. To correctly complete transferring ownership, it could take a few months to a year, depending on your contract and the attitude of the timeshare developer.Â
During the interim, all fees and mortgage payments are still due under the contract. Stopping payments in the interim will be seen as bad faith, may lead to foreclosure, and negatively affect your credit score.
Step One: Notify The Timeshare Provider
You have a contract with the timeshare provider, and if you are going to get a transfer of ownership, you will need to work closely with them.
Despite your frustrations and feelings of being ripped off, familiarize yourself with your contract so you know your obligations and notify the timeshare company accordingly. Do not attempt to effect a transfer without their knowledge and consent.
Your provider will respond in one of two ways. Either they will advise you on the new timeshare owner’s requirements or inform you that you are not entitled to transfer your share to anyone else and can only transfer it back to them. This is known as a deed back sale.
If you intend to transfer to a third party involving money changing hands, this usually is more difficult than transferring to your family for no exchange of monetary value. Some timeshare companies even dictate how much money you can take in the sale.
Step Two: Prepare the Documentation
You must provide the new owner with all the information they need to proceed with the transfer.
Timeshare transfers are significant transactions. As much information as possible must be provided to the new owner so that they understand all of their obligations and rights under the contract.
An earnest money contract is what you need to provide, which can easily be done with the help of a timeshare attorney in California. This document outlines all the responsibilities of the buyer and seller, as well as any special conditions that must be met.
Step Three: Effect the Legal Transfer
An official timeshare deed must be prepared and notarized. If you need help preparing the timeshare deed, please call our offices in California, Las Vegas, or California for a free consultation.
The notarized deed must then be sent to the county clerk’s office. Next, you must advise the timeshare company of the new owner’s full name and contact numbers. Once this is done, they will charge you a transfer fee which you need to pay, and they will remove your name from the deed.
How Much Does it Cost to Transfer a Timeshare?
The majority of timeshare transfers are done in cash rather than mortgages. The timesharing resort may charge up to 15% resort transfer fees based on the value of the original timeshare unless the contract terms indicate otherwise.
A timeshare attorney in Florida is better positioned to explain the legal fees to you.
Can a Timeshare Be Transferred to Another Person?
Could you transfer timeshares to relatives? Yes, timeshares are deeded real property and may pass to their relatives. The process is generally simpler than transferring to an unrelated third party, but you must still contact the timeshare company and coordinate all documents correctly.
How Do I Transfer My Timeshare Ownership to a Family Member?
The process of transferring to family members is more straightforward. The resort managers will handle all aspects of the paperwork. They will sign and issue a new certificate to the new owner.
Can I Give My Timeshare Back to the Resort?
Yes, you can give your timeshare back to the resort if they offer a deed-back program. Remember that some resorts may not accept deed-backs, and you should contact them to find more details. If you decide to deed back, you must sign a deed conveying the timeshare back to the resort.
Timeshare Transfer Companies
A timeshare exit industry has developed. Companies promise to transfer ownership records at a fee. Watch out for scam artists who get you to pay upfront and then disappear with your money.
It is better to enlist the help of a timeshare attorney in California who specializes in this area and can assist you in ensuring the process is done correctly.
Quit Claim Deed Timeshare Transfer
When you quit your claim on the deed and give it to someone else, this is known as a quitclaim deed timeshare transfer. You sign over ownership to the other party. Once the ownership transfers are complete, you have no more ownership rights in the timeshare resorts.
Legal Timeshare Transfer
If you plan on selling your timeshare property, make sure that you follow the legal process and your contract. Be cautious, as many scam artists want to part you from your money.
Some of these pose as legitimate exit companies and go to great lengths to push a professional image. If you are called by a third party offering to sell your timeshare, be careful. Check with the resort before continuing with the caller.
When you need help resolving a dispute regarding your vacation property, Timeshare Defense Attorneys can help. Our experienced attorneys will provide you with the legal advice and assistance you need to protect your rights. Contact us today for a free consultation.
