Timeshare ownership transfers can be rather difficult as timeshares themselves are rather complicated in certain ways. If you have luckily been able to sell your timeshare the transfer is the most important step. And if you happen to been unlucky and now have to pay to have your timeshare transferred out of your name, the timeshare transfer process is crucial.
Transfers work the easiest when you fully own your vacation property and are in good standing on all fees. However, some owners have financed their property or have fallen behind on maintenance fees or special assessments. If you do plan on transferring a timeshare, be sure that the mortgage and fee obligations are clearly stated in all agreements and contracts. Finding a good title company is essential to getting a hassle-free timeshare transfer. The difference between a transfer that takes two weeks and one that takes months can depend on the efficiency of the firm.
Typically a timeshare transfer works like this: A transfer document is prepared with all agreements in writing and then sent to the Seller for execution with a copy to the Buyer requesting closing funds often held in an escrow account. The Seller reviews the document for proper execution. The document is then sent for Recording and record keeping in the State and County with required recording fees and transfer taxes. The timeshare title company receives the deed from Recording, and a copy is sent to the Resort with the Ownership Change Notification Letter. Last, the original recorded deed is sent to the new owner for safekeeping.
The process appears to be simple, but small bumps along the road can prevent progress in the timeshare transfer timeline. A transfer can takes as little as two to three weeks to several months. Making sure all information is property recorded helps all the individuals involved. Often times there may be additional fees from the resort that your unit belongs to when transferring the title out of your name.