If you’ve decided to either gift your timeshare to a family member or sell your timeshare, you will need to transfer ownership of your timeshare to the new party. A transfer of ownership is handled in a formal, and often complex, process. Because of the nature of the process, it might be in your best interest to hire a closing company to take care of the paperwork for you. You can, however, handle the process yourself if you choose. If you decide to do it yourself, follow these steps to ensure a smooth transfer of ownership:
- Make sure you are up-to-date with all payments. You might also want to call the resort to see if they charge any fees for transferring the timeshare. If so, you and the buyer of your timeshare will need to figure out who will pay those fees.
- If it is required by the resort, you might also need to fill out a membership transfer application before continuing with any legal paperwork.
- Draw up an earnest money contract. A timeshare transfer is a real estate contract, and should be just as detailed. Be sure to include:
– the name of the resort and unit number(s)
– the weeks in which the timeshare is available
– whether those weeks are fixed, floating, or tied to a points system
– interest information (fee simple, estate for years, membership, etc.)
– who is responsible for maintenance fees, special assessments, and delinquent fees
– what will happen in the case of default
– names, contact information, and signatures of all parties
– any other relevant terms of the sale
- If it’s a deeded timeshare, you will need to get a new deed with the county clerk’s office in the county where the timeshare is located. Both parties should sign the deed in front of a notary public, and then have copies made for each party. Submit the original notarized deed to the county clerk’s office, along with any required recording fees or tax fees.
- Send a copy of the recorded deed along with a covering letter to the timeshare management company detailing the transaction, including information like the designation of the timeshare, internal account numbers, the week, unit number, and season as well as the social security number and contact information of the purchaser.
If you or the other party is uncomfortable with navigating this process without the help of an attorney or closing company, you may want to reconsider your strategy. Otherwise, be meticulous when filling out your paperwork and you should be able to transfer your timeshare fairly easily.