Do you have a timeshare you don’t want anymore? There are a few reasons to transfer timeshare ownership. For some people, lifestyles and priorities change, and the timeshare is no longer a good fit. For others, their timeshare didn’t turn out to be the dream vacation plan they thought it would be. Then there are those who want to pass it on to family members. Whatever the reason for transferring your timeshare ownership, you should understand how the process works before jumping in.
How to Transfer Timeshare Ownership
There are basically three steps to transfer timeshare ownership.
Find Someone Who Wants It
When you’re ready to transfer timeshare ownership, the first step is to find someone who wants it. This can be done by word-of-mouth, through classified ads, or through online listings. Make sure the person is serious about owning the timeshare. With ownership comes financial responsibility. You need to work with a buyer or trustee that understands that, or the timeshare could end up, once again, being your responsibility.
Get Proper Documentation
The best way to ensure that your buyer or trustee is serious is to have them sign a purchase and sale agreement. This document should include:
- The name of the current owner and the name of the buyer
- The address of the timeshare property
- A description of the property, including the number of bedrooms and bathrooms
- The purchase price
- The date of the transfer
- Any other relevant information, such as special amenities or restrictions on the property
Once you have a signed purchase and sale agreement, you should also consult with an attorney or a timeshare specialist. They will know what other documents are required, which need to be notarized, and where to record them. Then you can move on to the next step.
Transfer Your Timeshare Membership
The last thing you need to do to transfer timeshare ownership is to contact the resort or property management company to transfer your membership. There is typically a form to fill out that asks for the same information included in the purchase and sale agreement listed above. If no form is provided, include the information in a letter informing the resort that you have transferred timeshare ownership. Timeshare companies often don’t acknowledge the transfer of timeshare ownership until they have received a copy of the recorded deed.
Once the resort has been notified and the recorded deed supplied, they will process the transfer and assign ownership to the buyer or trustee. Neglecting to notify the resort can result in a failed transfer. It is also important to note that some resorts charge a transfer fee which can sometimes make the process take longer.
It sounds simple enough but…
What If You Can’t Find a Buyer or Trustee?
Finding a buyer for your timeshare can be difficult as there are typically more timeshares for sale than there are buyers. You could transfer timeshare ownership to a family member but they may not be willing to take on the financial responsibility. However, there is another option – timeshare cancellation.
When you’re ready to transfer timeshare ownership but no one wants it, working with a reputable timeshare cancellation company is the best solution. Timeshare Legal was founded by Christian Highlander. He has over 20 years of experience and has worked on both sides of the industry. Christian and his team are passionate about providing timeshare exit solutions that have the least possible impact on your credit and financial future.
Timeshare Legal is a professional, full-service timeshare cancellation company. and can start the timeshare exit process without all the upfront costs.
Take our online assessment to see if you qualify for a timeshare cancellation, or contact us today to schedule a consultation. Learn how we can help you take the first step toward timeshare cancellation and financial freedom.