How to Transfer Timeshares from One Owner to Another
Whether you own a beach house in Florida or a condominium in upstate New York, there may come a time in your life when you wish to sell that once-treasured timeshare. There could be many different reasons for this. For example, you might find yourself trimming your budget, interested in a new real estate venture or simply with no time to enjoy the property. Or in the most fortunate scenario, you might receive an offer to purchase the timeshare which you simply cannot refuse.
Whatever your reason for transferring your ownership interest, pay careful attention to the details of the sale. Mistakes can be complicated and time consuming to correct. Remember that even though you only enjoy a couple of weeks of the year at your timeshare property, you still are the owner of that time, and your ownership is recorded in the county records in the same manner that your ownership of your ordinary home is recorded.
Your first step should be to inquire with your timeshare’s management company about your proposed transfer. Management may have specific qualifications for a buyer of the timeshare interest – qualifications that you will want to keep in mind if you plan to transfer your share to a friend, relative or a company. Management may prefer to purchase the property from you and resell it itself in some cases.
The second step is to finalize the details of the sale with your buyer. If you do not have a buyer in mind and your timeshare management company is not willing to purchase the property from you, you may need to list the timeshare interest with a realtor in the area where your timeshare is located. Find an experienced realtor who has sold at or near your property. Decide on a purchase price for the property considering the market value of surrounding timeshares. Also, you want to transfer the property free and clear your buyer, so make sure property taxes are paid and homeowner’s association dues are current.
Step three is about proper documentation. Locate your original documentation file from when you purchased the timeshare. You will need the specific legal description of the timeshare. If you have a realtor, give him or her the legal description for use in preparing the transfer documents. If you are handling the transfer yourself, such as if you are deeding the property to a friend or back to the management company, then hire an attorney to prepare a Warranty Deed for you to sign. The Warranty Deed identifies the legal description of the property and the full name of the person or entity to whom you are transferring your interest. After signing, you will need to have the original document recorded in the county where the timeshare interest is located. Call the clerk of the county to check on any fees for this. The original Warranty Deed, once recorded and returned to you, should be given to the new owner of the property. Keep a copy for your records.
Finally, deliver a copy of the Warranty Deed to the timeshare’s management company. They will need to update their records regarding the new owner. Following these steps should help ensure that you enjoy a seamless transition.