Whether you buy or just plainly want to get out of your timeshare by selling it or whatever means, it is important to know about transferring the timeshare ownership. Provided you are one of the contracting parties, it is not legally binding to have an attorney draw up the contract. In addition, escrow companies can also facilitate the transfer process. They prepare the required documents and help close the deal.
First, you must ensure that the timeshare has a clear title. Then, draw up a contract that detail all the terms and conditions of the transfer. Then, notify the county recorder office about the change in ownership by sending the original of the signed and notarized deed. As a seller, you are responsible for informing the resort about the change in ownership and as a buyer you must ensure that the resort gets a copy of the signed, notarized and recorded deed.
If the deed includes the membership of an exchange company or the timeshares being transferred include weeks that have been already deposited with an exchange company, the seller and buyer must submit an application for membership transfer to the exchange company. In addition, make sure the deed meets the requirements of the state in which the resort is located as the rules for timeshare ownership transfer may differ from state to state especially if you are drawing up the contract on your own.
If you’re one of the contracting parties, it’s important to be very particular about transferring the timeshare ownership to avoid any problems that might arise in the future. Remember that there are many owners today have unanticipated problems with their timeshares. As a result, several of them want to get rid of such property. Some even hire a timeshare transfer company such as the Transfer Smart just to get rid of their timeshares.