Are you interested in transferring your timeshare? If so, you’re not alone. In 2018, the United States Shared Vacation Ownership Consolidate Owners reported that 7.1% of U.S. households owned one or more timeshare weeks. That’s over 9 million owners or ownership groups.
With so many owners selling a timeshare is a common theme that comes up. Since it’s a complicated process, it is essential to know the dos and don’ts of transferring a timeshare. Whether you’re looking to transfer ownership or uncover your timeshare options, this guide will help you navigate the process.
Do Your Research
When considering transferring your timeshare, it is essential to research and understand the process.
The first step is to find out what restrictions exist on your timeshare contract. Some contracts have transfer restrictions that may affect your ability to sell your timeshare. It is also a good rule of thumb to know how much money you will receive for your timeshare and how much it will cost you to transfer it.
It is critical to note that some companies claim to be able to help you transfer your timeshare, but not all of them are reputable.
You can find plenty of information about exiting your timeshare by deep diving into timeshare research. Be sure to read reviews and talk to other timeshare owners before you choose a company to work with.
Also, contacting a licensed broker who can help you transfer or buy an existing timeshare unit can be helpful.
Understand the Fees Involved
Some fees are typically involved in transferring a timeshare, including transfer fees, closing costs, and real estate taxes. These fees can range in cost depending on who buys your timeshare and where they come from.
Both buyer and seller should pay closing costs. Closing costs will include sales taxes, title insurance, and escrow expenses.
This will vary depending on where you live but typically range between 2% – 4% of the total sales price. Be sure to get an estimate of all the fees from the company you are working with so that you can budget accordingly.
Choose an Experienced Professional
Once you have done your research, it’s time to find an experienced professional who can handle the transfer for you.
An experienced professional will be familiar with all the steps and paperwork necessary for a successful transfer and any potential pitfalls that could arise during the process.
Don’t forget to ask about their qualifications and experience — you want someone who knows exactly what they’re doing!
Get Everything in Writing
When you work with a company to transfer your timeshare, get everything in writing. This includes the terms of the transfer, the estimated fees, and the contact information for the new owner. There are a few reasons this step is essential.
For starters, this will help to protect you in case anything goes wrong during the process. The company may also include important information in the contract that isn’t disclosed by phone or email.
The goal of the contract is to spell out your rights and responsibilities. If you don’t receive a written agreement, it’s possible that the company won’t honor its terms.
Check With Your Resort
Before you transfer your timeshare, check with your resort or management company to see if there are any restrictions on transfers. Some resorts may have rules about who can own a unit, or they may charge a transfer fee.
There are some cases where the transfer fee may be higher than the cost of renting a unit from another resort. Some management companies limit the number of timeshare transfers allowed per year.
Other resorts prohibit sales to out-of-state buyers, so if you’re considering selling to friends or relatives in other states, check first.
Your resort may also have its exchange program, and you don’t want to lose the benefits of that program by transferring your unit instead of exchanging it for another property. Before beginning the transfer process, knowing potential problems is essential.
Don’t Sign Anything Until You’re Ready
When preparing for a timeshare transfer, make sure to have all of your paperwork ready to go. This includes not only documents related to your timeshare but also those related to any other property transfers or sales that may have taken place recently.
One of the most important things to remember when transferring your timeshare is not to sign anything until you are sure you want to go through with the transfer. You also want to ensure you understand all the transfer terms. Once you sign the paperwork, you will be legally responsible for the new owner’s financial obligations.
Additionally, if there are any outstanding debts associated with the timeshare or other properties, these must be settled before moving forward with the transfer process.
Finally, ensure that you have proof of your identity. This can include items such as a driver’s license or passport. Having them readily available makes for a smoother process if requested by either party involved in the transfer process can.
Ready to Transfer Your Timeshare?
Transferring your timeshare can be complicated, but it doesn’t have to be. While this process has many dos and don’ts, this guide can ensure you know what to do.
The key steps involve doing research about what is needed for a successful transfer. You want to choose an experienced professional and be prepared with all the necessary paperwork. Don’t sign anything until you are ready, and ensure you understand what happens when you transfer your timeshare.
With these tips, you can feel confident in successfully transferring your timeshare. If you found this article helpful, visit our website today for more great content!