Timeshare offers an amazing vacation option. Who needs to wait for retirement when you can enjoy such moments right now? Alas, time can be fleeting. Days had gone leaving you no longer as interested or not as fit to do the traveling. So you may be asking– How do I transfer my timeshare to a family member? How long does the process take and for how much? This article will answer all such questions.
How do I transfer my timeshare to a family member?
Timeshare transfers to family members can fall into two types– short-term and long term.
Short term transfers usually involve giving just a specific week in a year or allowing points to be used by a family member. It could be as a reward for a job well done, a special occasion, or just a gift of a vacation to a loved one. A short-term transfer is relatively easy and can be done with just a phone call in some or perhaps, sending an email to a resort developer.
Long term or complete transfer of timeshare ownership, however, requires more effort. Like doing a resale, the process of passing down a timeshare legacy to children is commonplace. Right-to-use ownership is easier to transfer as there’s no deed involved.
For deeded ownership though, these steps must be carefully considered:
- Contact timeshare resort developer. A quick phone call is all it takes to find out the veracity and details of your contract. Many reliable resort management often provides assistance on how paperwork should be handled for the change of title.
- Get ready with basic requirements. Think timeshare deed, tax bills, purchase contract agreement, current maintenance bill paid, and so on. A mortgage is often required to be paid in full unless otherwise stated. Most, if not all, timeshare companies require all these to be currently settled with no outstanding liabilities to ease transfer.
- For deeded ownership, the process is aligned with how real estate properties are dealt with. A new deed is required to be prepared then, logged on the public record. After which, the timeshare company will be notified by you. Transfer closing fees will usually be charged for title change processing.
- Timeshare with perpetuity clauses may require the assistance of a legal counsel. Some timeshare resort developers allow deed back to family members, while others do so with their own. Some instances like medical issues are deemed acceptable reasons for situations like this one.
Overall, transferring the timeshare to a family member requires the utmost attention to detail. If still in limbo on what to do, an experienced timeshare lawyer can offer the best assistance on how to do transfers without any hitch with the law.
How long does it take to transfer a timeshare?
There really is no exact answer to this. Timeshare specialists maintain that transferring a timeshare to a family member is largely dependent on the type of ownership one has. Other factors like proper documentation, execution of deed transfer, and so on also impact the length of transfer time. The usual closing process today, however, is pegged by timeshare specialists at 2 to 3 months or longer, but no less than that range. The help of a licensed timeshare broker or a timeshare lawyer may help hasten the process by taking the usual bureaucratic inundations.
How much does it cost to transfer a timeshare title?
According to experts and specialists in timeshare, transfers, and closing, costs can range from $300 to $500 or more. Fees usually cover services of a transfer agent, recording fees, taxes, and so on. Document preparation like drawing up of a new deed and other legal requirements may also add to the total cost.
Transferring a timeshare property to a family member is like giving a legacy of freedom to enjoy life. Yes, it’s a tedious and costly process but the rewards can be great. By tapping the right people or agency, you can hasten the transfer and start your loved ones live the life you’ve lived.