Sometimes owning a timeshare can become tiresome and you may not be able to keep up with the maintenance fees or maybe you don’t visit that resort very often. The first thing that may enter your mind is to sell the timeshare. Although it may be a good idea, you could always consider doing a timeshare transfer. One must be aware that transferring a timeshare deed is a legally bound process and hence must follow all the legal requirements.

Step 1: Check with the timeshare company

Before attempting to transfer the timeshare deed, check with the timeshare company. You may want to go through your contract and check if there are any clauses regarding the timeshare transfer. The company might have certain specifications regarding the new owner. A timeshare transfer done without the knowledge of the company may become invalid or worse still an illegal transfer.

Step 2: Watch out for scammers

Make sure that the party you are transferring your timeshare deed to is legitimate. There are a lot of scammers in the resale market today just waiting to fool you. Many scammers pose to be legitimate companies and it would be too late by the time you know you are being scammed. Make sure you know who you would be transferring your timeshare to. It would be best to do a background check on the party before taking forward the timeshare transfer.

Step 3: Create a buy sell agreement

Once the deal is finalised you will need to create a buy sell agreement contract. This contract should be listed in detail. Also keep yourself updated on the maintenance fees, any new cost of transference and any new membership application that may have to be filled.

Step 4: Creating a deed

A timeshare deed is the actual proof of the ownership that will be transferred. A deed could be of two types. A warranty deed where you can state out your ownership clearly and a Quit claim deed where you can simply transfer ownership without having to prove that it belongs to you.

Step 5: Recording your deed

Once the timeshare deed is created, it will have to be notarized and submitted to your county clerk’s office. You may also be required to pay any tax fees or recording fees. Each state may also have its own specific requirements for recording the deed. Make sure you are aware of the specific laws. Also make copies before sending out the original deed.

Step 6: Notify the resort

Once your timeshare deed has been recorded at the county clerk’s office you would need to notify your resort. A letter with the details of the transaction needs to be sent to the resort. Make sure that you include all the necessary information of the buyer and also the week and unit. A copy of the recorded deed will have to be given to the resort. Most resorts will not do the timeshare transfer of ownership until they get a copy. A transfer fee may be charged by the resort.