A good number of timeshare owners end up feeling stuck to the deal after a while. Reasons like inability to use it, high annual fee, etc can quickly turn a timeshare to a burden rather than a pleasurable investment.

In such instances, timeshare transfer is perhaps the easiest way to get out of the deal. That said, transferring a timeshare is not always as simple as it appears. The process involves studying the timeshare contract with its stipulations on selling and reselling, legal requirements and preparation of timeshare deed.

Much before you actually start the procedure by seeking suitable buyers, it is important to study the details of the contract as well as the timeshare company. Look out for any clauses/ points regarding property transfer and the right to resell. Some timeshare companies like to retain the first right to resell. For others that agree to timeshare transfers by owners, there are often clauses regarding the specific qualifications that the new owners need to meet. Keeping your timeshare company in the loop before starting the process is hence advisable.

Read on to understand the other key steps involved in timeshare transfer.

Finding an Interested Buyer:

Finding the right buyer could be a time taking task. As mentioned above, it is important to check the specifications of the contract regarding the qualifications of buyers, if any. In all likelihood, you won’t find a seeking buyer simply by the word of mouth. Options like newspaper ads or using the services of local realtors is a good way to start. Most local realtors will also be able to give you a fair idea of the current value of the timeshare and will help you connect with prospective buyers. All said, there are various frauds circulating the timeshare transfer market. Realtors asking for an upfront fee, giving you an unexpectedly hot price for your timeshare, etc are some clear red flags that should not be ignored.

Documentation Procedure:

You can’t possibly go through a timeshare transfer without keeping your documentation intact. Keep a handy set of all the important documents like the original contract, contact details of the resort, timeshare deed, financial agreement, your membership details, real estate taxes, management fee, and due dates, etc. Additionally, it is equally important to keep a documented record of the buyer, address, identification proofs, etc.

Ownership Transfer:

Once you’ve identified a suitable buyer and are ready with a complete set of documents required for timeshare transfer, it is time for the actual process. The same is processed through a real estate contract. Using the services of the local realtor (maybe the one you worked with for selecting a suitable buyer) or even a timeshare cancellation attorney/company can help you create a draft for the timeshare transfer contract. Ensure that the contract contains all the necessary information like the original description of the timeshare, maintenance fee and the responsibility of paying the same in future, rights of timeshare points usage in future, the responsibility of paying the resort transfer fee, conditions on default payments, etc. Additionally, the timeshare deed should contain the complete description of the receiver/buyer duly recorded at the location of the timeshare.

Finally, it is important to keep a complete copy of all documents as well as the transfer deed for records as well as any unforeseen future needs.