Timeshare owners often wonder how to transfer their memberships to someone else. In this YouTube video, the process of timeshare transfer is reviewed. The procedure begins with a drafted contract. Both parties must sign the contract, including the property’s full address.
Other details that must be cited on the contract are the length of time the transfer will last and who is responsible for the maintenance fees for the duration of the transfer timeshare membership transaction. Once the contract has been signed and the buyer pays the seller, the closing company opens an escrow account and places the money there.
The timeshare developer always has the first right to buy back the timeshare membership. If the transfer becomes problematic, a real estate broker can assist the parties in resolving any issues. The person attempting to transfer their membership will receive an estoppel letter confirming the transaction. The person overseeing the transaction will search for the title to ascertain the current ownership.
After this is completed, the deed will be changed to reflect the name of the person to whom it has been transferred. This initial change typically takes two weeks – however, it can take up to two months. A real estate broker is the best source of information and assistance during the timeshare transfer process.
Best wishes on the transfer process!.