There was a time when vacation or resort homes were only an option for the fabulously wealthy. However, the creation of the timeshare vacation home made annual travel and vacations a feasible option for middle-class America.
When you buy into a timeshare, you purchase a portion of ownership in an existing property. Typically, they are locations near incredible amenities or resorts. Given the proliferation of amusement parks, golf courses and gorgeous beaches across Florida, it should come as no surprise that there are thousands of timeshare properties scattered around the state.
Individuals from all over the country will travel to Florida for a few days or a few weeks and stay in their timeshare property. If you currently own a timeshare in Florida and no longer have need of it, possibly because your children are now adults, it may be time to consider selling or transferring the deed of your timeshare.
What is the process involved with transferring a timeshare deed?
Every timeshare community has its own rules and contracts. Before you initiate any attempt to list or sell your timeshare, you will want to review the contract that you have, the terms of your deed and the policies held by the timeshare company itself.
You may need to provide them with certain documentation, and they will provide you with an instruction letter about their transfer process. In some cases, a potential buyer may have to subject themselves to a background check.
Once you know what the company requires, you can move on to the valuation of your timeshare. What you paid for it may no longer reflect what it is worth, so partnering with an expert who can help you put a price on your limited ownership rights on that property can make it easier to list and sell your timeshare.
Total compliance with rules and laws will protect you from financial costs
The process of transferring the deed will involve a real estate contract, like many other closings. However, just signing may not be sufficient if you don’t follow the rules of the timeshare company involved.
In addition to your purchase price, you typically have to contribute annually to the timeshare. If you make mistakes in the process of notifying the timeshare community or transferring the deed, it’s possible that even after you complete the transfer, the company still expects you to cover certain costs and expenses.
Getting the right help during the process of transferring your timeshare deed can make all the difference in the world for what is truly a complex and unusual process.