Whether you own a timeshare in perpetuity or are simply looking for a way to get out of your timeshare, a timeshare transfer may be an option. Instead of selling your timeshare or working with a timeshare exit company, you may be able to transfer your ownership to a friend or family member. However, if the timeshare is owned in perpetuity, it’s important to make sure the person receiving it understands the ongoing responsibilities and is willing to take ownership. Continue reading to learn more about how timeshare transfers work, what’s involved, and what to consider before transferring your ownership.
Timeshare Transfer: A Few Different Options
If you own a timeshare in perpetuity, you have several options for passing on your ownership after your death. You can discuss these options when you purchase your timeshare and include your preferred arrangement in your estate plans. Depending on your circumstances, you can pass your timeshare through a living trust, will, joint ownership, or probate.
A Living Trust
A living trust is a legal arrangement that a person creates during their lifetime to determine how they want their assets managed and distributed. If you want your timeshare included in the trust, you must formally transfer the timeshare interest to the trust. If you hold the timeshare through a lease or contract rather than a deed, make sure you identify the interest as part of the trust property.
Transfer Timeshare through a Will
A will is another way to pass on a timeshare after the owner’s death. Like a trust, a will is a legal document that outlines how a person’s assets should be distributed upon their death. To transfer a timeshare through a will, the owner can specify who should receive the timeshare. It should always include clear language identifying the intended beneficiary. Unlike a transfer during the owner’s lifetime, the owner generally does not sign a new deed or Assignment of Ownership Interest form solely to name a beneficiary in the will. However, the beneficiary may still need to complete the appropriate transfer and estate procedures after the owner’s death.
Joint Ownership
Joint ownership allows two or more people to share ownership of the same timeshare. Each owner holds an undivided interest in the entire property. When one owner passes, the surviving owner or owners may retain the timeshare. However, this depends on how the ownership agreement was established. Joint ownership can simplify the transfer process after an owner’s death. But keep in mind, specific requirements vary by ownership type and applicable laws.
Through a Probate
Additionally, a probate can pass down a timeshare without a living will, trust, or joint ownership. However, there are some disadvantages to this option. The probate route could take months or years to complete. The process has to go through the courts, and they are strict about the process being fully complete before passing the timeshare on. It can even get a bit pricey with all of the associated fees. The courts may even take money out of the deceased person’s estate before transferring the ownerhsip to someone else. Even after all of this, the ownership could still pass down the timeshare according to state law against the owner’s wishes. However, probate court can be avoided with one of the other previously mentioned timeshare transfer options.
Transferring Timeshare Ownership When Selling
If you do not own your timeshare in perpetuity or are simply looking to get out of your ownership, it’s also possible to sell your timeshare. Advertising your ownership on a reputable platform like Timeshares Only can help connect you with the right buyer. Once you find a buyer, we can connect you with a licensed brokerage, and title insurance company that can help with the timeshare transfer.
It’s possible to transfer a timeshare on your own, however, most legitimate resale companies do not recommend it. Timeshare resales are complex! A licensed brokerage will assist with negotiations, writing up and distributing contracts, contacting the resort, as well as working with a title agency. Keep in mind few things can make the timeshare transfer process more difficult. These include having a mortgage balance, upcoming reservations, or being behind on your maintenance fees.
After contracts are signed, the title company can also assist with creating a deed and having it notarized. Other steps they can assist with include submitting to the county clerk’s office and notifying the resort.
Post Your Timeshare for Sale With Timeshares Only
If you haven’t found a buyer already to start the process to transfer your timeshare, consider advertising it for sale with Timeshares Only. We help hundreds of timeshare owners post their timeshare for sale and advertise it to buyers across the globe. When offers come in on your ad, we’ll refer you to our sister company, Fidelity Real Estate, to assist you with the closing process. Get started today!
