Owners who want to get rid of their unwanted timeshares often struggle for years to find a buyer. When that magical moment finally arrives, many are so unprepared for the details and legalities of the timeshare transfer process that they lose the sale.
Timeshares are classified as either personal or real property, depending on the resort—and your first step is to determine which you own. But no matter the answer, selling a timeshare is always as complex and as governed as selling a home—and many of the same laws apply.
To help keep you and your sale safe, here are some of the essentials that you’ll need to know in order to get ready for your own closing:
If you decide to handle the closing yourself, make sure you know all the processes – thorough preparation is key. Ask yourself, do I know how to draft a deed? Where do I pay the taxes? How do I prove to the buyer that the title is clear, or that the fees are current, or that there are no special assessments? Do I know my particular resort’s transfer requirements? Perhaps more importantly, do I know the laws and regulations for my timeshare, which vary from state to state? For instance, just because you know how to draft a deed in New Jersey, doesn’t mean that format will work in South Carolina, where you own your timeshare.
2. Consider hiring a reputable escrow and closing company. If you are daunted by the eye-opening list of hurdles you’ll need to overcome in order to complete your closing, you may want to trust the end game to the pros. A closing and escrow company is a third-party company that will handle all aspects of the final transaction and provide you with a secure account to hold the funds until the sale is closed. They’ll prepare your documents, make sure your taxes and liens are paid, establish clear title, release the mortgage, verify funds, and make sure the deeds are signed and fees paid. A good closing company will also notify your home owners association as well as your resort. If you enter one of our Timeshare Specialist programs, all of these services are included in your fee. If you handle the sale yourself, you can still hire a closing company like Resort Closings to support you along the way. They are by far the best in the industry. Check them out at www.ResortClosings.com.
If you want a closing company and decide not to go with Resort Closings, here are some tips to make sure you don’t get ripped off. Remember, the timeshare resale market is among the most likely places in the US to get scammed. Con-men target timeshare owners posing as brokers, buyers, government officials and yes, even closing agents and escrow companies. Therefore, to protect yourself, first verify that the escrow and closing company actually exists by looking up their license number with the state regulator. Then, make sure they are reputable. To do this, check out their website and see how many timeshares they have transferred and what others say about them. But remember, even before you check their history, first make sure the company is real, as the website itself could be part of a scam. Our Timeshare Scam Hotline can help you start the process.
Everyone’s situation is different, so if you are confident in handling the closing yourself, just make sure you know the process as well as the rules for your state. Otherwise, protect your interests by hiring a closing company to meet your legal requirements and help you avoid any future conflicts—which could actually negate your sale.
For more expert guidance on transferring timeshare ownership and comprehensive assistance, contact Timeshare Specialists at 1-800-965-6565. Our team is dedicated to providing valuable insights and support to facilitate seamless timeshare transactions.
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