Timeshare Deed Transfers

A timeshare is a vacation covered by a deed, providing the deed holder usage of the specific property for given times in a year. There are state and federal guidelines which govern the selling and purchasing of the timeshare. When a timeshare deed is transferred, similar procedures to other transfers of property are accomplished. Nevertheless, when a timeshare pertains to a homeowner's association or a membership club, additional processes are undertaken when a transfer is done, for the protection of both parties. A timeshare deed is the legal paper that is utilized in transferring from one entity or person, specific rights to a piece of property.

Process of Timeshare Deed Transfer

Briefly, verify the deed, including season, period and unit for the said timeshare. The deed is filed at the court where the timeshare is located. Get in touch with the timeshare resort or property and ascertain whether it is indeed, transferrable. Also inquire about the expenses that have to be shouldered for the transfer of the timeshare. Look for a copy of the title of the property. Get an attorney who can do this for you. Make sure that there are no unsettled liens on the property. Your attorney then prepares a deed for the transfer of the timeshare, and sends to the County or State Bureau of Conveyances. The lawyer also furnishes the timeshare agent a copy of the deed.

When Do You Pay the Seller?

Once the closing process has been accomplished, the seller is paid. Closing refers to the notarization and signing of all of the closing papers pertinent to the deal. Meanwhile, the purchase has the money held in an escrow account while the deal is still being closed. The funds will not be turned over to the seller unless the bank wherein the escrow is held gives its clearance.

What are the Types of Timeshare Deeds?

There are two types of commonly-used timeshare deeds. These are the Quitclaim deeds and Warranty Deeds. A Warranty Deed is the most common, which turns over all of the Seller's timeshare to a Buyer. Warranty Deeds have guarantees and promises from the seller to the purchaser, pertaining to the timeshare. In contrast, a Quitclaim Deed merely turns over the seller's rights to the purchaser, without providing any guarantee. The Quitclaim Deed is commonly used in deals like gifts, where no payment exchanges hands.

Seek Legal Help

For your protection, it is always the best idea to get yourself an attorney when preparing timeshare deeds or transfers of ownership, including timeshares. A lawyer will know the efficient way to process your papers, and can ascertain that all necessary steps are taken.