23 Jan The Timeshare Transfer Process
Timeshare Oasis flows through the timeshare transfer process in 7 specific steps.
ACT I-The initial stage
Here is what the Seller brings to the party:
- Seller(s) name(s)
- Seller(s) mailing address, phone number and email address
- Most recent maintenance fee bill
- Copy of most recently recorded deed
- If one of the owners is deceased, a copy of the death certificate
- Copy of Sales Agreement
- Signed resort release form (This is authorizes the resort to speak with us about the account.)
The Buyer provides:
- Buyer(s) name(s)
- Buyer’s address, phone number and email address
- Vesting information (How to take title.)
- Tenancy in Severalty for Single/Unmarried individuals
- Sole and Separate Property for Married, but not including the spouse.
- Tenancy by the Entirety for Married couples
- Joint Tenants with Right of Survivorship for Multiple Individuals, when one person dies, their interest goes to the remaining owners and is not passed to their heirs.
- Tenants in Common for Multiple Individuals, who when one person dies, their interest goes to their heirs who become co-owners with the remaining owners.
- Buyer’s Photo ID
Funds are collected at this time and deposited to escrow.
ACT II-Let’s get the party started!
Making use of the resort release form, an estoppel or property verification report is requested from the resort or management company to verify the accuracy of the information provided and fees are current. We also learn of any specific resort requirements such as special transfer paperwork, if the resort prequalifies the buyer or whether the resort has the right of first refusal. Right of first refusal means the resort will review the transaction and decide if they will allow the sale to go through or if they will exercise their right to purchase the property themselves. Not all resorts have this option but if they do, the matter is addressed in the next phase.
ACT III-Document Preparation
Once buyer prequalification and/or the right of first refusal process, if applicable, has been completed and we have a clear go ahead, the next step is to prepare the new deed or transfer paperwork according to county and/or resort requirements, granting the property from the Seller(s) or Grantor(s) to the Buyer(s) or Grantee(s). Additional tax forms or points membership transfer applications will also be prepared.
After review, the documents are sent off to Seller(s) and Buyer(s) with detailed instructions on how to complete and return them. Any balance of funds due are requested at this time. The file takes a beat in the Paperwork Pending folder.
A lease or right to use property will have the transfer paperwork and fees sent directly to the resort for completion.
Deeded properties will be filed for recording either electronically, where available, or by mail.
ACT VI-The Finale
Once the deed is back from recording, it is sent to the new owner and the resort is updated with a copy, the new owner’s information and any required fees.
If there is an addition to the transfer, such as a points or club transfer associated with the ownership, a copy of the deed and transfer paperwork is sent to this party.
The resort is contacted at regularly scheduled intervals until confirmation of completion is received.
ACT VII-Final Bow
The previous owner receives a copy of the recorded deed for their records and seller proceeds, if any, are released from escrow. Transfer of ownership is now officially complete.
Timeshare transfers average 4-6 weeks to complete. The timing is dependent upon the time of year when courthouses and resorts have busier seasons and several other factors including,
- How quickly paperwork and payments are received from buyers and sellers
- How promptly the resort provides an estoppel or property verification report
- Whether the resort has right of first refusal
- Turnaround time for county recording and return of deed
- Resort’s timeliness in confirming completion