FAQ: Timeshare Transfers
Congratulations! If you’re here you probably found a new owner for your timeshare or purchased your future vacation destination. Read below to find the answers to common questions related to the timeshare closing process.
How old do you have to be to own a timeshare?
18 is the minimum age to own a timeshare. Some resorts require the person checking in be at least 21 years of age.
Can I add my children to the deed?
You can add adult children to the ownership. Anyone under 18 should not be put on the title. If you have any questions regarding how to title your ownership please contact us or Resort Closings with any questions.
I am located in a different state than my buyer and the timeshare. Is that going to cause a problem?
No problem at all. All closings are done through the mail and email. There is no reason to travel anywhere to complete the sale and all parties can be located in different places.
Are there any other fees associated with purchasing a timeshare?
Yes, there are additional closing costs paid to the escrow/closing company for their services. Most resorts also charge a transfer fee to update their records with the change of ownership. Both closing fees and resort transfer fees vary by resort. For more information on closing costs please feel free to contact us for a current quote.
Do I need a lawyer to handle my closing?
No, our sister company, Resort Closings, Inc., can handle the closing. They were founded by an attorney and have transferred over 65,000 timeshares on the resale market. They have an A rating with the BBB. They are a licensed, bonded, and secured escrow company. While most attorneys could complete the transfer of your timeshare we recommend choosing a company who are experts in the timeshare resale transfer process.
How many people can be put on the deed or ownership?
This depends on the resort or developer. Most will accept at least 4 different names, however, resort varies in their rules. If you plan on having more than 4 names on the deed please contact us to verify the resort will allow this.
How long does closing on a sale take?
The average closing time is 6-8 weeks. Closing can take longer if the buyer purchases title insurance, the resort has right of first refusal, there is a past deed that needs to be cleaned up, or there is a deceased party currently on the title. Other things such as how quickly the resort or management company is to respond to requests for information, transfer documents, and transfer confirmations. If the property is in the Caribbean it may take up to 12 months. They call it Island Time. Some Islands still record deeds on sheepskin!
Can I deed the timeshare to my business or to a family trust?
Yes, you can deed the timeshare you are purchasing into a trust or business’ name. Your closing agent will just need additional documents to do so. Your resort may require some additional documents as well in order to transfer the ownership in their system.
What happens if there is a reservation in place and we are still in the closing process?
You can request that the seller put your name on the reservation so you can use the time while the closing is being completed.
What happens if a Satisfaction of Mortgage was never filed with the county or a lien was filed because the owner didn’t pay maintenance fees? Do I need to worry?
In the case of a potential cloud on the title we highly recommend purchasing title insurance so you are protected from any encumbrances on previous deeds. Your closing agent will be able to order a Title Report and Policy during closing.
How much does title insurance cost and what does it do?
Title insurance costs vary by county and state. While most title policies are less than $500, they are based on the purchase price and may be higher based on your purchase price. Title Insurance protects the buyer from title problems that were in place prior to them purchasing. It protects against invalid documents, undisclosed or unrecorded easements, ownership claims by undisclosed heirs, liens, previous mortgages, etc. It is important to read your policy to see exactly what it covers. Unlike a traditional deed to a home or building or land, a timeshare typically will not have any liens or mortgages applied other than in regards to the timeshare. For instance, a builder working on your house will not file a lien on your timeshare to make sure they get paid. Generally, only a mortgage and liens for unpaid taxes and maintenance fees are the only items that may show up attached to a timeshare deed.
Do I need to have my signature notarized on a deed to transfer ownership?
In most states and instances only the grantor (Seller) is required to sign and notarize a deed to convey ownership. Your closing agent is knowledgeable with all the county and state requirements and will guide you in regards to signature and notary requirements for property transfer of ownership and title.
Can’t I just fill out a quit claim deed and send it to the resort?
Yes, you could fill out a quit claim deed and record it and send it to the resort to complete the transfer. However, we do not recommend filing a quitclaim deed yourself. Hiring a closing and escrow company protects all parties and makes sure the transfer is completed correctly the first time and no issues arise down the road.
I can’t find my deed and the resort says they don’t have a copy. What do I do?
All deeds are recorded in the county recorders office where your timeshare is located. If your ownership is not deeded then there will be no recorded document. Roughly 70% of timeshares in the US are deeded and 99% of timeshares outside of the US are not deeded. If you are having trouble locating your deed you can contact us or Resort Closings, Inc. for help finding your recorded deed.