As it’s been said in most of our articles, when an owner cannot afford a timeshare anymore, there is a vast array of timeshare solutions to consider as an option to get rid of that timeshare, and one this options is doing a transfer.
Before taking any formal decision, it is important to document yourself about the pro’s and con’s of every option in order to select the one that fits the best for your timeshare matter. The next paragraphs will describe what a timeshare transfer is, as well as the process to get one done.
A transfer is a process where a timeshare owner passes his timeshare unit to someone else. The owner transfers the timeshare to the other person, along with a new contract and the responsibility to pay all the annual fees. To complete a transfer process, the timeshare owner needs to fulfill the next requirements:
- He must be the legitimate owner of the original timeshare contract
- There must not be any unpaid fees
- The resort must corroborate the mortgage is already satisfied
- The particulars of the timeshare must be confirmed
The difference between a transfer and a resale is that a transfer requires that the owner liquidate all the outstanding payments as well as the closing cost. In a resale the owner doesn’t have that responsibility.
A timeshare transfer is not an easy process, in fact is it very complicated and requires a lot of time and patience. To get a transfer done, you must follow the next steps:
- Contact the timeshare company to find out if you have any outstanding fees, as well as if a transfer fee will be applied during the process. Most companies charge a fee for this transaction.
- If you have an interested buyer for your timeshare, provide him all the contact information of the resort, as well as the resort’s timeshare rules and regulations and its location. If you don’t have a buyer yet, post an ad on any timeshare blog or forum.
- Contact your prospective buyer to exchange information and details about the timeshare unit. Try to be very clear and specific as much as all the questions the buyer has are responded. All the information that is written on the original timeshare contract must be mentioned.
- Draw up a transfer contract that includes the sale price, the additional fees and the season of the year the buyer will be able to use the timeshare as well as the number of weeks. The contract must be very precise and clear about all the specific details.
- Get an official copy of a new document. This deed can be provided by the local clerk’s office located in the area where the timeshare is. A fee might be charged, but this will make the timeshare transfer legal.
- To get the transfer done, exchange all the paperwork with the buyer. Once the buyer agrees to sign the contract and assume all the responsibilities the timeshare comes with, the transfer process is finalized.
The biggest issue
A timeshare transfer requires the participation of:
- The timeshare owner
- The potential buyer
- The resort
- The local clerk’s office
With so many people involved in a transfer, the process can get really complicated and impractical. On the other hand, who would like to get such a big responsibility as a timeshare? Finding a prospect to make a transfer can be as difficult as finding a buyer for a resale.
A timeshare transfer might be a good option to get rid of your timeshare, but you have to keep in mind is a long process where you’ll have to be in contact with all the people and companies involved, in addition to that, you must pay the fees charged during the process, and it takes a long time.
If you want to get rid of a timeshare, your best option is by cancelling the contract. Mexican Timeshare Solutions offers you a completely free consultation on your timeshare matter, and no fees will be charged until your contract is fully cancelled. You won’t have to worry about finding a buyer, keep on paying the maintenance fees or being in contact with the resort, since we will do all the work for you.
Don’t hesitate on this one, contact MTS today for a free advice and relief yourself and your wallet from future unnecessary payments.
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