What do I need to consider when buying or selling a Timeshare?

Learn more about timeshare closing by reveiwing the topics listed below: 

Timeshare Title and Timeshare Closing Facts 

Timeshare closing companies process the paperwork necessary for real estate transactions.  International Timeshare Closing. specializes in closing timeshare transactions. 

Although a Timeshare title closing agency is not required; both the buyer and seller will benefit from using a timeshare title ( closing) company. 

Timeshare title closing agencies collect closing fees and escrow fees.  Timeshare closing fees are paid for recording the deed and other ownership papers, as well as to transfer membership with the resort, etc.  Timeshare escrow fees are paid to process the closing and insure the transaction is closed in a timely manner with monies properly disbursed and all recordings completed. 

Timeshare title insurance policies provide assurance against unpaid maintenance fees, taxes and mortgages. 

A full service title insurance company will follow through after closing to insure the buyer's information has been sent to the resort.  They will also make the buyer aware of the information necessary to join the appropriate exchange company.  

When does the seller get paid?

The seller gets paid once all other steps of the closing process have been completed and approved. This includes the signing and notarization of all closing documents related to the transaction.  Once the Buyer's funds have been cleared, the money will be disbursed to the Seller. 

Where is the buyer's money held before it is disbursed to the seller's account? 
The Buyer provides the balance of the purchase price to be held in a separate closing account pending the closing of the transaction.  The funds will not be disbursed to the Seller until they have been cleared by the bank providing the escrow account. 

What is a deed? 

A deed is a legal document which is used to transfer from a person or entity certain rights in a parcel of real estate to another.  It is used in all purchases sales gifts or other transfers of real estate. 

Are there different kinds of deeds? 

The two most common types of deeds are the Warranty Deeds and Quitclaim Deeds. 

A Warranty Deed (“General Warranty Deed") is the type of deed most commonly used in timeshare title transfers.  A warranty deed transfers all rights to a property from a Grantor (Seller) to a Grantee (Buyer).  However, a warranty deed also contains certain promises or guarantees about the property made by the Seller to the Buyer.  Warranty Deeds are used to ensure that the Buyer is getting exactly what the Seller claims—nothing more or less.  If any of the warranties are later found to be false, the transaction may be legally challenged. 

A Quitclaim Deed, on the other hand, simply transfers all rights to the Buyer without any guarantees about it being claimed.  All representations about it are made either verbally or through other documents.  However, the transaction may not be as easily challenged should the new Owner later discover discrepancies about the property and the manner in which it was represented.  These are usually used in transactions such as gifts, where no money is exchanged. 

Is joint ownership possible with timeshare properties? 

Yes, two or more individuals may obtain ownership of a timeshare property.  However, the exact nature of the joint ownership should be considered.  A “tenants in common" relationship implies that all owners share equal proportions of the property, which may consequently be passed on to heirs as outlined by a will.  The owners may also claim “joint ownership with right of survivorship."  In the case of one owner's death, this arrangement would mean that all rights are passed on to the surviving owners—regardless of what may be claimed in the deceased's will. 

How is a deed recorded in a timeshare title transfer? 

It generally must be filed in the county in which the title is located, at the Clerk of the Circuit Court.  Recording the deed is extremely important in assuring that the transaction appears in the chain of title, should any complications arise further down the road.  The recording of the deed with the proper government agency is part of our timeshare title transfer service. 

I am recently married and want to add my spouse to the existing deed — what needs to be done? 

Answer: A new deed will need to be prepared and recorded with the county.  We would be happy to assist you; to begin the process, we will need to obtain additional information from you via phone. 

I am recently divorced and need to be removed (or remove former spouse) from existing deed — what needs to be done? 
Answer: If an attorney was used for the divorce, you may want to verify if the attorney has already followed-through with the recording of the new deed.  If not, a new deed will need to be prepared and recorded with the county.  We would be happy to assist you; to begin the process, we will need to obtain additional information from you via phone. 

What do I do if the person(s) currently listed on the deed is deceased and has a Will? 
Answer: Since the person(s) stated on the deed is now deceased, the property will have to go through probate and be awarded by the court.   You will need to contact a probate attorney for further assistance. 

What do I do if the person(s) currently listed on the deed is deceased and did not have a Will? 
Answer: Since the person(s) stated on the deed is now deceased, the property will have to go through probate and be awarded by the court.  You will need to contact a probate attorney for further assistance. 

My spouse has passed away and I need to remove their name from the existing deed — what needs to be done? 

Answer: Depending on the state, an Affidavit Terminating Joint Tenancy will need to be prepared and recorded with the county recorders office.   We would be happy to assist you; to begin the process, we will need to obtain additional information from you via phone. 

I want to add someone to my existing deed — what needs to be done?

 
Answer: A new deed will need to be prepared and recorded with the county.  We would be happy to assist you; to begin the process, we will need to obtain additional information from you via phone. 

I want to remove a co-owner from the existing deed, what needs to be done? 
Answer: A new deed will need to be prepared and recorded with the county.  We would be happy to assist you; to begin the process, we will need to obtain additional information from you via phone. 

I want to transfer my property from me, as an individual, to my trust which I have already set up — what needs to be done? 
Answer: A new deed will need to be prepared and recorded with the county.  We would be happy to assist you; to begin the process, we will need to obtain additional information from you via phone.