Due to the disadvantages of timeshare ownership and the recent economic meltdown, many owners want to get out of their timeshares. While selling it is still the number option to get rid of it, there are the legal matters that you have to be aware of in doing so.
First, know that deeded and leased properties are the two most common types of timeshares. If the property is deeded, it is owned by the purchaser and never expires. It can be sold, transferred or even given away as a gift. The signed deed is recorded with the county where the timeshare is situated. A leased property on the other hand, gives the purchaser a set period of time to use the timeshare. With this, the developer or owner of the timeshare resort is actually the owner of the deed.
There are various kinds of deeds you can use to sell a timeshare. A seller can get a deed form in an office supply store or through the local clerk of courts. A quitclaim deed is the most convenient and is usually used when transferring the deed to relatives. Such deed is recorded by local officials when signed by each party. When not dealing with relatives or timeshare resorts, a warranty deed may be used. This kind of deed guarantees that the buyer has a clear title to the property and that the seller has the right to sell the property.
While there are some owners who hire a timeshare transfer company such as the Transfer Smart just to get rid of their timeshares, many of them opt to sell it first before considering other options. On other hand, when selling a timeshare, you must know the legal grounds of it to have a precise and successful deal.