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Transfer A Timeshare Title

For decades Timesharing has been the best way to save time and money while traveling to some of the world’s finest resorts.

TransferATimeshareTitle.com can handle all of your travel needs! From business travel, family vacations, or just a weekend away you can rent or buy an ideal timeshare resort to take you there.

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Frequently Asked Questions

1. When does the seller get paid?

The seller gets paid once all other steps of the closing process have been completed and approved by our legal department. This includes the signing and notarization of all closing documents related to the transaction and the confirmation of the recording of the deed and other necessary documents. Once the buyer's funds have been cleared, the money will be disbursed to the seller.

2.  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 escrow 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 and until the necessary documents have been recorded.

3.  What is a deed?

A deed is a legal document which is used to transfer, from a person or entity to another person or entity, certain rights to, and interests in a parcel of real estate. It is used in all transfers of real estate where the current owner has deeded interests.

4.  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 and interests 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 and other non-contractual agreements, where no money is exchanged.

5.  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” ownership interest implies that all owners share equal portions of the property, which may consequently be passed on to heirs as outlined by a will. The owners may also be “joint tenants 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.

6.  How is a deed recorded in a timeshare title transfer?

It generally must be filed in the county in which the property is located, at the Clerk of the Circuit Court or at the Registry of Deeds or Recorder’s Office. 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.

7.  How long does it take?

There are two answers to this question:

After we have confirmed the closing with both parties and have received all necessary documentation to commence transfer, the documents should be mailed to both parties within 5-7 business days.

The second part of the question is a function of how long the county in the state where the property is located takes to record a deed. Some counties have a turnaround time of 1 week – others can be months in processing. We know these counties, and submit special recording instructions so that your closing can move forward in spite of these timelines. Expedited recording services are available in certain counties for a nominal charge.

8.  Do I have to pay recording fees and transfer taxes?

Yes. Our service does not include payment of any state or county recording fees or transfer taxes. Recording fees and taxes may vary greatly from one county to another, your closing agent will advise you of the relevant fees.

9.  I think my Resort charges a Transfer fee. Who is responsible for paying this fee?

Some resorts charge a transfer fee to process the paperwork. Traditionally, the buyer pays the resort transfer fee but that is negotiable between buyer and seller. We’ll collect the fee and send it to the resort.

10.  Is Title Insurance included?

Our fee does not include title insurance. Your closing agent will advise you of the relevant fee for title insurance. The fee is usually directly related to the value of the property being purchased. Your closing agent will advise you of the relevant title insurance fee.

11.  How do I know if maintenance fees and taxes are current?

You may request an optional Estoppel Letter (investigation as to status of fees and taxes) from your closing agent. The fee for the estoppel letter is $50.00. Many resorts will provide this information to individuals and we encourage you to do your due diligence without having to incur additional closing costs.

12.  Are there additional costs associated with the closing?

There are some additional fees associated with the closing. Typically, a recording cost is paid by the buyer. Additionally, a transfer tax may be imposed. The transfer tax is customarily paid by the Buyer.  Your closing agent at TransferATimeshareTitle.com will advise you of the fees that are relevant to your closing.

13. Are there specific requirements for the content and format of a deed?

Yes. State law, and sometimes local law, will dictate the exact requirements for a deed. TransferATimeshareTitle.com will insure that your deed is prepared in compliance with all state and county requirements.

14. What is the legal description for property?

The legal description for a piece of real estate is the precise description of that property contained in the public records and is derived over time through the chain of title. It is the description used for transferring the property to another. The legal description is not the street address and is not the abbreviated form of description used on the real estate tax bill for the property. A deed preparer should always use the legal description exactly as it appears in the prior deed for the property unless the property to be transferred is only a portion of or is otherwise different from the property as described in that prior deed.

15. Is there anything unique about a transfer to a trust?

Yes. A transfer to a trust is unique in several ways. In most cases, the transfer should always be made to the trustees of the trust and not to “the trust” per se. This is because for the purposes of real property transfers, the trust is not recognized as a separate entity from the trustee as would be the situation, say, for a corporation and its president. The transfer document (deed) should also contain certain language concerning the powers of the trustees regarding the property. Doing so may eliminate the need to record a copy of the entire trust, a document usually containing personal information. Finally, the terms of the trust and the identity of the beneficiaries of a trust can have a bearing on whether the documentary stamp tax is due on the transfer. If your transfer is to be made to a trust, TransferATimeshareTitle.com will insure that your deed is prepared in accordance with these special requirements.

16. Who signs the deed?

In most states, the grantor is the person signing the deed. This is the person who is transferring their rights in the property to another. The grantor's name should always be shown exactly as it appears on the deed used when the grantor received his or her interest in the property. TransferATimeshareTitle.com will include specific signing instructions with the documents provided. Some states require both the grantor and grantee to sign the deed.

17. Must a deed be recorded? What governmental agency handles recording of deeds?

To be legally valid, the deed is not required to be recorded although it is very risky not to do so. If the deed is not recorded, the grantee's name (and rights) appear nowhere in the chain of title found in the public records of the county. Other parties may take actions or fail to take actions that could affect the property without knowledge of your ownership rights. For example, the grantor may have a lien filed against all of his or her property after you receive your deed but because you have not recorded it a question arises as to whether the lien has attached to your property or not. An unscrupulous grantor may even give another deed to the same property to someone else who has no knowledge of your claim to the property. To protect the rights of the grantee, it is advisable to properly record the deed.  In most cases, the deed must be recorded in the county in which the property is located. The agency that handles the recording is the Clerk of the Circuit Court, the Registry of Deeds or the Recorder’s Office. The Clerk's office serves many functions (not just real estate recordings) and will usually have a separate department to handle the recording of all legal documents, including deeds. Our complete escrow closing service includes the proper recording of your deed.

18. What is title insurance? Do I need it?

Title insurance is an insurance policy under which the title insurance company agrees to pay you for certain losses that you may suffer in connection with the title to your real estate. As with any insurance policy, there are certain exclusions and limitations. Generally, the policy will promise that (1) if a legal action occurs contesting your title to the property, the insurance company will defend the title at no cost to you, and (2) if there is a defect in your title that can't be resolved in your favor, the title company will reimburse you for the amount of your loss up to the policy limit.

Whether you need title insurance depends on the circumstances involved and your tolerance for risk. When you purchase a significant piece of real estate from someone else, it is important to make sure that you are acquiring good legal title to the property. An examination of the legal history of the property should be conducted by a competent real estate attorney and a title insurance policy purchased to cover any possible defects in the title that may be hidden and not discovered during the examination of title. The cost of the property usually justifies the expenditure of additional funds for the assurance of a title insurance policy.

19. The cover letter says to have the documents notarized; however, I do not see any that need to be notarized?

This is a generic cover letter as we do business in many states and they all have different requirements. If you do not see any documents that have to be notarized, just sign what you have and return them to us in the prepaid, self-addressed, envelope.

20. Do you do closings in states you do not have listed on your website?

No, we only do business in states we are authorized to conduct business in. However, we do value you as a client and have a strong allegiance with our title insurance company to handle the closings we can not.

21. What title insurance company underwrites your title insurance policies?

We will issue lender’s and owner’s policies of title insurance through Stewart Title Guaranty Company, a national and international title insurer.

22. How long does it take the resort to update their owner records?

Each resort is different in the amount of time to make the transfer in their system. We have seen several days to several months. This is one area totally out of our control although we make every effort to expedite the process.

24. I have a buyer or seller that is out of the country. How long does it take to get the documents to them and back?

On transactions where one of the parties is in a different country, we email all the closing documents to them to print out. They then have to take it to a notary for signatures. Unlike here in the U.S., many times, the only notaries in other countries are attorneys and they have to call to schedule an appointment. This can take up to a week to get. Once those are signed and notarized, depending on the shipping method, we usually have documents back within a week.

25. Can I pay with a credit card?

Yes, TransferATimeshareTitle.com accepts Visa, MasterCard, Discover and American Express for some of our services, however, paying with a credit card costs about 3% in bank fees to process. This is called the merchant discount. Since we are an escrow company, we have to pass those fees along to the card holder. Any fees collected outside of the closing may be collected with credit card.  Any fees that will be applied toward the purchase price of the timeshare must be collected in the form of a certified bank check, cashier’s check or a wire transfer into our escrow account.

26. I am a foreign seller, are their fees I will incur above closing fees?

Yes, the Internal Revenue Service requires us to withhold a percentage of the proceeds from the sale in the event that you are subject to capital gains from the sale and in the event you will not be filing a tax return for the year the property was sold. More information can be found at www.irs.gov and search for IRS Form 8288.

27. Do you offer financing for my timeshare purchase?

No we do not offer financing; however, we are aware of some lenders that do finance timeshares.  Just ask one of our representatives for more information when you call us.

28. Will you assist me in selling my timeshare?

No, we are not real estate agents; however we are aware of companies who will be able to help you sell your timeshare.

29. Why won't you take a personal check or a home equity check for the closing?

We are bound by the laws of the states we do business in. Most states require that all checks be “good funds”. The states have interpreted this to be cashiers checks, official bank checks, or wire transfers. We are required to follow those guidelines.

30. Can I wire transfer the funds to you instead?

Yes. We will supply you with a copy of our wire transfer instructions.

31. Are you licensed and insured?

Yes we are licensed and insured. As a requirement of some of the licensing requirements, some states require we post surety bonds, and many require that we maintain a fidelity (theft of funds) bond.

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