Getting rid of Timeshare by transfer or liquidation?

[DeniseM]

This is the usual process for transferring a timeshare title, and I also use LT Transfers for this process. As Theo said, they are a timeshare title transfer company - not a reseller.

The usual transfer process:

-Verbal agreement to terms between buyer and seller
-Contact title company with both parties' contact info. - seller provides current deed
-Buyer and seller sign and notarize contract, and return to title company
-Title company prepares new deed and sends it to county recording office for recording
-County recording office returns a recorded and stamped copy of the deed to the title company
-Title company sends a copy of the recorded deed to the buyer, and to the resort management company
-Resort management company records the new deed in the new owner's name and may or may not contact the new owner.
-Title company will notify the new owner that the deed has been transferred and the transfer is complete.

Before I considered paying anyone a high fee - I'd try to give it away myself for little or no cost - I posted the how-to link above.

 

[theo]

Correct. What I was saying was either way it would be $1500.00. National Cancellation said there would be no other fees(exit or otherwise). My maintenance fee is $798.00, biannually. No loan balance and fees up to date.

It would be a huge and expensive mistake to pursue (or pay) any of these upfront fee "magic exit" acts, but that's your decision to make.

 

[jerzgirl]

Acronym for Legal Timeshare Transfers, a resale timeshare closing company located in Georgia and used by many people on this site. Competent, reliable, inexpensive. You don't need a lawyer to complete a transfer.

On the matter of lawyers, do not believe for even one moment that any lawyer can somehow perform a "magic exit" act for you, just because they have a law degree. It just ain't so. Attorneys are lawyers --- they are not magicians.

LTT can't and won't find you a willing new recipient; that is entirely your own problem and issue to solve first, but if / when you find a willing new "grantee", LT Transfers can handle virtually everything else for you and your new willing recipient.

Look at eBay, RedWeek.com, TUG Marketplace to see if you can find any comparable weeks at your facility being offered for sale. Be prepared to learn that your interval may actually have absolutely no value whatsoever in the resale market. Do some homework, maybe you'll be lucky.[/QUO

Thanks for the advice!

 

[jerzgirl]

This is the usual process for transferring a timeshare title, and I also use LT Transfers for this process. As Theo said, they are a timeshare title transfer company - not a reseller.

The usual transfer process:

-Verbal agreement to terms between buyer and seller
-Contact title company with both parties' contact info. - seller provides current deed
-Buyer and seller sign and notarize contract, and return to title company
-Title company prepares new deed and sends it to county recording office for recording
-County recording office returns a recorded and stamped copy of the deed to the title company
-Title company sends a copy of the recorded deed to the buyer, and to the resort management company
-Resort management company records the new deed in the new owner's name and may or may not contact the new owner.
-Title company will notify the new owner that the deed has been transferred and the transfer is complete.

Before I considered paying anyone a high fee - I'd try to give it away myself for little or no cost - I posted the how-to link above.

Thanks for the explanation. It makes the process less scary!

 

[DeniseM]

When you use a reputable title company to transfer the deed for you, they walk you through it and handle the whole transfer. You really don't have to know anything.

L.T. Transfers
Lisa Short and Mary Pless
http://www.lttransfers.com/
readylegal@gmail.com
706.219.2709

 

[jerzgirl]

I called Flagship and they said if I find a buyer, they will draw up the transfer(deed) for $325 and $62.00 to the county clerk!
Thanks for your help! Now it seems a little more doable. I just want to be sure everything is done legally. I don't want any problems in the future or liens of any kind on my property!

 

[DeniseM]

LT Transfers usually charges less than $200 to handle the whole transfer process. $400 is not a good deal, and I think you need the guidance from LT Transfers.

 

[VacationForever]

LT Transfers usually charges less than $200 to handle the whole transfer process. $400 is not a good deal, and I think you need the guidance from LT Transfers.

I second using LTT. They have done 2 transfers for me. Very clear process and with hand holding. Less than $200 each time.

 

[TUGBrian]

Im always amazed at how many folks never attempt to sell for $1 on the resale market, but instead just make the leap to paying thousands of dollars upfront to a random outfit in the hopes to be rid of it.

we really do urge folks to at least make some sort of effort to give it away and offer to pay closing costs....these suggestions are far easier, safer and cheaper than any "upfront fee" outfit...and give you the best chance of truly being out from your timeshare.

you appear to have registered with TUG in 2005, hopefully you take the advice above and save yourself a ton of headache (and money)

 

[LannyPC]

Im always amazed at how many folks never attempt to sell for $1 on the resale market, but instead just make the leap to paying thousands of dollars upfront to a random outfit in the hopes to be rid of it.

As amazing (and unwise) as it is, I think it's just a psychological thing. Unfortunately, that's one of the things these "relief" companies prey on. They basically say or imply "Just one payment and we'll take care of everything from A to Z. You won't have to worry about another maintenance fee bill or special assessment again. You'll be done with it, finished, over, permanently out of your hair. Period!"

Some desperate and disgruntled owners feel that the payment made to these upfront companies are worth it for the (alleged) peace of mind knowing, albeit mistakenly, that the problem will be (again, allegedly) permanently solved. They might feel that it's worth it to not see another MF bill in the mail or lie awake at night wondering if some collection agencies will come hounding.

I'm not an owner currently but, looking through the eyes of a desperate owner, I can see where the attraction might be of using one of these outfits. I'm not recommending using them, in fact I personally recommend the opposite. I'm just saying I can understand what the attraction might be for some.