Timeshare Selling questions

[Greatdeal]

I have had a local individual want to buy our timeshare. And have read the sections and am getting mindblogged from all the info. If there is anyone who has sold their time share by just buying the online sales kit, please offer me advice.

We are giving our timeshare away and paying closing costs & maint fees, so need to do it inexpensively, but also need to cover ourselves. We are from Ohio, time share is in florida.
Will you help me with exact steps to take? Is the packet easy to follow. I am very good with paperwork and research. But does it include anything that a buyer could come back on and say I didnt tell them the toilet paper was green kind of thing....

Any step by step suggestions is appreciated. I'm also in a time crunch. Thanks so much.

 

[DaveNV]

Do yourself a huge favor, and contact this company: http://www.lttransfers.com

They are professionals at processing timeshare transfer paperwork. They are highly regarded members of this website, and they will walk you through the process. If you're giving away your timeshare and have someone who wants it, they will process the paperwork quickly, properly, and legally, for a very low cost. I've used them several times, and I'll use them again.

Good luck,
Dave

 

[Greatdeal]

Dave. Thank you! Is there anything else that will be needed that you know of that Ltransfers does not do. And do you know how long the processing takes? Thanks

 

[DaveNV]

Dave. Thank you! Is there anything else that will be needed that you know of that Ltransfers does not do. And do you know how long the processing takes? Thanks

If you have a free and clear deed and no surprises about what you're selling, that's really about it. Because you aren't selling it for money, no escrow is required. LTT will prepare a new deed, both you and your Buyer sign and return your parts of it, they file it, and once recorded, they notify the resort of the change. If your Buyer wants Title Insurance, you may want to do that, but I don't think title insurance is a smart thing for a free timeshare - if you were in arrears on taxes or maintenance fees, the resort will say so. You may want to ask your resort for an Estoppel you can give to your Buyer, to show things are in good shape. That will cover any questions the Buyer may have.

As to time, it all depends on how fast the paperwork gets passed around, how long Florida takes to record new deeds, and how soon after being notified the resort will put the new Buyers name on things. It could be as quick as a few weeks, or as long as a few months. If it truly is a simple sale, I'd suspect less time, rather than more.

Contact LTT and ask them. They're great to work with, and have done this a lot, so they can give you better answers. They're very helpful and easy to work with. They know you're in a hurry to get things transferred, and it serves them no good to drag their feet. Their fees are based on how fast things can be done. Less time equals more profit on their time.

Dave

 

[AwayWeGo]

One more step in the process gets overlooked sometimes, slowing things down till it gets taken care of. That's the act of updating the owner list at the resort itself, after the new owner's deed is all signed & notarized & witnessed & officially recorded down at the courthouse with all the other public real estate records.

Until that last crucial internal resort transfer step is completed, notifications & maintenance fee bills, etc., are apt to keep on going out to the old owner -- & will continue that way until the resort's owner list is updated.

Sometimes (usually? always?) there's a separate fee for Resort Transfer -- $65 at an Orlando timeshare we used to own; $250 at a Las Vegas timeshare we still own.

Just 1 more procedural detail to keep in mind.

Plus, if the new owner wants to do timeshare exchanges through RCI or I-I, etc., then those organizations have to be informed about the change in ownership status, a process very likely involving more paperwork & more money. RCI, for example, charges about $100 to add a points timeshare to an RCI Points member's existing account.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[DeniseM]

+1 for LT Transfers - I have used them many times. They are Tuggers and they are inexpensive and great to work with. They will walk you through the transfer process, and provide all the documents, including a purchase agreement and the estoppel.

 

[Greatdeal]

Thank you! I have notified LT and let them know of their great recommendations.

 

[Rackel11]

Do yourself a huge favor, and contact this company: http://www.lttransfers.com

They are professionals at processing timeshare transfer paperwork. They are highly regarded members of this website, and they will walk you through the process. If you're giving away your timeshare and have someone who wants it, they will process the paperwork quickly, properly, and legally, for a very low cost. I've used them several times, and I'll use them again.

Good luck,
Dave

Thank you for the link. i saw a lot of references to LTT but couldn't find what they were.