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How to Complete the Sale of My Timeshare
Timeshare owners who find a buyer for their timeshare often exhale and think that the tough part is over. While finding a buyer is the most important part of the process, it is the subsequent steps that can also make or break the deal when owners then ask themselves "How to complete the sale of my timeshare".
Remember that before you as the owner even get to the point where you can complete the sale, you need several items in place before you can close the deal:
- Do you have an account set up in Timeshare Pulse? This is the free account offered to BuyaTimeshare.com advertisers where you can monitor the progress of your ad, adjust pricing and receive/counter offers in the negotiation process. Proactively monitoring and working your account is a very important step to finding a buyer.
- Have you researched similar timeshares for sale at your resort? Settling on a market-based value for your timeshare will start the process off the right way.
- Is your information accurate? Make sure you have as much information as possible in your ad and double check that the unit and amenity details are accurate. Add photos as well and paint a positive, enticing picture of your timeshare to show how much fun the prospective buyer will have when they buy from you.
- Are all of your documents in order? Locate a copy of your deed (if it is a deeded property) and the documents from the original purchase to make sure you have all the facts.
- Are the maintenance fees up to date? You'll need the maintenance fees to be paid in order to sell your timeshare.
Once you have these steps in place, then you can begin the process of finding a buyer and looking forward to the next stage of "How to complete the sale of my timeshare".
The Timeshare Negotiation
The wheeling and dealing of the negotiation process is where some owners drop the ball, whether it's because they don't respond in a timely manner or they are too locked in on the price they are asking for their timeshare. Remember, this isn't Congress. It is referred to as the "art of negotiation" for a reason.
Monitor your emails for offers and answer as timely as possible - striking while the iron is hot. You'll soon get a feel for whether the potential buyer is serious or just "kicking the tires". But be flexible with the price you are willing to accept and evaluate your desire to part with your timeshare against the price on the table.
The Timeshare Contract
OK - you have a buyer and have agreed on the price. Then you need to get that agreement in writing and signed off by the buyer to lock in the deal. Fill out a purchase and sale agreement and email it to the buyer to obtain a signature from them. Often times, this is where the seller will refer to the assistance of a licensed real estate brokerage firm to handle the paperwork and oversee the closing process. Two recommended firms for this would be TimeshareBrokerAssociates.com and CashOutATimeshare.com, both of whom can manage the process for you.
Timeshare Closing Services
If you have a purchase and sale agreement in place and just need to make sure that the transfer process is handled as smoothly (and legally) as possible, then you'll want to enlist the services of a closing company - much the same way you would in a standard real estate transaction. The closing company would manage items such as the escrow account, resort transfer fee, deed transfer and recording costs and, if necessary, title insurance. Depending on the state where the resort is located, you may also need the services of a lawyer to review the documents as part of the closing process. The good news for the seller is that closing costs are usually paid by the buyer.
Recommended closing companies would be:
- Chicago Title - a top name in timeshare title companies. They offer a full range of closing services, including title insurance.
- First American Title Insurance Company - a leading provider of closing services for the vacation ownership industry.
- Stewart Title - Stewart is another respected company in the transferring of timeshare ownership.
You'll also want to be aware that your resort, the management company running your resort or the branded developer overseeing the assignment of the ownership may have a right of first refusal (ROFR). This means they can assume ownership of your week and pay you the agreed-upon price, rather than allowing it to be sold to the buyer. Either way, you as the seller will be paid and relinquish ownership of the week.
Once the sale has been closed, the deed has been transferred, proper notifications have been sent and the funds released from escrow, then you can enjoy the satisfaction that you have answered the question of "How to complete the sale of my timeshare" and can spend the fruits of your labor.