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How to Transfer my Timeshare to a Family Member
Timeshare ownership is a fantastic vacation option, one which you can turn into years of wonderful trips to exotic locations or relax at your favorite holiday destination. Timeshare vacations can become a highlight of a child's formative years, time used to bond with family members away from the daily stress of home life.
However, there are times when a timeshare owner may not be able to take a vacation in a given year, but could provide the gift of a vacation to a family member to use during that year. When owners are faced with this decision and ask themselves "how to transfer my timeshare to a family member", they are looking for a way to give the use of their timeshare to a loved one to enjoy.
Maybe there is a wedding on the horizon and a son or daughter is in need of a honeymoon spot? Or someone needs a vacation break after a difficult period in their lives. Perhaps there can be a multi-generational family vacation in the works? There are numerous reasons why an owner wants to figure out "how to transfer my timeshare to a family member" but the procedure usually falls into one of two categories:
- Short-term transfer for the use of the timeshare in a given year
- Long-term transfer of ownership
For the Short Term
When an owner is looking to give the use of their timeshare to a family member for a specific year, they will retain ownership of that timeshare but essentially book the use of that week for someone else.
Similar to the process of renting the timeshare (only without money changing hands), the owner would need to contact the resort and inform the resort that the week will be used by a family member, providing the resort with the names of those using the unit. Usually known as a guest program, a nominal fee may be charged by the resort for this use, but it's normally just to cover administrative costs. Once the resort confirms the booking to the owner, then the owner can inform the family member, who can then begin making travel arrangements. The owner should follow up with the resort closer to the time of booking to make sure the resort managers are aware of the guest's arrival and ensure there are no surprises upon check-in.
For the Long Term
This would be handled similar to the sale of a timeshare, with ownership changing hands to the family member. When owners proceed to a stage in life where it is no longer feasible for them to retain timeshare ownership, they may look to transfer ownership to their children - who would already have lasting memories of fabulous family vacations as they were growing up. Ownership would basically be passed down to the next generation and allow them to create their own vacation experiences with their children.
Because ownership would need to be changed, in most cases this would be handled in a formal process with particulars such as a signed contract, deed recording and resort notification. It would take place similar to the closing of a property sale, only no money would be changing hands. However, because of the complexities involved, you may want to hire a closing company to handle the process for you, for a fee. Recommended closing companies would be Chicago Title Timeshare, First American Title Company or Stewart Vacation Ownership. Any of these companies can assist you with your transfer needs.
If you have a right-to-use ownership interest, where there is no deed involved, the process will be much easier and could be handled by the resort through a simple paperwork process. However, it's best to check with the resort to find out the proper procedure first before embarking on a transfer.
It is relatively simple for you as an owner to assess "how to transfer my timeshare to a family member" and once this is accomplished, you'll be giving a special experience of a vacation to the ones closest to you - a gift they will be able to enjoy and remember for years to come.