Timeshares are appealing to many people because they offer flexibility for vacation enjoyment. But they are not like rental motels or cottages. A timeshare is a home, even though you share it with other people, usually on a weekly basis. Therefore, there are the legal forms you need for buying and selling your vacation paradise. Whether you own a deeded or leased property, the timeshare is your own piece of real estate. It is something you buy, sell, rent or give away to loved ones.
Deeded and leased properties are the two most common kinds of timeshares. When the property is deeded, it is owned by the purchaser and never expires. It can be sold, transferred or given away as a gift. The signed deed is recorded with the county where the timeshare is located. A leased property gives the purchaser a set period of time to use the timeshare. The period, according to state laws, is typically anywhere between 20 or 99 years. The developer or owner of the timeshare resort is actually the owner of the deed.
There are several kinds of deeds you can use to buy or sell timeshares. Quitclaim and fee simple deeds are used among people who know each other well and the property is not complicated. When dealing with people you don't know, legal experts recommend a warranty deed, especially if you are not familiar with the property. A seller can pick up deed forms in an office supply store or through the local clerk of courts. Check with county officials or your legal representative.
A quitclaim deed is the most convenient and is often used when transferring the deed to relatives. It needs no legal representation. The deed is recorded by local officials when signed by each party. People who no longer need the timeshare, and don't mind giving it away for free back to the timeshare resort also use quitclaim deeds. A fee simple deed guarantees the buyer ownership and all the rights that accompany the real estate. However, the fee simple deed may not guarantee that the property has no liens or mortgages. The buyer may be content to accept the property, as is.
When not dealing with relatives or timeshare resorts, it might be best to use a warranty deed. This kind of deed guarantees the buyer has a clear title to the property and that the seller has the right to sell the piece of real estate. The guarantee stems back to the origins of the property.
Even with written deals between the two parties, timeshare owners sometimes prefer using professional services to make the closing process more secure. Such services use an attorney in the preparation of contracts, documents, closing statements, escrow service, transferring tax forms, recording the transfer properly, notifying the resort of the closing and filing all legal sale reports.