Timeshare Seller FAQ
Most frequently asked questions from sellers
- How do I resell my timeshare?
- Who pays the transfer fee when reselling timeshare?
- Do I have to notify the resort?
- Who liases the contracts?
- Where is the money held until completion?
- Where do I send my ownership documents?
- Who deals with the offer procedure?
- How long will it take to resell my timeshare?
- How long does the sale procedure take?
- Can I resell my timeshare ownership while banked?
- How do I resell my ownership if the joint member is deceased?
- Do I have to pay my maintenance fees whilst I am reselling?
- How is payment made upon completion?
- Can I resell my timeshare ownership if I do not have my Ownership documents?
- Do I need a solicitor to handle the paperwork?
- Can I resell my ownership if I have finance oustanding?
- What security do I have when selling through Visions of the World?
- Why should I resell my timeshare through Visions of the World?
How do I resell my timeshare?
If you have been asking yourself the question "How do I resell my Timeshare?" for some time now the wait is over. The answer is pretty simple, your timeshare or vacation ownership has to be marketed to as many customers as possible through an extensive International marketing program. The greater number of clients who see that your ownership is for sale the more chance you have of selling. Also the buyers have to be targeted specifically to their desired property request, Visions of the World have developed the only solution to acquire these clients directly to your ownership for sale.
Who pays the transfer fee when reselling timeshare?
When dealing with Visions of the World the seller does not pay the transfer fee that is applicable for their timeshare or vacation ownership program. The transfer fee maybe named in many different ways, resort update fee, owner modification fee and so on, however if this is the fee to transfer the ownership from the exsisting owners name to the new owner we at Visions of the World deem this to be the transfer fee, and this is not payable by the owner unless stated within their agreement.
Do I have to notify the resort?
When selling your timeshare or vacation ownership through Visions of the World the owner does not have to notify the resort. We are a full service timeshare resale company and provide all the necessary work to transfer your ownership in its entirety from your name to the new owners name. This includes any paperwork or documents requested by the resort to finalise the transfer of ownership.
Who liases the contracts?
Because we are a full service timeshare resale company all contracts are liased through ourselves via the escrow company First National Trustee Company who we use. Contracts are sent to you the owner from our Head Office once a sale price has been agreed and both parties are happy to proceed. Once the contracts are received back from you the seller, our contracts department will file them and commence with the transfer procedure. Again we provide a full service from start to finish in all aspects of the sale.
Where is the money held until completion?
Visions of the World employ the services of the First National Trustee Company to act as stakeholder for all sales transactions conducted. All monies are held within the escrow account at the First National Trustee Company until such a time that the resort or trustee liable for the transfer of ownership, has confirmed that the transfer has been completed. We have been liasing with the First National Trustee Company for more than a decade, and have one of the best working relationships in the timeshare industry.
Where do I send my ownership documents?
You will retain your ownership documents until a buyer has been acquired, we will only ask for copies intially to confirm verification of your ownership. Once a sale has been agreed, Visions of the World will send contracts to the owners with details of the procedure. Within these documents you will be asked to complete the contracts and return them by secured post (signed for at our end), along with your original ownership document duly signed.
Who deals with the offer made by the buyer?
Visions of the World will deal with all negotiations on behalf of the seller. Once the buyer has made an offer the sales consultant will call the seller and present the offer. If you are happy to accept the offer the sales consultant will confirm your details for the contract. Once confirmed the sales consultant will contact the buyer and confirm once again with them that the offer has been accepted and the contracts will be either emailed or posted depending on your country of residence.
How long will it take to resell my timeshare?
This is a very hard question to answer. There are many factors that contribute to the length of time that it takes to sell a timeshare or vacation ownership program. For example, if you have a timeshare in a location that is exclusive, and at a time of year when there is a holiday or festival it is likely to sell quicker than a timeshare or vacation ownership that is in a location where there are many up for sale, or if you own a less desireable time of the year. Also depending on the resale price that you fix on your ownership when coming to sell, it may take longer if the price is unrealistic for the current market trends. In some cases properties can be sold within a matter of days, and others may take sometime. It would be unfair to give an exact time span as we would never know the precise amount of time it would take to sell a timeshare ownership.
How long does the sales procedure take?
The sales procedure will take approximately 8 to 12 weeks, however this will depend hugely on the resort and transfer procedure adopted by the resort in question. In some cases transfers can be closed in a timely fashion if the resort has a transfer that is executed on the original ownership document, however if the resort has further paperwork that needs to be completed above and beyond the ownership document this will depend on the speed at which the documents are dispatched, and whether the documents need to be notarised, or witnessed. We always aim to complete the sales procedure as soon as possible.
Can I resell my timeshare ownership while banked?
We suggest that the best way to advertise and market a timeshare or vacation ownership program is for the ownership to be available to use from the year that you are selling. However if we are made aware of a deposit or banking and you are making it available within the sale price, when a potential purchaser enquires about your reference for sale we will advice them of the current banking situation. If when you place your property or vacation club for sale with Visions of the World the ownership is not banked, and then subsequently you deposit or bank your ownership please inform Visions of the World so that we can amend our records accordingly.
How do I sell my ownership if the joint member is deceased?
This will depend on the ownership format. If the timeshare or vacation ownership is issued on a membership certificate from a trustee such as First National Trustee Company, you will in most cases need to supply a copy of the death certificate. If the ownership is issued in the form of a deed recorded by a county court as in the United States you may be asked to provide a copy of the death certificate along with a power of attorney for the executor of the estate. Again this will vary from Country to Country, State to State and Resort to Resort so please request information from our contracts department if needed to confirm the exact procedure.
Do I have to pay my maintenance fees whilst I am reselling?
Visions of the World recommend that all annual dues such as maintenance fees and levies are paid in full so that the ownership is current and upto date. If you are having issues with paying your maintenance fees talk to one of our representives to discuss the options available. If you have outstanding fees upon us agreeing a sale for you, the maintenance fees or levies can be deducted from the sale proceeds to cover the oustanding debt. Annual fees due for a year that correspond with the year that you are selling i.e., if your annual fees are outstanding for 2011 and you are selling that year to a new owner, the new owner will be due to pay that year as they are taking up ownership from that given year.
How is payment made upon completion?
The standard procedure for payments upon the completion or close of a sale is made by First National Trustee Company in the form of a cheque for the amount due as per the contract signed by yourself prior to the sales completion. First National Trustee Company are happy to transfer or wire the monies to a designated bank account with written authorisation prior to the completion of the transfer if requested. If not requested the standard procedure will be followed.
Can I resell my timeshare if I do not have my ownership documents?
Yes you can. The procedure will differ depending on the resort where you have purchased your ownership. Some resorts will ask for an indemnification to be signed prior to the transfer being acknowledged, some will ask for a new membership certificate to be issued, and in the case of deeded properties in the US a copy will suffice. Again this will depend on where your ownership is located, however all timeshare resorts have a procedure for such an event and in some cases there maybe a small cost involved. We suggest that you speak to one of our legal department to clarify the procedure with your ownership.
Do I need a solicitor to handle the paperwork?
It is entirely upto you. There is no need for you to use an independent solicitor, however if you feel it necessary to do so that is completely acceptable. If you decide to use your solicitor and there is a cost bourne from their services, the liability for this cost lies with you the owner. We would also ask that if a solicitor is acting on your behalf that they liase with our legal department and the First National Trustee Company to keep all parties involved within the loop.
Can I resell my ownership if I have finance outstanding?
Yes you can. If there is outstanding finance on the property you own that is not a problem at all. The First National Trustee Company liase payment of all outstanding debts before the timeshare is transferred. For example, if you have a loan of £6000 secured on the property that you are selling you would have to sell for more than the outstanding finance so that the stakeholder could clear the debt from the monies due to you. However if you have a loan that is not secured against the ownership which you are selling there is no need to clear the loan before the transfer has taken place.
What security do I have when reselling through Visions of the World?
Visions of the World have used the First National Trustee Company for more than 10 years as stakeholder and are recommended to there 650,000 consumers as the only Timeshare Resale Company to use. Coupled with our continued membership to the RDO (Resort Development Organisation) for European consumers, ARDA (American Resort Developement Association) for American consumers and CRDA (Canadian Resort Development Association) for Canadian consumers, we are standing up within our industry and committing to all legislation, to better serve you our client.
Why should I resell my timeshare through Visions of the World?
We believe that by using Visions of the World you have made the right choice for many reasons. We are the fastest growing timeshare resale company in the World, also we are ranked above all European timeshare resale companies for traffic to our website through Alexa.com an independent tracker of websites, we are the only European Timeshare Resales Company to be member of all three main northern hemishpere timeshare governing bodies. We can give you all the reasons why you should use Visions of the World over any other Timeshare Resale company, it is your choice whether you make the right decision or not.
Go back to Information on Timeshare
