Title Transfer Holding | How to Sell a Timeshare for Free

A timeshare is a form of ownership in a property in which different individuals pay for rights to use the property certain weeks of the year. As with many real estate transactions, attempting to sell your weeks at a timeshare property for free has its challenges. However, with a little work and initiative you can sell your timeshare without spending too much extra money.

1) Finding A BuyerReview your agreement. 

 Before you can sell your timeshare, take some time to review your agreement. This will make your rights as a timeshare owner apparent. You will know whether or not you can sell the timeshare.

• If you have a deeded timeshare, you are considered an exclusive owner of the property. This means you can sell your timeshare.
• However, if you have a leased timeshare you are unable to sell. You'll have to keep paying for your timeshare for a certain number of years until the lease expires.

Ask your property manager about in-house options.

Contact the property manager of your timeshare and ask him about in-house options. Some timeshare companies offer services in which those who are interested in selling their timeshares are matched with potential buyers. This is probably the easiest way to sell a timeshare as contracts and negotiations are dealt with by the original company. However, if you're looking to sell a timeshare for free this might not be a good option for you. Some timeshare companies do charge fees for in-house sales.

Advertise the property. If you've determined you can sell your timeshare and do not want to use an in-house option, you need to advertise. This can help you find potential buyers for your timeshare.

• The easiest way to advertise is online. Find a reputable group, like Timeshare Users Group, and post about your timeshare there. However, keep in mind some users groups do charge fees.
• You can also use free sites like e-bay to advertise your timeshare. Just be sure to use precaution when dealing with strangers online. Watch for telltale signs of scammers, such as poor English and a willingness to pay without seeing the property.
• You can also advertise in a local newspaper. If you live in an area where you believe people might be interested in purchasing a timeshare, this can be a great way to sell your timeshare. However, this may cost a small amount of money.

2) Ensuring a Legal Transaction

Do not pay upfront fees. Many companies offer to help you sell your timeshare. They will offer fast sales and fast money. However, such companies do not do much more than post your timeshare online, which you could do yourself for free. 

 

• Companies will demand a pricey upfront fee to sell your timeshare. It is listed in a variety of ways, such as a listing fee, appraisal, or title fee. However its listed, any upfront fee is usually the sign of a scam.
• You should only go through your original company to sell your timeshare or try to sell it on your own. This is the cheapest, easiest way to sell a timeshare.

Write up a new contract. Once you find a buyer, you'll have to draft a new contract. This will shift payment and responsibility onto a new owner.

• A contract should specify when the buyer can use the timeshare and how much money the buyer owes you. It should also specify how payments should be made. You can try writing a contract on your own. There are many contract templates you can download online that deal with timeshare sales.
• There are some companies that can deal with closing a contract for you. However, these are costly and should be avoided if you're looking to sell for free.
• If you don't have experience in contracts, you may want to talk to a lawyer. While there will be a cost for consulting a lawyer, if you look for an affordable business lawyer for a onetime consultation. This should not cost too much and a lawyer may even answer a few questions for free over the phone.

Deal with your loan. If you still have a loan on a timeshare, don't expect a new buyer to take over your loan. Before you can sell your timeshare, you'll need to figure out how to deal with your loan.

• If you have a personal loan rather than a secured loan, you do not need to pay the timeshare off before selling it. If you have a personal loan, the best course of action may be to simply sell the timeshare and put the money you sold it for towards paying off your loan.
• If you don't have a personal loan, you have to make a decision about how to deal with the loan prior to selling your timeshare. If your loan amount exceeds how much you can sell the timeshare for, you may want to hold off on selling until the loan is down to a reasonable amount. You can talk to your property manager about refinancing the loan to make payments more manageable if you're struggling to keep up with your bills.
• Your lender may allow you to do a short sale of your timeshare. This is usually offered if the cost of the mortgage is greater than the cost of the time share. You would still have to pay the remaining loan after selling the time share but would be free of other financial obligations regarding the timeshare.

Close the sale. Once you've made a decision regarding selling a time share, you need to go through a closing process similar to when you sell a house. If you're unfamiliar with real estate deals, consider using a one time closing company. While there will be a fee of somewhere around $300, it might be worth the money. However, if you want to save money you can buy software for around $115 that walks you through the paperwork involved in closing a timeshare. It might be a good idea to have an attorney look over any documents related to a time share's closing to ensure the sale is legal.

 

3) Exploring Other Options

Consider renting. If you're unable to sell your timeshare for any reason, renting can be a viable option. If you know you'll no longer be able to use your timeshare, offer to rent the space to someone as a vacation rental. Keep in mind that if you rent your timeshare, you'll still be responsible for maintenance costs.

 

 

Look into donating. If you're unable to sell your timeshare, you can donate it. You can allow a friend to use the time share or actually make an effort to donate it to charity.

• You can allow a friend or family member to use the timeshare the years you cannot make it. This way, while you'll still be stuck with an unwanted timeshare, it won't be a complete waste.
• If allowed in your contract, you can also donate your timeshare to a charitable organization. Keep in mind this process is actually somewhat expensive as there are fees associated with the donation process. There are also little tax benefits associated with donating a timeshare. However, if you can't find a buyer donating a timeshare does free you from annual fees associated with your timeshare. 
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• Make sure any alternative options are allowed in your contract. You should always defer to the original contract when making decisions about your timeshare. Make sure there are no restrictions on renting or gifting your timeshare in the original contract.