If you have found timeshare points, week or weeks you want privately transfer. Travel & Leisure Group offer both private individuals and businesses a full legal transfer of ownership service at very reasonable prices. The question many private buyers and sellers ask is “why do I need a transfer of ownership service?”
The difficulty with private sales is who will be holding the money, when and where.
The seller must assign their ownership documents to the purchaser. This documentation will then be sent to the resort or their trustees for transfer to the purchasers name. This is a very simplistic example as most developers have nowadays complicated transfers even for club ownership. In case of foreign “escritura” (land registered title), American Warranty Deeds and other similar complex ownership structures, to do it privately is extremely difficult without the correct knowledge.
Sellers are unlikely to take such action unless they receive the purchase money first. On the other hand buyers are reluctant to part with the money just based on a letter of intent or verbal agreement. Buyers could be left with no money and no timeshare if they paid up front. The same applies to sellers who could be left with no ownership and no monies, if they did not get paid up front.
All funds held in solicitors hands
Once you decide on buying privately use Travel & Leisure Group transfer of ownership service and you can be sure you are in safe hands. To our knowledge we are the only company where purchase monies are deposited in an escrow account. Administered by an independent solicitor, Wayman and Long of Clare, Suffolk.
How does an Escrow account work?
An Escrow account is where buyers monies in their entirety are deposited in a clients account. Administered by a solicitor, it is only released upon submission of the ownership document transferred into the name of the new owner(s). With an Escrow account, buyers pay direct to the solicitor, so there is no temptation for resale companies to use clients monies as cash flow. Once in Escrow the monies cannot be withdrawn until completion of sale, when the vendor is paid and commission to the reseller released. This is the only way to ensure both parties in the transaction are fully protected.
The staff in our legal department have many years of experience in transferring Portuguese and Spanish Land Registered Deeds (Escrituras) and American Title. Even club transfers can nowadays be extremely complex and costly.
If you are unsure of how much the resort fee is (the charge made by the resort to transfer the ownership), just give Travel & Leisure Group transfer of ownership department a call before you buy and they will advise you. Some resorts nowadays charge very high transfer fees. Make sure of how much before you commit yourself. Just give Travel & Leisure Group a call, we are here to help.
Travel & Leisure Group transfer of ownership conveyancing fee ranges from £295 to £395 inc VAT depending on type of transfer process, plus the added cost of the specific resort fee. The option of solicitors escrow account is available at an additional small cost should the purchase monies need to be held until completion of sale.