Have you found timeshare points, fractional ownership, or timeshare 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 knowing whether your monies will be safe.
The seller must assign their ownership documents to the purchaser. This documentation will then be sent to the resort or their trustees for the transfer of ownership to take place. However, this is a very simplistic example. Many developers now have complex procedures even for club ownership. In the case of an “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 monies first. Similarly, buyers are reluctant to part with the money on the basis of a letter of intent or verbal agreement. Buyers could be left with no money and no timeshare if they pay up front. The same applies to sellers who could be left with no ownership and no monies, if they do not receive money up front.
All Funds Held in Solicitors’ Hands
Once you decide on buying privately, use Travel & Leisure Group’s transfer of ownership service. This way, you can be sure you are in safe hands. To our knowledge, we are the only company where purchase monies are deposited in a solicitors’ escrow account. Ours is administered by independent solicitors Wayman & Long of Clare, Suffolk.
How Does an Escrow Account Work?
An escrow account is a safe and independent facility for holding buyers’ monies. The solicitor or trustee in charge will only release these monies to the seller when they receive satisfactory confirmation that the transfer of ownership is complete.
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 Once in escrow, the monies cannot be withdrawn until completion of sale, when the seller receives their money and the resale agent receives any commissions due. This is the best way to ensure that both parties enjoy full protection.
Our in-house Legal Department has many years’ experience in transfer of ownership. No matter whether it is a simple Club Certificate, Escritura, or American Warranty Deed, we can help.
If you are unsure of how much the resort’s transfer fee is, just give the Travel & Leisure Group transfer of ownership department a call. 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.
The Travel & Leisure Group transfer of ownership/conveyancing fee ranges from £295 to £395 inc. VAT depending on type of transfer process. On top of this will be the resort’s transfer fee. Our solicitors’ escrow account is available at an additional small cost should the purchase monies need to be held until completion of sale.