Frequently Asked Questions

Can you explain to me the timeshare transfer process?
We provide both parties of the transfer with a Contract that you will complete with the agreed terms, sign and return to us. In addition, you are provided a “Sellers Authorization Release Form”, which you sign and return to us. This form is sent to the resort, for verification of the property and to obtain information on any outstanding fees that may hold up or delay the transfer. We then create the transfer documents and send the required paperwork including copies of the contract to both parties for signature with a request for the funds needed for to be placed in third-party escrow account. Upon receipt of the completed and signed transfer document from the Seller, we carefully review the documents to insure accuracy. Next, the transfer documents are recorded with the appropriate State and local agencies.   Upon receiving the deed from the appropriate agency, we send a letter notifying the Resort of the change of ownership. A copy of the deed is also sent to the resort at this time. The deed to the property is then sent to the timeshare buyer.

Seller FAQs

Who is responsible for paying the transfer fee charged by the resort?
Resorts may charge a fee to transfer the ownership of a timeshare unit.  The terms of payment for transfer fees are determined in the contract between the transferor and the transferee.

Is Title Insurance provided?
We can provide information or refer you to a nationally accredited title insurance company. Costs will vary.

Buyer FAQs

Who pays the recording fees and recording fee taxes?
These are included in our Closing Fee, which in most cases is $495.

Who is responsible for paying a transfer fee levied by the resort?
In the instance where the resort  levies a transfer fee, payment can be done by either the buyer or the seller or shared by both parties.  We will process the fee as agreed by both parties. We typically send the fee to the Resort along with our transfer documents.

How is it determined if the maintenance fees and property taxes have been paid to date?
Preferred Transfers requests an Estoppel Letter from the resort which discloses the status of taxes and other fees. Unlike most timeshare closing companies, our Estoppel Letter/Resort Disclosure Packet is included in the price of our service which provides you with an added measure of security during a timeshare purchase.

Frequently Used Terms

Title Insurance
Contract by which a private title insurance company agrees to pay the insured a specified amount for any loss caused by defects of title to real estate, wherein the insured has an interest as purchaser, mortgagee, or otherwise.

Tenancy by the Entirety

A tenancy which is created between husband and wife and by which together they hold title to the whole with right of survivorship so that, upon death of either, the other takes whole to exclusion of deceased heirs.

Joint Tenancy
The distinguishing characteristic of joint tenancy is the right of survivorship. If one of the joint tenants dies, their interest passes automatically to the surviving party avoiding any probate proceedings. When two or more people own a property as joint tenants, they own an undivided co-equal interest in the property.

Tenancy In Common
A standard form of ownership for unrelated buyers that is generally presumed to be the way they hold title if nothing else appears to the contrary. The shares are presumed to be equal unless stated otherwise on the deed, and each of the tenants has equal rights of possession. There is no right of survivorship.

Transferring Title
Convey real property from one party to another as a legal document – Quit Claim Deed or Warranty Deed.

Quit Claim Deed
Deed that transfers whatever interest or title a grantor may have, without warranty or guarantee of clear title.

Warranty Deed
Deed that provides a guarantee from the seller stating clear and marketable title to the property and is conveying the property free of all judgments, tax or assessment liens.

Grantor and Grantee
The Grantor is the person conveying the property; the Grantee is the person receiving the property.