A timeshare transfer is the process of transferring your timeshare outright to other persons or adding a co-owner to your timeshare.
It’s very comparable to transferring a standard property deed, after all, timeshare transfers are done using deeds. For more about transferring deeds in Maryland in general, check out my article on how to transfer deeds.
For the overly simplified version, transferring a deed is simply drafting a deed, executing it, recording it, and paying transfer taxes.
Transferring a timeshare in Maryland works much the same way. However, there are some different issues that are raised. The intent of this article is to explore these issues. Let’s get into it.
Can I Transfer My Timeshare Whenever I Want?
In most cases, no. The resort or organization you purchased your timeshare from most likely retained the right to approve of your decision to add or remove owners. In addition, they generally charge a fee. But they generally do not charge you and approve your transfer until after you’ve brought them an already executed timeshare deed.
Does The Privileges & Burden of My Timeshare Transfer With It?
Yes. Both the privileges and burdens that come with the timeshare are transferred to the transferee. As with any real estate transfer. But this is particularly important to consider before transferring timeshares because there are maintenance costs and it may be difficult to get out of the timeshare once they are in. People who are being added to timeshare transfers should know what they are getting into. Everyone loves staying at resorts. But not everyone loves paying annual dues.
Do I Have To Hire An Attorney To Do My Timeshare Transfer?
In most cases your resort will not draft the necessary documents to transfer your timeshare for you. It is possible for you to draft your own timeshare deed, but I highly recommend consulting with an experienced title or real estate attorney to make sure it’s done right.
Do I Have To Pay Transfer Taxes When Transferring my Timeshare?
Maybe. The State charges recordation and transfer taxes on timeshares. The charges are based on the assessed value of the value of your timeshare. However, in many timeshare transfers, the intended recipient may qualify you for a. transfer tax exemption For instance, transfers to close family members such as spouses, siblings, parents, and children are exempt from State recordation and transfer taxes.
Whether or not you’ll be charged County transfer taxes varies from County to County. Some explicitly do not charge for timeshare transfers.
If you have questions about how much your transfer taxes will be I recommend consulting with an attorney.
How Long Does The Timeshare Transfer Process Take?
It depends. The biggest bottleneck seems to be the County recordation office. It can take up to 90 days to get the transfer deed back from the County. (Sometimes it can take as little as two weeks). From there, it’s a how fast your resort approves.
Need Help Transferring your Timeshare In Maryland?
Consider contacting us. We would love to help. 🙂
Latest posts by Brian (see all)
- Maryland’s New 10 Day Notice of Intent To File Failure To Pay Rent Complaint Explained - December 25, 2021
- LLCs For Out of State Rental Properties ~ Thought Bomb! 💣 - November 28, 2021
- DMV Does LLCs 101 – Your LLC Questions Answered – Teachable Tuesday 10/26/2021 - October 31, 2021