While in the process of transferring or selling your Ownership, quite a few terms may appear that you will need to understand as well as share with your intended transfer party or buyer. Fortunately, Ownership transfer terminology doesn’t have to be confusing!
Here we break down some of important terms to know:
• Vacation Ownership– A term often used to describe possessing a timeshare resort
• Home Owners Association (HOA)– A group of owners and board members that administer the rules and regulations of a resort. An HOA is often required by state laws
• Maintenance Fee– A fee that timeshare owners are required to pay, typically on a yearly basis, in order to cover the costs of running the resort such as daily management, upkeep, and improvements
• Resale– A vacation ownership interest sold on the secondary market by the original purchaser to a third party
• Grantor— The person that makes a grant or a conveyance (an Owner)
• Grantee— The person to whom a grant or conveyance is made (who an Owner would like to pass their Ownership onto)
• Rescission– Sometimes referred to as a “cooling off” period, it is a specified amount of time that acts as protection for the consumer in which a buyer has the right to cancel a purchase and obtain a full refund of their deposit. Recession times vary from state to state but usually range from 5-7 days.
Please call the professionals at Advanced Financial Experts (AFC), our in-house partners that handle title transfers, at (800) 234-6222. They have all the information, resources, and advice you need to make your Ownership transfer process as easy as…well, taking a vacation.