Timeshares are typically condos, but can be any type of real estate that multiple people own. Each of the owners gets a certain number of weeks per year when they can use the timeshare. Using this multiple-owner method, an otherwise expensive piece of property becomes more affordable. Because each person "owns" their time, they can sell their time to other people if desired. The biggest challenge of selling a timeshare in Florida is locating a buyer.
Pay off the mortgage on the timeshare, if applicable. You cannot transfer the deed for a timeshare in Florida until you legally own the property free and clear. If you think the final sales price will cover the mortgage you can skip this step, but be prepared to come up with the money in case it doesn't.
Decide on a sales price for the timeshare by looking at current sales ads for the area your timeshare is located in. You can also look up recent property transactions at the courthouse in the county where the timeshare is located. According to the Timeshare User's Group website, most time shares sell for 30 to 50 percent less than the original purchase price.
Write up a sales ad for the timeshare. Include information about the price, annual maintenance fees, the number and dates of weeks the new owner will receive, the location and any resort amenities such as pools, restaurants, etc. If the timeshare is in a coastal location, describe how far away it is from the beach.
Post the sales ad in local newspapers, as well as bulletin boards around the actual timeshare to try and attract potential buyers. You can also place the ad on a website that specializes in selling timeshares such as the ones listed in the Resources section.
Reach an agreement with the buyer and write up a purchase agreement. It's a good idea to have a real estate lawyer draw this up for you to make sure that it includes all of the necessary information.
Present the sales agreement to the owners of the resort, if the timeshare is located in one, and see if they want to buy it. This is called the Right to First Refusal. If the resort waives their buying rights, have them sign a document stating that and proceed with the sale of the timeshare.
Collect the sales money from the buyer, pay off the existing mortgage and transfer the deed at the county courthouse to the new owner.
You do not need to have the timeshare appraised before selling it like you would with traditional real estate.
- condo building image by Betty Oesterling from Fotolia.com