Timeshares are often used when it comes to summer homes or vacation spots, where you get ownership of a place for a certain amount of time, and someone else gets it in the rest. For example, if you timeshare a beach house for the summer months, that means you can own it and use it from June-August and then you can’t use it after or before that.
When someone else wants to use your slot of the timeshare in what’s called timeshare transfers, it often requires some negotiation between all the parties involved. Timeshare transfers, whether temporary or permanent, can be a little messy in terms of the paperwork and communication. However, there is a proper way of going about them.
For the short term, you just need to contact the owner of the place being timeshared and then let them know that someone else will be using the place. Give the owner their names and information, and that is that. As long as everyone is kept in the loop it is perfectly acceptable to transfer a timeshare to another person.
The long term can be a little trickier, and you are essentially signing a whole new contract for the people you are transferring it too. If you are giving the timeshare of the aforementioned beach house to your children, then you’d need to contact the original owners and create a new contract with your children as the timesharing party.
The terms of the contract should be relatively the same, and once everything is signed and agreed upon then your children can use the beach house in the summer. Transferring timeshares requires some communication and discussion, but it is fairly easy to do between two non-business parties. Then everything can get back to the new version of normal.