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Frequently asked questions, answered.
What is the Transfer of Ownership Process?
Marriott Vacation Worldwide (MVW) does the transfer of ownership from their head offices in Florida and the process takes about 90 days to complete.
- Getting an offer is a great feeling but for us, the work is just beginning. We will confirm to you in writing the exact net amount which you will receive upon completion, and once agreement is reached our transaction coordinator will contact you to collect all the necessary information for the contract preparation.
- Before the end of the mandatory 14 days’ withdrawal period, we are asking the Buyers to transfer onto the escrow account the full purchase amount. All monies will stay blocked until completion of the transfer of ownership.
- From the moment the funds are placed into the account, the agreements will be sent to Marriott for review, also referred as to “Right of First Refusal” period (ROFR); this typically takes 4 weeks. If Marriott choose to waive their “Right of First Refusal” we can then move on with the procedure and the complete file will then be sent via secured postal mail to MVW in Florida.
- In about another 4 weeks of time, we should receive from MVW a document named Holiday Ownership Transfer Agreement (HOTA). Upon receipt, we will forward it to you and the buyers for original signatures. This original document should be returned to us and after verification we will send it back to MVW in Florida.
- We’ve now reached the final step of the transfer of ownership procedure and we will have to wait another 4 weeks for Marriott to complete the transaction. The funds will then be released to your Bank account, and the Buyers will receive home their new timeshare ownership certificate.
What does Right of First Refusal (ROFR) mean?
Marriott’s timeshare buy back policy is also referred to as Right of First Refusal. Before any Marriott timeshare can be sold, the agreements must be sent to Marriott for review. Marriott has a limited number of days to review the contracts and in that time, if they decided to, they can purchase the property based on the terms of the sales contract. The funds will then be refunded to the buyers, and you, the seller, will proceed with the transaction, but with Marriott as the new buyer.
On the other hand, if Marriott waive their ROFR, the original sale can proceed. In either case, you will receive the same amount for the sale of your timeshare.