In RFID system a tag is attached to an object which might own by a number of owners during its life time. This requires the RFID system to transfer ownership of the tag to its new owner. The ownership transfer has to protect privacy of current and new owner. Many ownership tag ownership transfer exists in the literature, however, most of them are impractical or insecure to implement on current passive RFID tags. We are proposing a timer based ownership transfer protocol for closed loop RFID systems. The proposal in this paper includes two implement scenario to cover diverse tags type. The protocol will ensure security and privacy of involved parties in the idle circumstances. Our comparison shows that the proposed protocol is more secure and practical than existing similar ones.