How are Timeshare Sales executed ?

[Smacken]

Does anyone have a quick process explaination of
buying someones timeshare ?

I have spoken with a current owner and have
Name, Address, phone #'s, week details etc. But still a bit nervous.
Should I be ?

Wondering about title's and deeds and such.

Fell in love with paradise a few weeks ago and
really want to have a little bit of it for a week a year.

Thanks in advance.

Steve

[qlaval]

Go on http://www.tugbbs.com/forums/ to learn about Timesharing, this place is a must...

[cindyo]

Maybe if you tell us what location you are thinking of therer might be some owners out there that can give you very specific info....
We own at the Renniassance which has their own set of rules and timeshare stuff. My suggestion is post the place and members will "find You" so to speak.

[dogwriter]

We just purchased at Casa Del Mar and the paperwork is in progress. Purchased from owner, face to face, needed to get deed signed and notarized from seller and buyer and sent to CDM. They are sending new user's agreement, deed and application. We sign and return. They countersign and send official deed. Process is long, but we are listed as owners already and have banked this year to double-up next summer.
Walt

[danadog56]

just listed a title share company on another question,,,,http://timesharetitle.com
You can either pay a research fee and they make sure all documents are in order or just use them as a middleman to pass money and title back and forth....very reliable...

[Smacken]

Thanks DD,
I completed an on-line contact form with them early on 4-2-08.
Haven't had any response from them at all.
Would have expected at least an electronic acknowledgement
of having received the form and info.
Even an automatically generated one. Hmmmm
I'll let you all know.

Hope I don't miss my chance in paradise.
Feel bad for the seller. He must feel like I'm stringing him along.

S

[skompa]

I have recently sold a few timeshares to try generate some income to pay for my son's medical expenses. (didnt make a dent into our over million dollar bills, but i can now afford to send them a hundred a week so they dont report me to the collection agency.)

There are different procedures for different places. I have used First American Title Insurance Agency. They do these everyday. They are very helpful. They hold the money in escrow until it settles and then send you a nice check. The settlement fees are only a few hundred bucks.

https://www.vacationfirst.firstam.com/

They are recommended by redweek.com too.

[aruba here I come]

I have been going over the thought to buy some time share in aruba, Just looking for some info that might be helpful. Have been doing some searching but...

1) Where would you purchase/not purchase time share?

2) Do you perfer flex/floating/or a set week? and Why?

3) Can they be financed? What is the going rate for financing? how long do they finance for?

4) If you do have time share, if you dont use it, hard to rent? or do you just bank it?

5) any fees involved in transfer from one owner to another?

6) I see that some are 99yrs (what I would perefer) and 20 years, does that depend on the place or other?


anything eles you can think of that might be helpful would be great...
thanks in advance!

[cindyo]

Originally Posted by aruba here I come

I have been going over the thought to buy some time share in aruba, Just looking for some info that might be helpful. Have been doing some searching but...

1) Where would you purchase/not purchase time share? We own at the Rennaisaance

2) Do you perfer flex/floating/or a set week? and Why? Set week, we know tha airlines, its school vacation for us. We get to travel with the same people and know lots of other travelers at our resort that way.

3) Can they be financed? What is the going rate for financing? how long do they finance for? We paid cash

4) If you do have time share, if you dont use it, hard to rent? or do you just bank it? This site offers lots of options as to renting out. NO, not hard to rent if you get the "right week". you can also join rental places that will do it for you, RCR and intervale. Redweek.com also handles rentals. You state the price.

5) any fees involved in transfer from one owner to another? Fee's involving transfering of weeks for high to high season, and change of week. Varies by location I believe.

6) I see that some are 99yrs (what I would perefer) and 20 years, does that depend on the place or other? Depends on the place...deeded vs not, etc. I don't know the answer to this one..


anything eles you can think of that might be helpful would be great...
thanks in advance!

Check on maint. fees, that varies by location and by what "needs" to get done to the place...ie: new furniture, new ac, etc...impt to know.
Additonal acessments, one time charges, meetings of owners and updates from association, etc...
I am sure others will chime in because I am certainly not an expert.


My answers are in RED...cindy

[Bill]

3) Can they be financed? What is the going rate for financing? how long do they finance for?

We paid half then financed the remainder at 0%, better in my pocket. I forget the percentage they charge if you pay less than half.