Buying a timeshare/private transaction

If I buy this timeshare in Puerto Rico from someone that lives in NY where I live , what do I need to do besides just giving them the money? Do I need to do something with the Hyatt chain ? I need some good advice

Tom S.

No, I definitely wouldn't just send them the money.

Many people use a timeshare closing company such as American Title or www.timesharetransfer.com to handle the closing and provide escrow (holding of monies until the transaction is complete)

If you prefer not using a closing company you can download a sales agreement from www.tstoday.com with complete instructions included.

R P.

Last edited by jayjay on Feb 10, 2007 07:14 AM

jayjay wrote:
No, I definitely wouldn't just send them the money.
Many people use a timeshare closing company such as American Title or www.timesharetransfer.com to handle the closing and provide escrow (holding of monies until the transaction is complete)
If you prefer not using a closing company you can download a sales agreement from www.tstoday.com with complete instructions included.

jayjay, Do these forms apply to a timeshare being sold that is not in the US? Besides money is there any other advantage to going through a company?

Marie G.

In such a situation (and to be on the safe side) I would use a trimeshare closing company. They know all the criteria needed for such a transaction since closing timeshares is their business. Redweek uses American Title. Also www.timesharetransfer.com has a good reputation.

marieg22 wrote:
jayjay, Do these forms apply to a timeshare being sold that is not in the US? Besides money is there any other advantage to going through a company?

R P.

marieg22 wrote:
jayjay, Do these forms apply to a timeshare being sold that is not in the US? Besides money is there any other advantage to going through a company?

I am not an attorney, but to use Costa Rica as an example, you have to use a local attorney there, and other legal details apply.

However, PR is part of the USA. The locals there are US citizens. So I suspect a local NYC RE attorney could answer your basic question by phone. Check the phone book to see if there are RE attornies that handle PR RE.

Carrie S.

marieg22 wrote:
jayjay, Do these forms apply to a timeshare being sold that is not in the US? Besides money is there any other advantage to going through a company?

I, personally, would never buy RE without an escrow company and a title report, especially if this is a deeded TS. If it is not, I would check with an RE attorney, Legal Aid or a textbook on the subject. That's because I'm cheap, and taking these steps is cheaper than a costly surprise. It's certainly cheaper than a shrink.

I live in CA, where attorneys are not used in RE transactions that are, basically, residential.

Carrie S.

scally wrote:
If I buy this timeshare in Puerto Rico from someone that lives in NY where I live , what do I need to do besides just giving them the money? Do I need to do something with the Hyatt chain ? I need some good advice

I think the basic answer to your question is "yes, you need to do something with the Hyatt Gp." At the least, with the resort management. More to your concerns, Management will be able to let you know if the Seller is current in his responsibilities or are you walking into a mess. More to the point, I recommend talking to resort management to see if they can handle the sale. Most places have an on-site sales rep to handle resales.

Jon S.

jons29 wrote:
scally wrote:
If I buy this timeshare in Puerto Rico from someone that lives in NY where I live , what do I need to do besides just giving them the money? Do I need to do something with the Hyatt chain ? I need some good advice
I think the basic answer to your question is "yes, you need to do something with the Hyatt Gp." At the least, with the resort management. More to your concerns, Management will be able to let you know if the Seller is current in his responsibilities or are you walking into a mess. More to the point, I recommend talking to resort management to see if they can handle the sale. Most places have an on-site sales rep to handle resales.

I am amazed any resort group would give out information about an owner like that. If Marriott gave out any information about me, they would make a California attorney very happy.

As I understand it, when the resort handles a TS sale, they are not representing the buyer, and the cost is higher than if the owner sells it. However, they have immense bargaining power, offset by their ability to offer other incentives, like points, amenities, and the like.

Finding about any hidden costs in the property is what a title company does, in escrow. Notifying the resort of the new owner is also handled by them.

Anyone else care to weigh in?

Carrie S.

When a prospective buyer contacts a resort for information concerning a possible timeshare transaction and they ask for information pertaining to ownership, this is called 'due diligence'. You're really not getting personal information when performing 'due diligence' before buying from a seller. You're merely asking the resort if the seller IS the owner of the week for sale, there are no liens, and IF all maintenance fees are paid to date. I've done this many times.

carries25 wrote:
I am amazed any resort group would give out information about an owner like that. If Marriott gave out any information about me, they would make a California attorney very happy.
As I understand it, when the resort handles a TS sale, they are not representing the buyer, and the cost is higher than if the owner sells it. However, they have immense bargaining power, offset by their ability to offer other incentives, like points, amenities, and the like.
Finding about any hidden costs in the property is what a title company does, in escrow. Notifying the resort of the new owner is also handled by them.
Anyone else care to weigh in?

R P.

Thanks, Jayjay.

I have purchased two resales via the resort and have been more than satisfied both times. Title Company always handled the closing. Other than finding out the financial data as I stated above, I also find out what other units might be available and prices. So I have alot more info and pricing info, including rental info.

I have also bought direct from sellers and have been satisfied there, also. But I can get more info, to start, from the resort. I have never had a resort give up private (personal) info (although admittedly I have tried). The more info I have, the better deal I can get. That's just basic Real Estate 101.

I have found out that resales via the Resort have always gone smoother and quicker, due to their experience in handling sales.

Jon S.

jons29 wrote:
When a prospective buyer contacts a resort for information concerning a possible timeshare transaction and they ask for information pertaining to ownership, this is called 'due diligence'. You're really not getting personal information when performing 'due diligence' before buying from a seller. You're merely asking the resort if the seller IS the owner of the week for sale, there are no liens, and IF all maintenance fees are paid to date. I've done this many times.
Thanks, Jayjay.
I have purchased two resales via the resort and have been more than satisfied both times. Title Company always handled the closing. Other than finding out the financial data as I stated above, I also find out what other units might be available and prices. So I have alot more info and pricing info, including rental info.
I have also bought direct from sellers and have been satisfied there, also. But I can get more info, to start, from the resort. I have never had a resort give up private (personal) info (although admittedly I have tried). The more info I have, the better deal I can get. That's just basic Real Estate 101.
I have found out that resales via the Resort have always gone smoother and quicker, due to their experience in handling sales.

Thanks for the clarification.

Carrie S.

jayjay wrote:
In such a situation (and to be on the safe side) I would use a trimeshare closing company. They know all the criteria needed for such a transaction since closing timeshares is their business. Redweek uses American Title. Also www.timesharetransfer.com has a good reputation.
marieg22 wrote:
jayjay, Do these forms apply to a timeshare being sold that is not in the US? Besides money is there any other advantage to going through a company?

Keno34 Do you have a web address for American Title? when I google it I get different sites. I want a reliable company.

Ken O.

Last edited by keno34 on Mar 30, 2008 06:08 AM

keno34 wrote:
Keno34 Do you have a web address for American Title? when I google it I get different sites. I want a reliable company.

I don't see an internet address for American Title in Redweek's 'help' section, but copy and paste the url below for more info on their services and an email address:

http://www.redweek.com/help/sale_process/escrow/

R P.

Last edited by jayjay on Mar 30, 2008 07:00 AM

jayjay wrote:
keno34 wrote:
Keno34 Do you have a web address for American Title? when I google it I get different sites. I want a reliable company.
I don't see an internet address for American Title in Redweek's 'help' section, but copy and paste the url below for more info on their services and an email address:
http://www.redweek.com/help/sale_process/escrow/

Keno34.

That's great! Thanks.

Ken O.