General questions about buying a timeshare from the timeshare resale market.
Q: How do I select a company to buy a resale timeshare from?
A: You should buy from a licensed real estate broker. If you deal with individual sellers or non-licensed companies you are risking the money that you pay as well as you will have no place to turn if there is a problem later. When you purchase from a non-licensed company that is supposedly working as a for sale by owner company there is no recourse if you have a problem. Additionally, always make sure any money is put into escrow until closing.
Q: What should I watch out for when buying a resale timeshare?
A: You will want to make sure the property is free and clear of all encumbrances. That includes the maintenance fees and taxes are paid. Make sure that all mortgages have been paid. Just as buying residential real estate, a closing attorney, who represents your interest, will provide closing services that assist you in making sure all of the above are satisfied.
Q: Is Buying Timeshare Financially Sound?
A: Yes! Aside from a nominal maintenance fee, your vacation property is available for your use every year thereafter without any additional cost. And most people find that after just 6-8 years of ownership they have more than recouped what they have paid for their timeshare in what they would have spent on luxury vacations that had to be planned and booked each year. In other words, when you buy resale timeshares, you TURN EXPENSE INTO EQUITY!
Q: Do I Need to Hire a Lawyer to Handle the Closing Process?
A: No! A licensed real estate broker can refer you to a reliable, trustworthy timeshare closing company. Specializing in timeshare sales, these licensed and bonded title companies are selected by us on the basis of outstanding past performance. These title companies will provide security for both timeshare buyers and sellers, ensuring that the sale process goes "by the book". You don't need to hire your own attorney when you buy timeshare! Timeshare closing companies can take charge of the closing process from beginning to end- including deed preparation, escrow of funds, estoppel certificate, closing statements and recording fees. They typically do all this for one low flat rate. Their work is scrupulously reviewed by in-house attorneys and guaranteed to be free and clear.
Q: Will I receive the same benefits of the timeshare if I purchase it on resale vs. through the resort?
A: No. Benefits that are transferred vary between the different Developers. A licensed timeshare resale Broker can advise you which benefits will transfer. They can also share with you the benefits that will not.