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Private owner purchase/closing question

CoachK

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Not sure if this post should be here or in the new to timeshares forum, but I figured I would take a shot.

Can anyone offer some advisement on how to proceed when deciding to make an offer to purchase from a private owner (tug marketplace). Is it typically up to one specific party or another to contact a closing agency? Can it be buyer or seller? Who are some reputable companies out there? This process seems to be much murkier than when I purchased my home. I have been looking at broker listings but think I could do better here and save the $500 broker fee. Any advice would be really appreciated about the process.
 

TUGBrian

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its really a buyers market so they have the ultimate say if the seller actually wants to sell, but the buyer and sell do of course need to agree.

check out the section of the how to sell article here titled "once you have a buyer" http://sell.tug2.net

its written for sellers, but it at least gives you an idea of what to expect.

closing costs really depend on the resort and location, and can vary wildly!
 

DeniseM

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I would absolutely use a reputable timeshare title company to make sure it's done right. They will make sure the title is legally transferred, protect you against scams, and walk you through the whole process. I use LT Transfers; they are Tuggers, and they get high marks on TUG. They are also knowledgeable and inexpensive, usually $200 or less. LTT will also provide a basic contract for your purchase.

So, first you make the offer to the seller informally via email or over the phone, and let the seller know what title transfer company you'd like to use. Then, after you agree verbally, you send them a contract.

L.T. Transfers
Lisa Short and Mary Pless
http://www.lttransfers.com/
readylegal@gmail.com
706.219.2709
 

CoachK

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I would absolutely use a reputable timeshare title company to make sure it's done right. They will make sure the title is legally transferred, protect you against scams, and walk you through the whole process. I use LT Transfers; they are Tuggers, and they get high marks on TUG. They are also knowledgeable and inexpensive, usually $200 or less. LTT will also provide a basic contract for your purchase.

So, first you make the offer to the seller informally via email or over the phone, and let the seller know what title transfer company you'd like to use. Then, after you agree verbally, you send them a contract.

L.T. Transfers
Lisa Short and Mary Pless
http://www.lttransfers.com/
readylegal@gmail.com
706.219.2709
Thanks for that great information. So once the offer is made and we agree that L.T. Transfers will handle the closing, will L.T. Transfer then take care of sending the contract or do I actually send it to the seller myself. Also, are most of these documents sent electronically since we are dealing with several different states at once between the seller, buyer, and closing company?
 

Karen G

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You might want to call or email LT transfers and have them explain everything to you and answer any questions you might have . They are very nice to work with.
 

CoachK

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You might want to call or email LT transfers and have them explain everything to you and answer any questions you might have . They are very nice to work with.
Yes, I think I will give them a call tomorrow.
 

Saintsfanfl

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I believe LT creates a contract based on the input that is provided when you begin the process with them. I always do my own to make sure the buyer is committed because I don't like wasting their time but I believe it's part of their process.
 

DeniseM

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So once the offer is made and we agree that L.T. Transfers will handle the closing, will L.T. Transfer then take care of sending the contract or do I actually send it to the seller myself.

LT Transfers is not a broker, so they don't get involved in the sale itself, although they can advise you on the process. They will provide a blank contract for you to complete and sign, and send to the buyer to complete and sign, and then it will go to LTT to process the legal transfer of the deed.

Also, are most of these documents sent electronically since we are dealing with several different states at once between the seller, buyer, and closing company?

Yes

The usual process:

-Verbal agreement to terms between buyer and seller
-Contact title company with both parties' contact info. - seller provides current deed
-Buyer and seller sign and notarize contract, and return to title company
-Title company prepares new deed and sends it to county recording office for recording
-County recording office returns a recorded and stamped copy of the deed to the title company
-Title company sends a copy of the recorded deed to the buyer, and to the resort management company
-Resort management company records the new deed in the new owner's name and may or may not contact the new owner.
-Title company will notify the new owner that the deed has been transferred and the transfer is complete.

The payment process itself can vary widely. Generally, formal escrow isn't used for inexpensive timeshares. I believe that LTT can provide "poor man's escrow" which means that LTT holds the check from the buyer to the seller until the transfer is complete, and then they send the check to the seller.
 

DeniseM

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Funny story: On one of my purchases, the seller was unhappy that they had to provide a copy of the current deed to the title company. When they finally sent it, they sent the deed to their HOME instead of the timeshare. So it's really important to use a reputable title company who knows the ropes.
 

CoachK

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Funny story: On one of my purchases, the seller was unhappy that they had to provide a copy of the current deed to the title company. When they finally sent it, they sent the deed to their HOME instead of the timeshare. So it's really important to use a reputable title company who knows the ropes.
It sounds like LT Transfers will be a huge help throughout the process. Just a couple of other questions. When is the proper time to ask the seller for estoppel? Right after they accept the verbal offer? Do you know if Wyndham bills the new owner the $299 resort transfer fee once the deed is transferred? I don't mean to keep asking more questions. I am just trying to get the process clear in my head before proceeding. Thank you all so much for the input and help.
 

DeniseM

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I believe LTT will ask for an estoppel - before they proceed with the transfer process. When I bought Wyndham deeds, I sent the $299 fee to LTT and they submitted it to Wyndham.
 

BJRSanDiego

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In the offer that the Buyer makes to the Seller, it is important to be specific on the first use year, and to be specific on who pays the maintenance fee and taxes for what periods.

I bought one that was handled by Re/Max and was specific on those items. The seller apparently didn't read/understand my offer and the contract that they signed and the real estate agent apparently was also confused or was portraying that they didn't understand those aspects. They tried to get me to pay the MF that was outside of my offer. My offer and the contract spelled out that I would be responsible for the 2016 MF but the seller was responsible the the 2015 MF. I ended up having Marriott explain in writing to the Re/Max agent what was considered to be the 2016 MF and when it would be due and what was the 2015 MF. The real estate agent portrayed that they had not previously understood the definition of 2016 versus 2015 Maintenance fee. :oops: doh. But because I had spelled it out in my offer, and the seller had accepted, I had firm ground to stand on.

BTW, I bought another timeshare from a fellow Tugger and everything went smooth as silk. No confusion, not bumps. It helps when at least one party understands what has to be done. It is even better if both parties understand that. :cheer:
 

theo

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Do you know if Wyndham bills the new owner the $299 resort transfer fee once the deed is transferred? I don't mean to keep asking more questions. I am just trying to get the process clear in my head before proceeding.

Wydham won't "bill" for the transfer fee. Once they have a copy of a new recorded deed, they will cash the $299 transfer check also in hand. Only then will they proceed with the transfer at their own pace (which could take 3 weeks or 3 months --- flip a coin).
 
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mdurette

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On a similar topic....I'm looking at a resale on ebay. Ad appears to be from the owner - only feedback as a seller. States the resort will handle the transfer for $200. Is it normal that resorts would handle the transfer?
 

DeniseM

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Name of resort?
 
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