Buying a timeshare from Tug Ad

If I decide to buy a timeshare listed privately on Tug how do I make sure I get what I think I'm getting. Do we forward the money after we receive a TS contract that has been transfered or send half first. What is the norm

If you're using an escrow company, all monies will go into escrow and won't be dispersed until everything is in order. You could request an estoppel letter, which can verify some of the resort information, including maintenance fees being current.

I would ask verification for the exact ownership before I pay any money to seller. If resort system has a website with owner's account, you can ask the copy of ownership page. For Starwood, they have "what I own" page and "amount due" page, so you can ask copies of both pages to see unit number (on deed), ownership type and if MF are current. Marriott, Hilton and Worldmark has the same feature.
If you are not getting TS for cheap, using escrow is recommended. When I used JRA Services, closing cost which includes escrow service was $275 + recording fee.

No one will transfer the TS into your name without receiving payment in full. The contract is your agreement to buy the timeshare - it does not transfer the deed. To transfer the deed a new deed must be be prepared and it must by recorded with the county recorder's office, and the resort.

Transferring a TS ownership

I recommend that you pay a good faith deposit, then ask the seller for an estoppel letter, before you make the final payment.

If it's an expensive TS - I'd also recommend using a full-service closing company.

I've used escrow.com with success. It isn't good practice not to have a 3rd party hold funds-my opinion....

Anita

Depends a lot on the price. If I'm paying a few dollars for a timeshare, I'm probably going to do as much as I can myself, phone the resort and check to make sure there's no money outstanding, etc.

Several thousand makes it worth the investment of an escrow company.

PClapham said:

I've used escrow.com with success. It isn't good practice not to have a 3rd party hold funds-my opinion....

Anita

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I agree - but right now many TS's are selling for $1-$100 and it's not necessary to pay for escrow and a full closing ($350 Avg.) for a free/cheap week, if you do your due diligence.

For a free/cheap transfer I recommend this licensed Document Prep Co. that can prepare the deed and send it for recording for about $100. The owner (Alan) is a long-time TUG member - user name "ttt". They have an "A" rating in the TUG Business Ratings - Time Travel Traders/TSTransfer

Don't know if this will apply, but I was able to change the deed to our unit in Vegas myself. Now, it was from my wife's name to joint ownership, but I did it myself. Cost was under $100, including Marriott & II fees. This was awhile, so I don't remember all the fees.