Both seller & buyer don't have a clue

I connected with a seller on Redweek. I want to buy his Royal Sands timeshare. He said I have to contact Redweek to let them know. He is totally clueless on selling, and I've only bought from the developer. Can you please help me help him??

Former Cruiser said:

I connected with a seller on Redweek. I want to buy his Royal Sands timeshare. He said I have to contact Redweek to let them know. He is totally clueless on selling, and I've only bought from the developer. Can you please help me help him??

Click to expand...

There is a sticky-post at the top of this forum ("How to Sell...") which will give you the basics. But esentially...

1. You+he should sign a contract setting forth the details of your deal... not only the price, but who pays what fees, and date and method of closing. ... Without a signed contract, all you have is an unenforceable "understanding."

2. You or he should contact the resort for an estoppel letter + transfer instructions.

3. You or he should or he need to agree on an escrow/closing agent to deliver payment, record the deed and provide a copy to the resort. Alternatively, you can D-I-Y.

4. The seller is usually responsible for preparing the deed.
... If he doesn't know how, he can pay an attorney or closing agent to do it for him.

The Stickey wasn't really helpful for us as we're already to the want to purchase stage. The Stickey was more for how much is your timeshare worth and how to avoid scams.

WE DO NOT want to do DYI, but I'm not finding a company that says they do Mexico timeshare transfers. Redweeks closing service states they don't do deeded properties outside the US. Also, I'm in the US and seller is in Canada. We really need help from someone that's done a Mexico purchase or sale.

There are several "closing agents" recomended on TUG, either using a "full" escrow (handling the funds) or partial scrow, where it is just a deed preparation and recording.

I'm not sure if I can give actual closing service names here, but they are easily found on TUG.

Tony

I thought Mexican timeshares were RTU and not deeded?

All Royal Resorts in Cancun are "Right To Use" (RTU) so there isn't a deed. To transfer the villa, the owner sends in their original paperwork (contract), transfer forms available on ISCO's website and the $135 transfer fee.
http://www2.intervalservicing.com/ I think ISCO (Interval Servicing co) also will handle the escrow process now. The process is fairly easy, but takes about 10 weeks to complete. The last time I transferred a villa, I used Timeshare Transfer Inc. to handle the escrow and money.
http://www.timesharetransfer.com/timesharetransfer/default.aspx

Any more questions, just ask. I have gone thru this process 5 times in the last few years.

We also recommend ISCO

Former Cruiser, we used Interval Servicing (which is the US side of the Royals) when we bought our Royal Sands villa this year. We HIGHLY recommend them, it was extremely easy. We used their escrow service.

The original owner completed the owner forms, we completed the buyers forms and mailed our check to Interval Servicing. They held it in escrow until all the paperwork was completed.

We agreed to purchase our villa on January 26th and closed on Feb 16th.

Which week did you purchase? We own week #13 in Phase 1.

Wendy

THANKS!. Again, you guys are the best! It gives a new meaning to "ask and you shall receive."