# Marriott Resale Question



## mapper (Jan 12, 2015)

I have tried to search for this and came up empty.  I asked this question of an active TUG member that advised me to ask the question openly for complete answers.

My loan is paid off. I have owned Marriott since 2005 and have utilized the location I purchased at every year with the exception of 2012 and the 1 bedroom lock off portion for 2013 which were both deposited with I.I.  Unfortunately I just don't understand how I.I. works and ended up losing my deposits because they expired.

There are 3 prospective buyers for my Marriott Platinum TS. The question that is being asked is if a resale buyer will still be able to trade this for another Marriott location if they choose not to utilize the location I own at right now. I would think the answer would be yes but because I have not exchanged, I don't know for sure.

I believe the only disadvantage they have is not having the benefit of exchanging for Marriott Reward Points as a resale buyer but as others have stated, it isn't a very good deal anyway. 

I will be calling Marriott (per their website) to check on ROFR for my Platinum 3/3 ownership and hopefully some insight on how to complete the transaction smoothly with whichever buyer decides to commit.

Is there anyone willing to take the time to answer the following questions?

1. Can anyone give me some tips on how to handle this from the seller's side? 2. Anyone have anything they wish they had done differently in their resale experience? 
3. Any recommendation on who to use for transfer and recording or do I need to use Marriott?
4. Safest way to do the money exchange?
5. Bill of sale or Contract?
6. I book Marriott Hotels too and have a Marriott Rewards Acct since before my TS, will I lose it when I complete the sale or will it remain separate?

Thank you in advance! 

Diana


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## bazzap (Jan 12, 2015)

I can only answer a couple of your questions
Yes, your buyer will still be able to use II to exchange to other resorts, provided they have a current II subscription.
No you won't lose your MR account when you sell your TS. You should just keep it active by earning/redeeming points though as in theory MR Ts & Cs say they can close dormant MR accounts (after 3 years?), although I am not aware of them actually doing so.
I will have to leave others to answer the rest of your questions.
Good luck.


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## Clark (Jan 12, 2015)

The buyer will still be able to exchange either through II or via free direct exchanges.

Since you already have a buyer, using a closing service like Quality Timeshare Closings is not a bad idea.


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## l0410z (Jan 12, 2015)

*Currently in the process of buying a Marriott private resale*

Price,  who pays closing cost, 2015 MF  and 2015 usuge are things that need to be discussed with the buyer.  If this is a US timeshare, some states require an attorney.   

Buying a resale, I will not be getting MR points.  I am part of the DC point program through a legacy week but the resale unit will not be part of the DC point program.  The unit I am buying will require a different II from the DC point program (if the buyer has DC points).  The II account will in fact be the Marriott Desk at II and allow you to trade for both non Marriott weeks and within the Marriott Systems.

I first spoke to a closing company that I found on Tug (forgot name) and I was very comfortable using them. They knew that Hilton Head required an attorney and would have taken care of it all.  It just so happens the attorney I used for my resale in 1993 was still in business so I went back to them.  It was a few dollars and as a buyer since this was not a give away unit was important for me.  In any case a quality closing company or attorney should handle buyer/seller agreement and exhange of money.  It should be painless.


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## Saintsfanfl (Jan 12, 2015)

3. Marriott won't handle the closing unless you are using them to broker the resale. Use one of the TUG recommended closing companies. I believe the JRA process creates a type of Purchase Agreement.

4. The safest way possible is a bank wire directly to you, but a prudent buyer is going to want to use an escrow for any meaningful amount of money and this is reasonable. Most of the TUG recommended companies have an escrow service. Escrow funds are released to the seller at the time the deed is to be sent for recording. This is before the deed is actually recorded.

5. You must have a purchase contract. You need it for the agreement to be legally valid and binding but it is also required as part of the Marriott ROFR documentation.


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## mapper (Jan 18, 2015)

mapper said:


> I have tried to search for this and came up empty.  I asked this question of an active TUG member that advised me to ask the question openly for complete answers.
> 
> My loan is paid off. I have owned Marriott since 2005 and have utilized the location I purchased at every year with the exception of 2012 and the 1 bedroom lock off portion for 2013 which were both deposited with I.I.  Unfortunately I just don't understand how I.I. works and ended up losing my deposits because they expired.
> 
> ...


Thank you for all of your responses. I am hoping for a smooth and swift transaction/transfer. 

Diana


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