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Please help! Broker and lawyer??

F

FloridaFan

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Hello,

I currently have an offer to buy my timeshare. The buyer was found by a licensed real estate broker. I am not paying any fees - the buyer is doing that. Do I need a lawyer to look over the sales contract? Or is that what licensed brokers are for??

Please help!
 
Here is the key point: If they are asking you to pay ANYTHING for this deal - it's a scam.

ALL fees should come out of the proceeds of the sale. However, it is a very common scam for scoundrels to contact owners, and tell them they have a buyer for their timeshare. Then they make up bogus fees that you have to pay, in order to get the big check. Then the phony broker steals the fees, and you never hear from them again.

REPUTABLE brokers take all the fees out of the proceeds - NEVER, EVER pay anything upfront.
 
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I don't think you need a lawyer. It's an agreement for a sale and not something that is ongoing or could generate liability. Look it over and make sure it's reasonable. It should be relatively basic and defines what is being purchased and for how much. If the property or either party is located in Florida make sure it contains the Florida Addendum language. If the broker is not in Florida or not very experienced they may exclude it.

Agree with Denise. Not one single penny should come out of your pocket. If you don't mind sharing, what is the property and how much is the sales price? Answering this question is for your own protection. If the number is too out of whack to what we know is the general market value then we will be able to tell you with certainty that you are being scammed, which unfortunately is more often than not.
 
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Thanks for the input!

I have never had to pay anything upfront, and it was a non-exclusive listing. His commission is coming out of the proceeds of the sale. The buyer is paying that, as well as all closing costs and transfer fees. I am getting nothing for the sale (I just wanted them gone!) but I am getting back the 2015 maintenance fees from the buyer.

The broker I am using is very experienced with the resort and is based in Florida.

I am selling three weeks at Vistana for $1200 total, which will be his commission.

The contract seems very plain. But, what is the "Florida Addendum language"?

Thank you!!!
 
It would be a good idea to list the name of the broker or company, too.
 
The broker is Robert Levene from Evan Stuart & Associates. The escrow agent is the law offices of Jeffrey Sweet.
 
The florida adendum is for your protection, it gives you a rescission period just like buying from a developer
 
How did he find your Ad? Or did you have it listed with him for sale?
 
I originally listed with the Timeshare Store, but they were honest with me and said they really only sell DVC timeshares with any success. They recommended Robert, and a few others, none of whom charge any fees. I contacted Robert and was willing to sell with no profit... Just nothing out of pocket.
 
That sounds pretty Legit to me. Unless he comes up with some unexpected upfront fees, or you don't get reimbursed for your maintenance fees, it looks OK on the surface.

Does the contract state when you will get the reimbursement check?
 
DeniseM said:
That sounds pretty Legit to me. Unless he comes up with some unexpected upfront fees, or you don't get reimbursed for your maintenance fees, it looks OK on the surface.

Does the contract state when you will get the reimbursement check?
Click to expand...

Just at the time of closing...
 
Yes googling "Florida addendum timeshare resale" will lead you to some info. It's a disclosure for the buyer but more importantly if you don't include it then the law gives the buyer a 1 year rescission period rather than the 10 day standard. It is for your protection. Without it a remorseful buyer could go to court and have the purchase reversed. The easiest thing to do is include the info as an addendum because the very specific wording is required rather than the general disclosures of maintenance fee amount and rescission period.

Send me an email and I can send you the form. Your broker is probably including it but you will have the form just in case and for future reference.

I have seen some mass sellers start to include it for FL properties but they are mistakenly excluding it when one party lives in Florida.
 
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Saintsfanfl said:
Yes googling "Florida addendum timeshare resale" will lead you to some info. It's a disclosure for the buyer but more importantly if you don't include it then the law gives the buyer a 1 year rescission period rather than the 10 day standard. It is for your protection. Without it a remorseful buyer could go to court and have the purchase reversed. The easiest thing to do is include the info as an addendum because the very specific wording is required rather than the general disclosures of maintenance fee amount and rescission period.

Send me an email and I can send you the form. Your broker is probably including it but you will have the form just in case and for future reference.
Click to expand...

Oh yes! There is an addendum about a 10 day period in which to cancel the contract in writing. Is that it?
 
FloridaFan said:
Oh yes! There is an addendum about a 10 day period in which to cancel the contract in writing. Is that it?
Click to expand...

Among other things. If it's an addendum and has the 10 day language I am sure it includes the rest. A non-upfront fee FL broker that deals in timeshares is "most likely" going to be using it.
 
already answered
 
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It's interesting (and entirely correct, as noted by SaintsfanFL above) that failure to provide (and to get signature upon) the "Florida addendum" addressing that 10 day FL rescission period (including for all resales), defaults to a 12 month period in the absence of that document being provided and signed in the course of the transaction.

It must have been quite a battle to get such a very strong, consumer-protective provision passed into law in FL, those very few years ago. :clap:
 
theo said:
It's interesting (and entirely correct, as noted by SaintsfanFL above) that failure to provide (and to get signature upon) the "Florida addendum" addressing that 10 day FL rescission period (including for all resales), defaults to a 12 month period in the absence of that document being provided and signed in the course of the transaction.

It must have been quite a battle to get such a very strong, consumer-protective provision passed into law in FL, those very few years ago. :clap:
Click to expand...

Have you heard of anyone exercising their 12 month right? Could it be enforced at the resort level without going to battle in court with the original seller? I haven't been able to find what the process would be.
 
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Saintsfanfl said:
Have you heard of anyone exercising their 12 month right? Could it be enforced at the resort level without going to battle in court with the original seller? I haven't been able to find what the process would be.
Click to expand...

Nor I, but neither have I made any effort to ferret that out. That law is relatively new, but I can't say that I have yet personally heard of any such "1 year" scenario.
I suspect that we (i.e., here on TUG) would hear mostly about developer rescissions and few (if any) of the developers, no matter how slimy or hungry they might be (...Hello, Westgate :hi:) would be likely to ever leave that door open for 12 months when they can have it open for just 10 days instead with a single piece of paper.

Interesting question about the "process" --- but I frankly just dunno. :shrug:
I also can't quite fathom what would unfold if a notice-negligent seller can no longer be found at all, or dies, etc. if / when a disgruntled resale FL buyer belatedly learns (two weeks to 12 months later) of that rescission right having never been originally revealed to him / her / them in writing and under signature during their transaction.

The law may be banking on compliance in imposing the "Florida addendum", but I don't know what the "corrective" process would be in a resale instance of non-compliance, nor do I grasp who would have to pay the very real and entirely unavoidable legal costs in the event that court involvement became necessary.

A very good question indeed, but I certainly do not know the answer. :ponder:
 
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I am surprised at the rush to conclude (in some of the early responses) that fees were being paid upfront out of pocket. That never occurred to me from the OP's post. Coming out of proceeds is the most common way to pay, which is what I assumed and turned out to be the case here. Nothing in the OP's post made it seem at all like a scam to me.
 
BocaBoy said:
I am surprised at the rush to conclude (in some of the early responses) that fees were being paid upfront out of pocket. That never occurred to me from the OP's post. Coming out of proceeds is the most common way to pay, which is what I assumed and turned out to be the case here. Nothing in the OP's post made it seem at all like a scam to me.
Click to expand...

True but 9 out of 10 times someone relatively new to TUG starts with "I currently have an offer to buy my timeshare..." it turns out to be a scam. Call it pessimism, skepticism, or even cautious optimism, but we just wanted to make sure.
 
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