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here we are, buyer and seller...now, what to do about a contract?

L

laurac260

Boy I am so naive to this whole process. We have a seller, we agreed to a price, down payment, selected our closing atty (which is required in SC), and we both (buyer and seller) sat and waited for the contract. I finally asked, only to find out that a closing atty does not generate a contract. I did not know this, and neither did the seller. The closing atty sent us a blank contract which is actually a contract for real property.

Anyone have any suggestions as to what we do now? Is there a source somewhere where you can get blank resale contracts from? I checked redweek, but the only source they have takes your process thru an actual escrow company. We have already started working with this atty.

We are literally the blind leading the blind right now. :wall:
 
I can email you a simple fill in the blanks Timeshare Sales Agreement that should serve your purpose. Send me an email address & I'll send you one as an attachment......
 
ttt said:
I can email you a simple fill in the blanks Timeshare Sales Agreement that should serve your purpose. Send me an email address & I'll send you one as an attachment......
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That would be helpful. I will PM you. Thank you!!!!!:D
 
Also look at this article by Dave M How to Sell Your Timeshare (partial section is shown below...)

Once You Have a Buyer

It’s best to have a contract with your buyer that specifies what the buyer gets in addition to ownership (e.g., use of this year’s week?) and what you get (payment amount and terms) and when. Although you should consider the possibility of engaging an attorney to assist you, the cost to do so might be prohibitive, depending on the price of your transaction.

Timesharing Today has a Resale Document Kit, which you can purchase for about $30, or even less if you choose to download the kit. Instructions, fill-in-the-blank forms, sample letters, loan documents, etc. Easy to follow. A kit from My Resort Network sells for under $10, but might not include legal language required if the timeshare or one of the two parties is in Florida.
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Good Luck...
 
laurac260 said:
Thanks Tom. I really thought all this would be included in the closing atty's fees.
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Naw... That's what the seller's agent gets paid to draw up .... if they would have an agent. So that work & cost, IMO, belongs to the seller...
 
FlyerBobcat said:
Naw... That's what the seller's agent gets paid to draw up .... if they would have an agent. So that work & cost, IMO, belongs to the seller...
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he's befuddled as well, so we are working on it together.
 
So Laura, where did you decide to buy? I know you were considering several locations.
 
KathyPet said:
So Laura, where did you decide to buy? I know you were considering several locations.
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We finally decided on platinum, oceanside at Grande Ocean, resale.

Thank you to everyone for their patience as I muddled thru everything:D
 
A contract may not even be necessary. If both parties are in agreement and the closing agent has all the details, they can do a closing without a contract.
 
Congrats! Hope you got a good deal!!
 
dioxide45 said:
A contract may not even be necessary. If both parties are in agreement and the closing agent has all the details, they can do a closing without a contract.
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Yes, that is what the closing atty's office told me.

But to quote the great philosopher Judge Judy "without some sort of contract, you got nothing."

I'd just feel better with something in writing, signed by both parties, so would the buyer. We're all set now though.

Thanks for everyone's input.
 
If your first year of usage is 2010 better have your seller reserve a week for you now. By the time the closing occurs and Marriott records the change there won't be any platinum weeks left.
 
KathyPet said:
If your first year of usage is 2010 better have your seller reserve a week for you now. By the time the closing occurs and Marriott records the change there won't be any platinum weeks left.
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Well... There will have to at least be one week left. Unless Marriott deposits all unreserved weeks before they can make a reservation, the owners unreserved week would still be available. It may not be a good week or even work for the owner, but it has to be available.
 
KathyPet said:
If your first year of usage is 2010 better have your seller reserve a week for you now. By the time the closing occurs and Marriott records the change there won't be any platinum weeks left.
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OP already has issues with that based on this thread... I even called Marriott to try to get another answer.. and they said they only had one late Aug week/slot available (Oceanside) for the entire Platinum season.

I find it hard to believe that nearly all of Platinum MGO owners call & make reservations on time ? :shrug: Or am I missing something here?

Now if they were all TUGgers, I know I would have difficulty getting my desired week... :D
 
FlyerBobcat said:
OP already has issues with that based on this thread... I even called Marriott to try to get another answer.. and they said they only had one late Aug week/slot available (Oceanside) for the entire Platinum season.

I find it hard to believe that nearly all of Platinum MGO owners call & make reservations on time ? :shrug: Or am I missing something here?

Now if they were all TUGgers, I know I would have difficulty getting my desired week... :D
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This is what I was told by Marriott. The owners of two weeks can book at 13 months out. That is 50 per cent of the weeks. Then one week owners can book at 12 months out their week. That leaves 50 per cent left. You book that from the last vacation week you had. Next, there are owners of Marriottt that do not own at that resort. They trade thru II. when owners at say at Grande Ocean want to trade for somewhere else. Now, no weeks left for the owners of Grande Ocean. Owners are booking either on line or phone at 9 am for their week. Plus, trades are put thru 12 months ahead with II.
 
bobcat said:
This is what I was told by Marriott. The owners of two weeks can book at 13 months out. That is 50 per cent of the weeks. Then one week owners can book at 12 months out their week. That leaves 50 per cent left. You book that from the last vacation week you had. Next, there are owners of Marriottt that do not own at that resort. They trade thru II. when owners at say at Grande Ocean want to trade for somewhere else. Now, no weeks left for the owners of Grande Ocean. Owners are booking either on line or phone at 9 am for their week. Plus, trades are put thru 12 months ahead with II.
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I don't see how II.... or 12 vs 13 months matters... Only owners get to reserve their week(s).. (II can only grab a week already reserved by an owner.)

I just seems to me that not all platinum owners would be "on their game" and reserve 12+ months in advance. It seem as if some would call later in the year for various (or no) reasons....
 
Unless units go out of service, there has to be one unit in season and view type for every owner until you reach a cutoff point, I think it's 2 months from the week in question.

I'm away now but if you email the ROFR email for Marriott, they'll send you what you need including the ROFR and instructions. Make sure you get the WORD form and not the PDF version if you want to do it on the computer.

Added: I did find the info in my webmail, email me directly and I'll forward the info to you.
 
You are assuming that all Marriott owners at a particular resort book either 13 or 12 months out on the nose. I do not think that is a correct assumption. I have been able to book a desired week as little as 8-9 months in advance. Not everyone wants to or can jump on line or call 12/13 months in advance.
 
KathyPet said:
You are assuming that all Marriott owners at a particular resort book either 13 or 12 months out on the nose. I do not think that is a correct assumption. I have been able to book a desired week as little as 8-9 months in advance. Not everyone wants to or can jump on line or call 12/13 months in advance.
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While not everyone books at exactly 12/13 months out, enough do that it makes top weeks almost impossible to get if you don't call day 1. Even when you do, many have reported being shut out. For those that book at 13 months out, it's actually 13 months from the first week they book, often 14 months or more out.

As noted though, there has to be a week until the breakage cutoff date has past but it often will be the worst weeks within the season. I just bought a GO OF unit and in making the reservation, only week 24 or the end of August was available. I was actually surprised week 24 was available and expected to only have the option of weeks 32-34. OTOH, I also recently bought a Branson week and everything except 4th of July was still available that had yet opened for reservations.
 
And keep in mind that people change their reservations, so that what is not available today may be tomorrow or next month. I guess I was lucky, but with both resale weeks the owner was able to change the reservation for me to other very high demand weeks, both times being exactly the week I wanted; one was about 3 months before and the other about 9 months out.
 
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