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Purchasing resale. How do I know it's free & clear?

BWC

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Hi all,

We are purchasing a Vistana timeshare on the resale market and the selling agent said that Vistana wouldn't allow the timeshare to transfer to new owners if there was a balance or HOA in arrears. Is that so? Is there something I can do as a consumer to independently verify I'm getting clean title? Thanks!
 

tschwa2

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A closing company can request a resale sheet (estoppel) from Vistana which would show if there was a balance owed and if the MF are in arrears.
 

BWC

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A closing company can request a resale sheet (estoppel) from Vistana which would show if there was a balance owed and if the MF are in arrears.

Will the closing company give me a copy of the estoppel or is there any of the seller’s confidential information on it?
 

tschwa2

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The closing company could give you a copy or they could give you a redacted copy if there is sensitive info. Often until you agree on the basic perimeters of the sale they won't request one and the parameters of the deal would state that the offer was only valid if the unit was free and clear, etc. It isn't unusual for them not to show it or even request one from the developer until you have made a deal as opposed to showing it to you before you actually commit or make an offer.
 

BWC

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The closing company could give you a copy or they could give you a redacted copy if there is sensitive info. Often until you agree on the basic perimeters of the sale they won't request one and the parameters of the deal would state that the offer was only valid if the unit was free and clear, etc. It isn't unusual for them not to show it or even request one from the developer until you have made a deal as opposed to showing it to you before you actually commit or make an offer.

Got it, thank you for the feedback. I won an auction on eBay and have a purchase contract in hand that I need to sign. So, it sounds like I should be able to get a copy of the estoppel once I give them the signed purchase contract.
 

tschwa2

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Got it, thank you for the feedback. I won an auction on eBay and have a purchase contract in hand that I need to sign. So, it sounds like I should be able to get a copy of the estoppel once I give them the signed purchase contract.
Ebay closers don't always act like other independent closers. Before you sign, you should ask if you can get a copy of the estoppel once you have signed. There are some bad companies on ebay, there are some that are basically good but just sloppy or a little lazy, and there are good ones.
 

BWC

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Ebay closers don't always act like other independent closers. Before you sign, you should ask if you can get a copy of the estoppel once you have signed. There are some bad companies on ebay, there are some that are basically good but just sloppy or a little lazy, and there are good ones.

Good advice. Thank you!
 

BM243923

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Which EBay seller did you buy from?

Recently purchased from one of the top sellers, I had to be on top of things one step ahead. They tried putting the wrong unit number and would have been a deal breaker as I own at the resort and would have been a bad buy They said sorry for the error, but I feel it was deliberate. I see they are trying to sell that unit now. Was same week, but on the first floor, the unit I bought is ocean view. Also had to remind them to pay this years maintenance fee as per the contract. When the unit showed up in my resort account it had interest and late fees. It has now been paid in full by them after reminding them.
 

BWC

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Which EBay seller did you buy from?

Recently purchased from one of the top sellers, I had to be on top of things one step ahead. They tried putting the wrong unit number and would have been a deal breaker as I own at the resort and would have been a bad buy They said sorry for the error, but I feel it was deliberate. I see they are trying to sell that unit now. Was same week, but on the first floor, the unit I bought is ocean view. Also had to remind them to pay this years maintenance fee as per the contract. When the unit showed up in my resort account it had interest and late fees. It has now been paid in full by them after reminding them.

Yikes! I hope that’s not what I’m in for. The seller is called Vacation Properties for Less LLC. I found a few discussions here on TUG about them and they sound reputable, but they have a reputation for taking a long time to complete transfers. I won the bid for $0.01 (I placed a higher max bid, but nobody else bid on it). The “purchase contract” they sent had a few typos on it that I’ve already asked them about (waiting for their response). The selling price on the contract says Gift because of the winning bid (I think). So there is no title examination or escrow. They’re handling it as a straight transfer of ownership.

I’ve also asked them for a copy of the estoppel agreement (although if they weren’t reputable they could falsify it I suppose).
 

echino

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I also won an eBay auction for $0.01 with them, with free closing. It's now transferred, all as advertised, but it took a long time, and they required several documents, some notarized, that were not really needed, which further delayed transfer.
 

BWC

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I also won an eBay auction for $0.01 with them, with free closing. It's now transferred, all as advertised, but it took a long time, and they required several documents, some notarized, that were not really needed, which further delayed transfer.

Thanks for sharing that, echino. Certainly makes me feel better to hear it. I have yet to read anything really negative on them. Only what you pointed out, which is that they’re slow. Thanks for sharing your experience. How long did your transfer take?
 

echino

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eBay auction won: October 1, 2018
Transfer complete: February 19, 2019
 

theo

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Hi all,

We are purchasing a Vistana timeshare on the resale market and the selling agent said that Vistana wouldn't allow the timeshare to transfer to new owners if there was a balance or HOA in arrears. Is that so? Is there something I can do as a consumer to independently verify I'm getting clean title? Thanks!

It's probably fair to say that any responsible timeshare "chain" (or "independent" resort HOA) will decline to acknowledge a transfer of ownership until and unless fees are current, or made current in the course of the transaction.

As already mentioned, dated and signed estoppel should promptly reveal any arrears in the owner / seller account.
 

Theiggy

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Which EBay seller did you buy from?

Recently purchased from one of the top sellers, I had to be on top of things one step ahead. They tried putting the wrong unit number and would have been a deal breaker as I own at the resort and would have been a bad buy They said sorry for the error, but I feel it was deliberate. I see they are trying to sell that unit now. Was same week, but on the first floor, the unit I bought is ocean view. Also had to remind them to pay this years maintenance fee as per the contract. When the unit showed up in my resort account it had interest and late fees. It has now been paid in full by them after reminding them.

Which eBay seller was this?


Sent from my iPhone using Tapatalk
 

Panina

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It's probably fair to say that any responsible timeshare "chain" (or "independent" resort HOA) will decline to acknowledge a transfer of ownership until and unless fees are current, or made current in the course of the transaction.

As already mentioned, dated and signed estoppel should promptly reveal any arrears in the owner / seller account.
By the time it gets declined the deed is already in your name so a new set of problems. Whereas an estoppel should alleviate potential problems, buying from a known seller I can trust is more important to me.
 
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