Steps to Sell

[WmPlantation]

Helping my parents get rid of their timeshare with Interval at Williamsburg Plantation. I've read the article on TUG and looked at the companies that offer the contract template and asked my retired lawyer brother how it should work but it's not clear to me the actual steps that need to happen. I'm hoping it's possible to do this without hiring a lawyer. So the steps are:

1. Find a Buyer (cue hysterical laughter!)
2. Use Purchase & Sale Agreement Contract Form ($10-30)
3.Both parties sign form via U.S. Mail
4. Prepare Deed
** I have the original deed. Can I just copy that and change the pertinent bits? Or is this something a lawyer has to do?
5. File Deed with County Clerk's office. (15 years ago it cost $32 in tax so say it's $100 today)
** I'm 3 hours away and could drive there to do it. I know time is money . . .
6. Notify the timeshare of the change in ownership. Do you give them a copy of the deed?

It's up to the buyer to get title insurance if they want it, right? My Mom had title insurance when she bought it so we're OK there.

And is there a typical "closing" like an actual real estate transaction or can it be handled in Step 3 with just signing the contract?

Obviously I don't want to shell out any money to lawyers . . .

So glad I found TUG. Wish my parents had found it years ago!

 

[hurnik]

Use a company called LT Transfers.
they'll handle pretty much everything for you and their fees are very reasonable.
And they know what they're doing.

I think this is their web site:
http://lttransfers.com/

 

[DVCDisneyRunner]

I agree with using LTTransfers. It is a simple way to get it done with very reasonable fees.

As for steps to "sell". The first step is to determine the market value for the property. It may be negative and some incentive maybe needed to get a "buyer" to take it like advanced payment of maintenance fees and/or a gift card....

Once you have market value post an ad here on tug. if you will be giving it away use the "Bargain Deals" page.
here https://tugbbs.com/forums/index.php?forums/bargain-deals.55/
You will want to bump your add every week or so to keep it on the first page.

The key to getting responses is to give details on the property: yearly maintenance fee total, size of unit, the week deeded or float season if applicable, when usage would start, if points based how many points, what you will pay for in the process (title transfer fees, resort transfer fees...) and what you expect the "buyer" to pay (reimbursement for current years maintenance fees, transfer fees...). If there is no value I would suggest you pay all fees.

here are the steps I used for the three properties I sold/gave away here on tug once I had a sincere "buyer" (you will have many kicking tires)

1.complete sales agreement (LT (title transfer company) has one use that)
2. complete LT Transfers "Document Preparation Form"
3. once this is completed LT will look over current deed, contact resorts to be sure deed can be transferred (no mortgage, dues paid...)
4. new deed is prepared by LT and filed with county
5. LT completes resort transfer once deeds are filed. (resort transfer fee will be in addition to LT's service fee)
6. complete the RCI points/weeks account transfer if applicable

Hope this helps.

 

[Passepartout]

If you don't already have a buyer, for the princely sum of $15, you can join TUG, and that gives you the ability to place ads in the TUG Marketplace. If you (or the parents) just want to give it away, you can compose an ad in the Bargain Deals section of the Buying, Selling forum. For FREE.

Best wishes!

Jim

 

[DeniseM]

+1 use LT Transfers - they are Tuggers and they get high marks on TUG.