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Buyers Regret...

Cal357

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I signed a Contract to Purchase Timeshare agreement back in July. The reseller has a $14xx deposit towards a total purchase price+fees of $21xx. (The entire transaction was estimated to take up to 140-180 days...)

Since that time I've decided that I no longer want to proceed with the purchase. The escrow company says that "the transfer is being prepped to enter the recording stage. Once the deed is ready, it will be sent to the County Clerk in Clark County for recording"

Looking for opinions - what will happen if I do not sign any further documents or send any more money? The purchase contract alludes to 'forfeiting any deposits as damages' but would there be any further legal ramifications?

Has anyone had experience in a transaction like this?
 

DeniseM

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[Editing]

It looks like you bought a resale Marriott - why do you want out?

Have you offered to forfeit the deposit if they will let you out of the deal?

Hi All, I'm brand new to the board and to timeshares (other than having attended many presentations). Anyway, I signed a contract a few days ago to purchase a 2BR Lockout at the Marriott Grand Chateau, Floating week 1-51. The contract is being sent to Marriott to for ROFR review.

I'm mainly interested in vacationing in Las Vegas, so my questions are related to ownership at this property. So here goes:

1) Do I have to reserve full weeks, or can they be broken up into 3 or 4 day mini vacations?

2) How does a 2BR lockout work - does that effectively double my time if I reserve a 1BR unit?

3) How far ahead do you need to make reservations to get the dates you want?

and finally - 4) an agent for a timeshare reseller told me this week that Marriott typically exercises their ROFR unless the purchase price is at least 1-4 times the MF for the unit (depending on the season). Does this sound reasonable and accurate?
 
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scootr5

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Four months to get the deed ready to record? Who was the seller?
 

TheTimeTraveler

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I signed a Contract to Purchase Timeshare agreement back in July. The reseller has a $14xx deposit towards a total purchase price+fees of $21xx. (The entire transaction was estimated to take up to 140-180 days...)

Since that time I've decided that I no longer want to proceed with the purchase. The escrow company says that "the transfer is being prepped to enter the recording stage. Once the deed is ready, it will be sent to the County Clerk in Clark County for recording"

Looking for opinions - what will happen if I do not sign any further documents or send any more money? The purchase contract alludes to 'forfeiting any deposits as damages' but would there be any further legal ramifications?

Has anyone had experience in a transaction like this?




Why walk away from $14K ? Maybe you can find someone who will pay you $X amount of dollars and take over your contract to finish obtaining the week you were prepared to buy. Just a thought.

You may want to disclose more about the week you anticipated to close on and receive some more ideas.

Best of luck with your situation.



.
 

theo

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Why walk away from $14K ? <snip>

I frankly did not see any reference to $14K. In fact, I read the OP as indicating an unspecified figure in the $1,400's toward a total purchase figure in the $2,100's.
Perhaps I am mistaken in that interpretation --- or maybe the OP was a decimal place "short" in identifying the transaction figures involved.

Regardless, if the OP chooses not to proceed and there is a deposit forfeit clause within the contract to which the OP has previously and overtly agreed under signature, the OP should reasonably expect to forfeit that deposit, as agreed. I doubt that any further consequences would ensue. It's just simply not worth the bother or expense for anyone to initiate and / or pursue a "breach of contract" action over a $2k resale timeshare (assuming that my purchase price interpretation is actually correct).

That said, if OP has conclusively made the decision to bail on completing the purchase, s/he would be well advised to clearly so notify the closing entity as soon as humanly possible. The further along proceedings move, the more annoyed and uncooperative the seller and / or closer is likely to be over an 11th hour "buyer bailout".

Just my personal opinion; not offered as legal advice nor intended to substitute in any way for OP seeking pertinent advice from his / her own chosen legal counsel.
 
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Cal357

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[Editing]

It looks like you bought a resale Marriott - why do you want out?

Have you offered to forfeit the deposit if they will let you out of the deal?

in the 4 months that we've been waiting for the transfer to take place, we've had many plans change. (buying a new home - don't want maint. fees on top of new mortgage)
 

Cal357

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Why walk away from $14K ? Maybe you can find someone who will pay you $X amount of dollars and take over your contract to finish obtaining the week you were prepared to buy. Just a thought.

You may want to disclose more about the week you anticipated to close on and receive some more ideas.

Best of luck with your situation.



.

(just to be clear - it's $1400, not $14000)

1 bd. 1 ba, annual usage, floating 1-51, Marriott Grand Chateau
 

Cal357

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I frankly did not see any reference to $14K. In fact, I read the OP as indicating an unspecified figure in the $1,400's toward a total purchase figure in the $2,100's.
Perhaps I am mistaken in that interpretation --- or maybe the OP was a decimal place "short" in identifying the transaction figures involved.

Regardless, if the OP chooses not to proceed and there is a deposit forfeit clause within the contract to which the OP has previously and overtly agreed under signature, the OP should reasonably expect to forfeit that deposit, as agreed. I doubt that any further consequences would ensue. It's just simply not worth the bother or expense for anyone to initiate and / or pursue a "breach of contract" action over a $2k resale timeshare (assuming that my purchase price interpretation is actually correct).

That said, if OP has conclusively made the decision to bail on completing the purchase, s/he would be well advised to clearly so notify the closing entity as soon as humanly possible. The further along proceedings move, the more annoyed and uncooperative the seller and / or closer is likely to be over an 11th hour "buyer bailout".

Just my personal opinion; not offered as legal advice nor intended to substitute in any way for OP seeking pertinent advice from his / her own chosen legal counsel.

it was a poorly written contract - my attorney is of the opinion that i may have a good out and a chance to get all funds returned

but there's also a good possibility that i'll simply lose the deposit as liquidated damages

i'm drafting the letter and sending it out tomorrow to all parties
 

Cal357

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Whew! They refunded my whole deposit.

I think that I'll only consider renting timeshares in the future. No more purchase agreements for me...
 

Karen G

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Whew! They refunded my whole deposit.

I think that I'll only consider renting timeshares in the future. No more purchase agreements for me...

Wonderful! Thanks for letting us know.
 
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