Closing company

[armrecsys]

Hi is it better to use a closing company?
I was offered a timeshare without a closing company.
How do I protect my self without someone checking for The right owner on the tranfer.
Thanks

 

[andre10056]

Hi is it better to use a closing company?
I was offered a timeshare without a closing company.
How do I protect my self without someone checking for The right owner on the tranfer.
Thanks

Because virtually all timeshares are deeded pieces of real estate, it will of course be in your best interest to make sure that the transfer of ownership is done exactly right. And finding a firm skilled in doing that is, in my opinion, essential.

I'm not sure what you mean that someone is offering you a timeshare without a closing company. Is someone saying, "We don't need a closing company. Just send me money"? If so, that sounds like a scam.

If, on the other hand, the seller is saying, "I won't be paying for a closing company. You have to do that", the buyer usually does pay for a title company to do the closing. A good timeshare title transfer company that many people on TUG recommend is LT Transfers.

 

[armrecsys]

Thanks for answering.
This is Mexico timeshare no deed.

 

[armrecsys]

Hi without using a closing company, how do I find out if they really Owen the timeshare?

 

[TheTimeTraveler]

Hi without using a closing company, how do I find out if they really Owen the timeshare?

You don't own anything in Mexico. It is a RTU (right to use) as long as you keep paying the membership fees.

Personally? I'd stay away in becoming involved in anything in Mexico.





Moderator; Suggest you move this thread to the Mexico Forum to benefit the OP.







.

 

[T-Dot-Traveller]

Hi without using a closing company, how do I find out if they really Owen the timeshare?

Thanks for answering.
This is Mexico timeshare no deed.

@armrecsys - what is the name of the resort and what is the details of the RTU contract
1)annual or EOY?
2)How many bedrooms ?
3)Current MF / Use fee for a week ?
4) When does the RTU end / require a renewal to extend ?

Mexican Resorts typically charge a transfer fee to put the RTU in your name.
This fee can vary from couple of hundred $ to thousands of dollars.
Some resorts remove certain benefits upon resale

Your answers to the above will help TUG Mexican forum members give you answers & assistance .

 

[VanX]

Personally I’d only ever have Mexican RTU memberships and have 10 now and hope to add 2 more soon

Happy to help and you can (1) ask the seller for a copy of their membership contract and (2) ask them to provide a current dated letter from the resort describing in detail what they have and remaining years, nights and any credits.

That’s a great start. There’s more to cover but it’s a good starting point with the above

 

[rpennisi]

I don't know why The Time Traveler would say that about not becoming involved with anything in Mexico? There are many great places to stay in Mexico. VanX and T-Dot would, I am sure, agree.

One good thing about the Mexican timeshare account is the end date of the contract. US based contracts are "forever", unless you sell, die or default somewhere along the years of ownership.

The Mexican timeshare has a beginning and an ending date. It is RTU (right to use), no ownership.

What you need to know is how many years are left on the contract and how do you get your name on that contract.

I bought resale Mexican timeshares back in 2007 with years remaining on the contracts. I paid a closing company to transfer to my name. I paid the resort the fee to make the transfer. As D-Dot mentions that could cost thousands of dollars, especially with the "newer" contracts where timeshare companies dramatically raised the price to change the contract owner's name.
That fee by the company to transfer the contract into your name should be written in the original contract.

 

[easyrider]

Hi without using a closing company, how do I find out if they really Owen the timeshare?

You would call the management company. Most are based in the USA. When I do this it's always on a three way call. The last one for us was free so on my end the call was to just make sure we were getting what was being offered and to get the paperwork going.

Bill

 

[armrecsys]

Hi I have ask the seller several time to give me something , so I could check owner ship. Each time , the seller never gets back to me.
I see this as a sign for me to Run.


A case of price sounded to good

 

[VanX]

Hi I have ask the seller several time to give me something , so I could check owner ship. Each time , the seller never gets back to me.
I see this as a sign for me to Run.


A case of price sounded to good

Good rules to follow: Don’t buy a car sight unseen or sign a contract you haven’t read.

Good thinking to walk away.

 

[T-Dot-Traveller]

Hi I have ask the seller several time to give me something , so I could check owner ship. Each time , the seller never gets back to me.
I see this as a sign for me to Run.


A case of price sounded to good

What is the name of the resort ?

 

[armrecsys]

Hacienda Del ma resort

 

[easyrider]

Hi I have ask the seller several time to give me something , so I could check owner ship. Each time , the seller never gets back to me.
I see this as a sign for me to Run.


A case of price sounded to good

Sometimes the seller is very old and has a bit of dementia. You might look elsewhere. Were you looking for a fixed week penthouse at Hacienda del Mar ? If not, Hacienda del Mar floating weeks shows up often for very little.

Bill

 

[armrecsys]

Thanks, still looking

 

[Trvlagentret]

Check out Hacienda Del Mar Facebook page. Owners often list their ownership for sale (usually $500 transfer fee only). Good luck!