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feedback on Timeshare Broker associates, LCC bef

for100

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Hi,

First of all, this is a great forum. A lot of good information to have before you buy or sell any property.

I am looking at a timeshare on eBay, the seller is Timeshare Broker Associates, LCC. They are based out of Saint Petersburg in Florida. It seems they have been in business for a bit of time, but on and off in eBay.

Have anyone done business with them before? Trustworthy company? They don't use an escrow account, but rather an attorney to complete the transaction. They mentioned it takes about 90 days to close the deal from beginning to end. Does that make sense?



Sorry for so many basic questions, I am just new and I don't want to get ripped off.

Thanks in advance for your help
 
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DeniseM

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Escrow and Title Transfer are two separate functions:

Escrow: A dedicated and bonded bank account where funds are held during the transfer.

Title Transfer: The preparation and recording of the legal documents to transfer the title.

So if they are using an Attorney, that means he is doing the title transfer - which is completely separate from holding the funds in escrow.

*In most cases, you don't need an attorney to do this, it depends on the state, and to tell you the truth, I'd be surprised if an ebay seller actually uses an attorney. MOST of them do the whole thing in-house.


If there is a significant amount of money involved, you want it held in a legal escrow account.
 
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for100

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Hi Denise,

Thank you for the prompt reply.
This is what the seller said exactly: "All funds are held in the closing attorney's trust account, which works just like an escrow account". So, not sure if it is the same as a title transfer or escrow.

They will ask for a security deposit after they send me a contract and Deed to be signed.

About the company itself, have you heard feedback or done business with them before?

Also, is 90 days reasonable amount of time to close the deal? It seems very long time.

Again, thanks in advance.
 

for100

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Hi all,

Just following up on my thread see if there is any input... The people that I am dealing with are Melissa Dann and Mel Mel Bistrican.
 
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theo

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<snip> This is what the seller said exactly: "All funds are held in the closing attorney's trust account, which works just like an escrow account". So, not sure if it is the same as a title transfer or escrow.

They will ask for a security deposit after they send me a contract and Deed to be signed.

About the company itself, have you heard feedback or done business with them before?

Also, is 90 days reasonable amount of time to close the deal? It seems very long time.

I've personally never heard of either the seller company or the individually named players, but then again I choose not to ever do timeshare business on eBay at all, so that observation doesn't mean much. That being said, I'll still note a few questions / oddities from the limited information that you've provided:

1. Why is an attorney (supposedly) involved in a eBay timeshare sale in the first place? That alone is frankly a bit unusual, since an attorney would not generally be required or involved for something as straightforward as a (I'm assuming low cost) timeshare purchase on eBay. Most eBay resellers use a specific closing company, some of which are frankly of less than stellar competency, but that's not really my point, which is simply "why a lawyer and are you being told his / her identity"?

2. Do you have the option to select and pay your own closing company to handle all of the deed work and escrow of any and all funds?
If not, why not? If you're paying the fees, you should be able to select the closer (although admittedly that's often not an option available with many eBay resellers).
It would be the best $150-$250 you ever spent, in order to keep all transaction matters (and money) entirely in independent hands. Foxes being closely involved with hen house affairs is a situation to be avoided if / when possible IMO (I'm not suggesting that is the case with your particular transaction --- but it certainly could be).

3. 90 days is not unreasonable. There are several separate pieces to a timeshare sale and transfer (obtaining estoppel, deed prep work, signature(s) and County recording, payment of resort transfer fee (if one is imposed by the resort at issue), resort notification and, last but not least, resort acceptance of the transfer of ownership after deed recording at the County). Many timeshare transactions take a few months from start to finish; 90 days is plenty, but not particularly outside the norm.

4. Buyers don't sign deeds in most places, although there are exceptions (NOLA comes to mind as one exception, for example). Generally, only the seller signs the deed. Just out of curiosity, where (I'm not at all prying into what) is this timeshare for which you are reportedly being asked to sign a deed as a buyer?
 
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richardm

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That is a brokerage associated with the listing site Timeshare Adventures. They do sell on eBay, and in the past they have used a Florida attorney to process closings and hold funds. If I remember correctly, there may be a familial relationship between the attorney and a principal of the selling company. However, the attorney had been practicing law since before I was even born and had a sterling reputation.

The difference between an escrow account and a trust account is simple.. An escrow service is an independent third party who oversees a transaction. A trust relationship means that the attorney works more closely with one of the parties than the other. The process and requirement to work honestly and fairly is basically the same.

If you want to proceed with the purchase, simply obtain the attorney's information and then verify he is in good standing with the Florida bar. You can find a link to verify the status at http://www.floridabar.org/. You'll see all the attorney's contact information, so you'll be able to call and verify they perform timeshare closings for the selling agency.

If you are new to timeshares, spend some time on this website to be sure you know how the timeshare you are purchasing operates and that it matches your needs. Also, read about the estoppels process to ensure you can verify the timeshare information against what was advertised. Depending on the resort, some developers have a right of first refusal process that may also be part of the closing. In short, just be sure that you know what you are buying before you decide to buy it!

Good luck with your purchase!
 
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