Harborside resale: timeline to close? title insurance?

[trook]

First off THANK YOU to everyone for your advice and help as I am new to timeshare ownership, and the education I have received reading these TUG forums and posting questions has been invaluable to the process. Shout out to @DanCali for all your helpful responses.

I am now in the process of purchasing a Harborside resale and am sending in my purchase agreement documents/ escrow phase.

Questions I have are:

(1) Should I purchase title insurance? (have read mixed reviews on here and seems it may depend on the price folks purchased it for and timeshare company/location dependent? ...and really only becomes an issue if I were to resell again?) What can I expect to pay for it?
(2) How long does it realistically take for the closing process to be fully completed? (i.e. time from I send in these documents, till I have access to my account to book online). Realtor estimated 120-150 days or longer?
(3) Would there be any issues for me later on, if could convince seller to agree to book my desired week for me now to travel in 2024? (my thought being I will miss out on the 12 month out window and have to bank staroptions or compete with everyone else in VSN for home resort peak season timeframe)

Thank you again everyone!

 

[DanCali]

First off THANK YOU to everyone for your advice and help as I am new to timeshare ownership, and the education I have received reading these TUG forums and posting questions has been invaluable to the process. Shout out to @DanCali for all your helpful responses.

I am now in the process of purchasing a Harborside resale and am sending in my purchase agreement documents/ escrow phase.

Questions I have are:

(1) Should I purchase title insurance? (have read mixed reviews on here and seems it may depend on the price folks purchased it for and timeshare company/location dependent? ...and really only becomes an issue if I were to resell again?) What can I expect to pay for it?
(2) How long does it realistically take for the closing process to be fully completed? (i.e. time from I send in these documents, till I have access to my account to book online). Realtor estimated 120-150 days or longer?
(3) Would there be any issues for me later on, if could convince seller to agree to book my desired week for me now to travel in 2024? (my thought being I will miss out on the 12 month out window and have to bank staroptions or compete with everyone else in VSN for home resort peak season timeframe)

Thank you again everyone!

Re Title insurance - I usually get it more for peace of mind, especially for purchases over $10K. The way I see it, paying an extra $300 on a $10K-$20K deal is not really a big deal for extra peace of mind. I'd probably be more inclined to do it for a purchase in a foreign country where I can't just search for stuff on a county website like in Florida or Arizona. However, looking at our Harborside purchase resale documents I don't see a line item for that so I may have not bothered, or maybe it was not available for a Bahamas purchase. Was that an option that was offered to you?

I don't know about current closing timelines. At the time (~10 years ago) it took around 6 weeks for it to show up in the account.

It can't hurt to ask the seller to make a reservation for you. Odds are they wouldn't have to do it right at midnight at 12 months out and they should be able to secure the week you desire at 10-12 months out. Reservations for current/next year should really be part of the negotiating process. I have walked away from MVC weeks transaction more than once due to uncertainty about being able to secure a reservation. However, unlike MVC weeks or a voluntary resort week, here you do have the option to bank Staroptions, which is a reasonable Plan B.

Enjoy your purchase!

 

[Jang]

The closing timeline is exceptionally long right now. I would ask the seller to make your reservation. I am currently waiting on our deed to be recorded with the Bahamas. It was submitted November 4th, and I was told 90 days. Currently the title company is unable to provide an updated expected date as there are delays at the VAT office. This is our third contract, and it has NEVER taken this long.

 

[Sarumann]

Title insurance is an optional expense when purchasing a timeshare resale, and the decision to purchase it depends on individual circumstances. Title insurance can provide protection against any issues with the ownership of the property, such as unpaid taxes or liens. The cost of title insurance varies depending on the title insurance company, the timeshare location, and the price of the timeshare. You may want to consider discussing the option of title insurance with a licensed title insurance professional to help you make an informed decision.

The timeframe for the closing process varies depending on the specific timeshare company and the complexity of the transaction. The realtor's estimate of 120-150 days or longer is a reasonable estimate. However, it's essential to note that there are many variables that can impact the length of the closing process, such as the responsiveness of the seller, the completeness of the documentation, and the efficiency of the title company.

It is generally not recommended to book a reservation for a future year before you have taken ownership of the timeshare. If the sale falls through or there is an issue with the title, you may not have access to the reservation or be able to transfer it to a new owner. Additionally, the timeshare company may not allow the seller to make a reservation for a future year if they do not own the timeshare during that time. It's best to wait until the sale has been completed before booking any reservations.

 

[byeloe]

It's best to wait until the sale has been completed before booking any reservations.

Sorry I don't agree with this. Having the owner make a reservation for you in advance is an excellent way to ensure that you will get your desired vacation week.

 

[trook]

Just wanted to post an update and thank you to TUG for teaching me the in/outs of buying a resale. Everything is finalized now on our Harborside 3 bedroom lockoff resale purchase and we are excited to start enjoying it!
Timeline: submitted offer to seller (3/10/23), offer accepted (3/15/23), closing documents completed (3/29/23), deed transfer initiated with Bahamian lawyers (4/21/23), transfer completed (7/27/23).

I understand that Harborside is not yet a part of Bonvoy, but... an interesting note on our "ownership page" it shows "staroptions 196,900 and bonvoy points 309,600"... any thoughts on why it would show this and state "the point value listed below represents the value of points you receive if you convert your VOI with the Marriott Bonvoy Program"?

 

[byeloe]

Just wanted to post an update and thank you to TUG for teaching me the in/outs of buying a resale. Everything is finalized now on our Harborside 3 bedroom lockoff resale purchase and we are excited to start enjoying it!
Timeline: submitted offer to seller (3/10/23), offer accepted (3/15/23), closing documents completed (3/29/23), deed transfer initiated with Bahamian lawyers (4/21/23), transfer completed (7/27/23).

I understand that Harborside is not yet a part of Bonvoy, but... an interesting note on our "ownership page" it shows "staroptions 196,900 and bonvoy points 309,600"... any thoughts on why it would show this and state "the point value listed below represents the value of points you receive if you convert your VOI with the Marriott Bonvoy Program"?

It's not part of Abound. I believe that those who purchased from the developer can convert to Bonvoy(hotel points) Resale purchasers get access to staroptions but can't convert to abound, unless they requalify the week.
Abound and Bonvoy are different

 

[Mulege]

Bought Lagunamar in early February. Still not in my account. All papers sent to Marriott in May. Now told it will be late August or September before it is in my account. I had seller make a reservation. This is taking way too long.

 

[claraj]

It's not part of Abound.

Will Harborside be added to Abound at some point? I went to a recent MVC sales meeting and Bahamas is marked on the map as a resort in the system and when I asked, the rep claimed Marriott was working on the legalities. I thought that was disingenuous.

 

[DanCali]

All signs point say that it will be added. It was supposed to happen around June this year and some owners who attended presentations were given points valuations. There aqre indeed legalities involved since Atlantis is part of the equation as well.

However, if you are buying now, your ownership will not be automatically enrolled in Abound as it is past the cutoff date which was sometime in summer 2022. You will only be able to add it to Abound by making a developer purchase.

 

[sponger76]

Will Harborside be added to Abound at some point? I went to a recent MVC sales meeting and Bahamas is marked on the map as a resort in the system and when I asked, the rep claimed Marriott was working on the legalities. I thought that was disingenuous.

The intent is to add Harborside to Abound. The issue is, Harborside is not wholly controlled by Vistana, it is partially owned by the same company that owns the entire Atlantis resort. Atlantis made the original agreement to allow Harborside to be part of Vistana, but that was well before Abound was part of the picture. MVC has to negotiate an agreement with Atlantis ownership to allow it to be included in Abound, and so far an agreement has not been reached. Who knows what the sticking points are, maybe so far Atlantis has been asking for an unreasonable amount of money.

The same issue exists with the Westin Riverfront in Colorado, it is not fully controlled by Vistana/Westin Vacation Club, and so far is not included in Abound until an agreement is reached with the other company..