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Harbourside at Atlantis, Bahamas - Resale

smtclem

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Once again I am trying to sell our unit. Each year I go through this process and I get cold feet. I am very nervous about once I have a buyer. Just don't know who to trust. I have googled so much stuff I am confused. I am looking for a closing company to help with the sale.

Appreciate any help in pushing this forward.

Susanne
 

theo

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Once again I am trying to sell our unit. Each year I go through this process and I get cold feet. I am very nervous about once I have a buyer. Just don't know who to trust. I have googled so much stuff I am confused. I am looking for a closing company to help with the sale. Appreciate any help in pushing this forward.
I don't claim to know anything about the legal processes or procedures of timeshare transactions in the Bahamas, but I nonetheless respectfully submit that you first need to find yourself a willing buyer. No one else is likely going to do that for you. You purchased this timeshare at some previous point in time, so you must already have some background and direct personal experience on the transaction process, no?

In the meantime, in case all of your closing details must be handled in the Bahamas (again, I do not claim to know, but I do recall some past mentions of needing a Bahamian attorney in some instances), you might want to inquire directly of your resort about a recommended local closing entity (or attorney, if necessary). Hopefully, no attorney involvement will even be necessary at all --- but it very well might be. On a completely separate track, also contact LT Transfers in Georgia directly to ask if they are able to handle your particular resort's Bahamian closing for you (quite possibly not) and get any info or insights or recommendations that they might be able to offer. If LTT can handle your Bahamas closing, they will be your least expensive closing company option; they are reliable and communicative. You'll still need to find a willing buyer on your own first in any scenario however, before any closing entity can actually assist you with the transaction and transfer process.

You're the seller here, so you should not (nor ever be asked to) put even one penny up front on the table for anyone.
If you keep that fact very clearly in mind, your odds of getting "scammed" in a sale would frankly seem to be slim to none.

First step would seem to be to advertise and find a willing buyer; no closing entity is going to find a buyer for you. Don't get bogged down with Google. Get your info straight from the horses' mouths or you may just get overwhelmed by everything that will get returned by "Googling", much of it likely not even applicable or of much (if any) practical use to you. Make just two direct phone calls above, at least for starters.

Just some thoughts and personal opinion. Others may have Bahamas-specific input or recommendations or personal experience.
Hope this helps a little. If not, 150% of your payment for the above input will be cheerfully refunded. :D
 
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RNCollins

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Smtclem,

I own a week at a different Bahamas timeshare (Suncrest Treasure Villas). My closing was handled by
Timeshare Title. They might be able to point you in the right direction and help answer your questions.

http://www.timesharetitle.com/
 

tschwa2

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Smtclem,

I own a week at a different Bahamas timeshare (Suncrest Treasure Villas). My closing was handled by
Timeshare Title. They might be able to point you in the right direction and help answer your questions.

http://www.timesharetitle.com/
Was yours deeded or RTU? My understanding is that Harborside is one of the few true deeded timeshares and the law requiring a Bahamian attorney to sign off on the transfer was practically written just for Harborside with the assumption that owners at Harborside could afford to pump an extra $1500+ into the Bahamian economy when transferring to someone else.
 

tschwa2

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Once again I am trying to sell our unit. Each year I go through this process and I get cold feet. I am very nervous about once I have a buyer. Just don't know who to trust. I have googled so much stuff I am confused. I am looking for a closing company to help with the sale.

Appreciate any help in pushing this forward.

Susanne
Most weeks and sizes have no resale value but a few do.
Three bedroom units in Platinum (winter) or Gold (Summer) phase II
Phase I 2 bedroom units during specific fixed high weeks during the platinum season- especially holiday weeks, and summer weeks 26-31. You may have some interest in weeks 25, 32, and maybe 33.
Phase II 2 bedroom Platinum and summer. 2 bedroom dedicated summer units especially valuable because they sleep 6 in 2 separate bedrooms but have MF's similar to the 1 br premium units (and are similar in size but families like 2 actual bedrooms).

You may find some interest in 1 br premiums during those weeks or seasons.

Pretty much everything else you will probably need to pay all or a portion of the following years MF and/or the $1600-$2500 transfer costs.
If you own a Silver (fall) season unit expect to have to give away free usage and pay all transfer costs.
 

RNCollins

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Was yours deeded or RTU? My understanding is that Harborside is one of the few true deeded timeshares and the law requiring a Bahamian attorney to sign off on the transfer was practically written just for Harborside with the assumption that owners at Harborside could afford to pump an extra $1500+ into the Bahamian economy when transferring to someone else.
Tschwa I believe I have a deed, but I did not require a Bahamian attorney for the transfer.
 

theo

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Tschwa I believe I have a deed, but I did not require a Bahamian attorney for the transfer.
Fwiw, tschwa2 referred specifically to practices at Harborside ---although I can't really fathom how one particular resort could somehow adopt its' own practices, unless perhaps written right into their original CC&R's right from the git go. Seems odd otherwise that this would be a resort-specific requirement. :ponder:
 
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tschwa2

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It isn't a CC&R requirement. It's a Bahamian law. The Bahamas will not allow the deed to be recorded unless it is signed off by an attorney licensed to practice in the Bahamas. No recorded deed- no transfer. As I said most Timeshares there are RTU and not deeded so the law would no apply. It may also be that it only applies to Nassau/Paradise Island deeded timeshares and not other parts of Bahamas. All I know is it does apply to Harborside and am not aware of any other timeshares in the Bahamas that have that legal requirement.
 

smtclem

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Hi its Susanne. Thanks for the information so far. [specifics deleted to comply with the no-advertising rules] I have reached out to Ltt and Time Share Title. I am realistic in believing I will not likely make any money on this sale as the units are selling for $2k or less, very sad considering what it was bought for. Like others each year I am stressed when the maint bill comes in and then I try to rent it. This year there has not been anyone interested in renting. The Resort does not have a resale centre, in fact when I called they said they have units they are trying to sell. I talked to them about the reputation of the resort and are they not concerned of the low resale values reflecting on the property. Said they would review????

Anyway I have it posted for rent and for sale and will wait to hear back from the companies I contact. Will keep watching thread for any other helpful info.

Thanks
 

theo

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The Resort does not have a resale centre, in fact when I called they said they have units they are trying to sell.
Anyway I have it posted for rent and for sale and will wait to hear back from the companies I contact. Will keep watching thread for any other helpful info.

Thanks
In regard to tschwa2's helpful insights, have you sorted out with certainty whether what you have is a RTU contract or a deeded ownership?
It seems likely to be the latter. The distinction between the two is important in regard to how / by whom / at what cost a prospective transfer might occur once /if you find a willing new recipient. Sadly, it also seems like it might actually cost you money (as opposed to receiving any) when / if you find a willing and valid new recipient for the ownership, if there is potentially $1,500 in attorney fees involved. :shrug:
 
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DeniseM

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Harborside is a deeded ownership, and she has to use an attorney in the Bahamas to do the title transfer. I moved her post to the Vistana forum where other HRA owners will see it and can share the attorneys that they have used. (The US title companies can't do this one.)
 

Helios

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I used closemytimeshare.com 3 times. First two it was about 2K each. Last one 1.8K (did not get title insurance).
 
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