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chipclip

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I've been searching through the forum to find an answer to my situation, but nothing quite fit. Here's my situation: A few years ago we bought a week at a small resort in the Bahamas. We did this privately with my friend's father-in-law. The transfer of ownership went through with the resort-everything is in my name as far as correspondence, trading, and maintenance fees are concerned. However, we never changed the deed or recorded it with the Bahamas (I don't remember why it wasn't all done at once). How would I go about doing this now? Any ideas of how much this will cost? I want to sell it and assume the deed has to name me as the owner before I sell it :eek: . Any help will be very much appreciated. Thank you.

Kelly
 

gmarine

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I believe the sale of a timeshare in the Bahamas has to be handled by an attorney which is why the closing costs on resorts in the Bahamas exceed $1000. I'm sure others will give more accurate info.
 

Jennie

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As stated above, the cost of doing what you want will be very high because it is in the Bahamas. And most of the timeshares in the Bahamas will be very difficult to sell (or even give away for free) except for a few (very few) high- end resorts such as Harborside at Atlantis.

Before you go "throwing good money after bad," research what the going resale price is for what you own at this resort. If it seems to have some resale value, would the seller be willing and able to sign the necessary papers to transfer ownership if you found a buyer? No sense doing it twice.

If you are unable to sell the week and will be stuck with the on-going maintenance fees, you need to have a serious discussion with the person you bought it from. Is he willing to leave things as they are? He would probably be ultimately responsible for the maintenance fees if you failed to pay them.

If he wants to have it totally out of his name, tell him you feel he should pay the cost of recording the deed. Am I correct in assuming that if you knew the costs of deeding would be so high, you might not have bought it at all, or the price you agreed upon would have been lower? If he is not willing to pay the full costs, maybe you would want to suggest splitting it 50/50.

I hope you haven't grossly overpaid for what you own. A lot of times a prior owner has no idea what the going price is now for something they bought directly from the developer at an exorbitant price. You will both know the proper price after doing research at www.redweek.com (no cost to sign in as a guest) and www.myresortnetwork.com and Ebay www.ebay.com. It could be zero :mad: You should also go to www.donateforacause and see if your week is on the list of timeshares they will not accept as a donation.

If you paid too much, see if you can undo the sale--receive a refund and sign it back to him, or maybe let him keep all or half of the money you gave him, in return for getting out of this thing altogether. The way the resale market is these days, one can buy high value weeks for well less than $1,000. including all closing costs.

You could try posting the name of the resort and the type of ownership (fixed deeded week, floating (which season) or a RTU (right to use). We would then be able to give you better advice re:salability. However, your post might be deleted if the Moderator considers it an "ad" which is not allowed on these forums.
 
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chipclip

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Thank you very much Jennie-great info! I understand about the ad warning-I'm not trying to place an ad. I really just wanted to know about the deed transfer stuff. I'm hoping that if and when I do sell it, that I could split the cost of the transfer with the next owner like you suggested, but I wasn't sure if the Bahamas would require it to be transferred to me and THEN to the new owner or if they will allow it to go from the previous owner's name to the one after me. I do not feel I overpaid, and am not even 100% sure we want to sell it. It just seems like it's a waste right now because we haven't used it since we got it, and with new babies we haven't even been able to trade it to go on any type of vacation :( . In any event, thanks again for the information. It was very helpful. Oh-and the resort is Island Resort and Golf Club.
 
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