Newbie Help - just bought my first TS

[imracerx]

I bought Marriott Shadow Ridge Platinum week on Ebay last night for 8119. The seller just e-mailed me the contract. Overall it looks sound, but one section bothered me. It states:

Disbursing Funds: Buyer hereby authorizes XYZ (closing company name withheld) to disburse the sales proceeds and real estate commission to the parties, once they are in possession of all executed transfer documents and funds, before the deed has been recorded and returned to their offices.

Is this normal? I would think that funds would not be dispersed from escrow until the deed was recorded in the buyers name? Should I demand that the seller changes this?

The TS was bought on e-bay from what seems like a reputable seller. A quick search here turned up positive reviews of the tilte company as well.

Any adice you can provide would be highly appreciated! Thank you!

 

[gmarine]

Pretty standard for it to be worded that way. Just like when you buy a house, the funds are dispersed at closing before the deed is actually recorded.

A couple weeks ago the same type unit sold for $4539. Whether it passes ROFR is another story. It ended October 8th.
http://www.tugbbs.com/forums/showthread.php?t=83007

 

[imracerx]

Thank you for the fast response.

I saw that thread as well... I wish I could have found that deal, but the wife was chomping at the bit to pick one up. Several others went for more than this over the last few weeks. Hopefully we won't regret this decision later...

Thanks!

 

[#1 Cowboys Fan]

In recent weeks, timeshare resales have fallen in price---and Marriott is no exception.

So, perhaps you could have gotten a better deal with the recent drop, and homework, and waiting, etc.

That being said, what you purchased was probably significantly more months or a year ago.

I say---DON'T LOOK BACK---GO ENJOY YOUR PURCHASE !!

I've been to the Palm Desert area and am headed there again in two months. While I have yet to visit the resort in detail, Shadow Ridge seems like a VERY nice place to own!

So, in short----CONGRATS!!!

Pat

 

[imracerx]

Thanks for the encouragement. I know that we are going to enjoy this for years to come. My wife and I were there the first week of October and loved it. The restaurant is not so great, but the rest of the resort is beautiful. I highly recommend checking it out. If you are not a golfer, October is a wonderful time of year to go. The climate is great and the resort is nearly empty because the course is closed for reseeding.

 

[mamadot]

Enjoy! We love it there also. Brought 18 mos. ago and paid about 2k more and that was considered a great deal then. Oh well thank goodness we did not buy from the developer!