Offer accepted, finalizing deal.

[Ahzroe]

After much searching, I was told my offer on a platinum week for a 2 bedroom lockoff at Marriott's Manor Club at Ford's Colony was accepted. I will place the call tomorrow (February 27) to finalize the details.

Here is what I want to cover:

What year does usage begin? Are all fees
current? How will title transfer be managed between the me and seller? Who will the escrow company be? Who will prepare the title transfer documents? Title insurance available? Are there provisions to allow me to verify information about the unit the resort management?

I have verified full refund of closing costs if ROFR is exercised. I feel the price will be fine with Marriott (more than 9k, less than 10k). I hope the realtor is of good reputation. There were a few posts on TUG about the realtor, nothing great, nothing negative. PM and I will let you know more details. Wish me luck! First Marriott for me!!

 

[ptravel]

How did you find your resale?

 

[Ahzroe]

I placed the bid on ebay, reserve was not met. Further communication led to an offer. I held my ground on what I wanted to offer. I have been looking on ebay, tug classifieds, as well as a broker.

 

[5infam]

What year does usage begin? Are all fees
current? How will title transfer be managed between the me and seller? Who will the escrow company be? Who will prepare the title transfer documents? Title insurance available? Are there provisions to allow me to verify information about the unit the resort management?

I have not bought from EBAY, but have bought a few resales, one being Marriott. Most of your questions should have been included in the add on EBAY, or should have been asked before buying. However, in general it sounds like you are dealing with an agent/broker of some kind. If you are not familiar with this individual, and the closing arangements were not spelled out on the add, I would suggest hiring your own escrow to do the closing. There are several out there that other Tuggers can recommend. As far as usage year beginning, typically, if you are paying for the current years maintenance fess (2006), then you would get that usage week. If not, then it would be 2007. Again, that should have been in the add, if not verified ahead of time. I always use title insurance, but that is my personal preference. You should be able to get a policy directly from the closing company (they might not be the policy holder, but may work with a title company they recommend). I have used First American Title several times. I would go back to the add though and review it all again. If you are unsure of what some of the items meant, copy and paste them here, and we can help you figure them out. Good luck.

 

[Ahzroe]

5infam,

Thanks for all of the great advice. After doing some more searching (including the BBB and archived TUG posts) on the realty company, I decided not to pursue the purchase. I will continue to keep my eyes open....

 

[Dave M]

For your next possible offer, be sure to review this timeshare purchaser's checklist for possible questions to ask of the seller or of the resort - http://www.tug2.net/advice/purchase_checklist.htm

 

[Ahzroe]

Thanks Dave!