Probate - I entered Escrow on a Timeshare now they are saying it needs to make it through Probate

[mnilsen]

Probate - I entered Escrow on a market Timeshare now they are saying it needs to make it through Probate. This is delaying the process much longer than I am comfortable with.

Can I get out of this deal?

I like the property but there are others out there.

Any advice appreciated!

 

[tschwa2]

Did your contract specify any guarantee on time of transfer or at least mention typical transfer time? Are we talking more than 90 or 120 days? Even if many timeshares can close quickly there are some that don't.

 

[ausman]

Who was the seller.? If it was not "the estate of ...." I would attempt to negate the transaction on the basis the seller did not have title and thus could not pas it on to you.

It is a kind of shady move on the sellers part.

 

[VacationForever]

Probate can take many months, some years. If there was no mention of an estate sale, I would say just back out of it.

 

[mnilsen]

Did your contract specify any guarantee on time of transfer or at least mention typical transfer time? Are we talking more than 90 or 120 days? Even if many timeshares can close quickly there are some that don't.

It says 90 - 120 days

 

[mnilsen]

Who was the seller.? If it was not "the estate of ...." I would attempt to negate the transaction on the basis the seller did not have title and thus could not pas it on to you.

It is a kind of shady move on the sellers part.

Sooo...it says: Seller "So and So" and Seller #2 "So and So" (Deceased)

 

[theo]

You have no influence or control over the "pace" of Probate, which could drag on for a protracted period of time.
I too would advise extracting yourself from this transaction entirely and just move on.

 

[mnilsen]

You have no influence or control over the "pace" of Probate, which could drag on for a protracted period of time.
I too would advise extracting yourself from this transaction entirely and just move on.

Thanks - I am not sure if I can do that without losing my deposit. Do I have recourse in this case to ask to get out of it?

 

[vacationtime1]

Thanks - I am not sure if I can do that without losing my deposit. Do I have recourse in this case to ask to get out of it?

It depends on your written contract. If there is a "time is of the essence" clause (or if there is a deadline for closing the deal stated in the contract -- as there is in virtually very real estate transaction other than timeshares), you could demand that they obtain court approval promptly and if they don't, legitimately back out.