Purchase of timeshare thru a resale

[M&M in Arizona]

Hi, I am buying a time share on the secondary market. It was listed with Red Week. I've never done this before. These are the terms below.... Can you tell me if this is correct, that we don't have to go to a Title Service? We can just bid on a unit in Arizona and I want to be sure it is legit. I did find all her copies of paper work on the County document search.


This is the email I received from the seller: Is this standard procedure in deeding to a new owner?

I have documentation of ownership of Unit #xxxbought 1986 directly from xxxxxxx, I am original owner. It can be found as public info on the Coconino site. Copy Enc.
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As I told you, I recently sold unit #xxxx. The new owner and we handled the transfer of ownership without a title company, it is not necessary and is costly. I will proceed the exact same way with you. I will send you a completed "Arizona General Warranty Deed" with "Exhibit A" legal description of property (I enclosed a copy of Exhibit A of the prior sale fyi) indicating the intent to convey the real property to you. You will need to sign that and a separate "Notary Acknowledgment." Once I receive the very simple signed original paperwork back from you, I will file with Coconino. It is not complicated.
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The Warranty deed for sale of #xxxx was recorded 7/23/24 under the new owner's name; I have a copy of that enc. with his name redacted.
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I have copy of the paid Capital Assessment fee in full for Unit xxxxalso. If we proceed, I'll pay the balance of $650 (It was offered to be spread out over 3 payments, August, Jan '25 and Jan '26.)I'll send that to you too.

If you want to proceed. Please let me know. Thank you.

To be clear,
The terms are as follows:
The total cost to you is $1500. Payable via Zelle. $750 to begin process (by Monday Sept.16, 2024) and $750 with the return of the signed paperwork for me to file with Coconino, no later than Sept. 30th, 2024.
1. I pay off the balance of capital assessment ($650). I will
send you copy- (see copy of paid off prior sale #xxxx.)
2. I pay recording fees with filing the Warranty Deed conveyance to Coconino County as soon as I receive back from you signed and Notorized papers. (My mailing estimate is Oct. 4th)
3. I send copy of paperwork to xxxxxxx to let them know Ownership changed from me to you. I pay $50 transfer fee (if required, I'm unsure.)

4. With change of ownership, You will be required to Pay the Maintenance fee for 2025. FYI, last year it was $1060.

I hope that answers any questions you have. There is nothing to worry about. I am a long time resident of Arizona and original owner of the time share. I have/had a total of three. With the sale to you, I will only own one that I bought in 2012. We don't go as much, the kids are grown.

 

[bizaro86]

It's certainly possible for the seller to file the deed themselves. Personally in that situation I would ask to use someone like LT Transfers just for comfort it would get done correctly (and I'd be prepared to pay their fee).

 

[DeniseM]

+1 I would absolutely not let the owner do the title transfer. I would offer to pay for a professional title transfer - this will protect you against incompetence and fraud and also assure a legal transfer.

This is who I use - they are Tuggers, they get high marks on TUG, and they are efficient and inexpensive - usually less than $300. It's worth every penny.

L.T. Transfers
www.lttransfers.com
readylegal@gmail.com
706.219.2709

 

[rickandcindy23]

I have done a lot of closings myself, typed and filed deeds, sent documents with transfer info to Wyndham, specifically. It's not a tough thing to do, but TUG members have been receiving the deeds, and some trust is involved with who I am on TUG.

I would hesitate to have someone else file a deed. I agree with Denise, even though I do it a lot, and I am doing my first Marriott this week.

What I find interesting is that the deed usually isn't signed by the buyer, only the seller, and that is how it's been for all nine counties.

Maybe that is a sales' contract that needs notarized and not a deed?

I would never accept a Quitclaim deed. Just make sure that is not what you are getting. It's too easy and harder to sell or give away later.

 

[TheTimeTraveler]

I would never accept a Quitclaim deed. Just make sure that is not what you are getting. It's too easy and harder to sell or give away later.

Why is it harder to sell or give away a Quitclaim Deed ?






.

 

[chapjim]

Why is it harder to sell or give away a Quitclaim Deed ?






.

A quitclaim transfers whatever interest the grantor has in the property. Could be no valid interest at all.

 

[M&M in Arizona]

This sounds legit to me. I found the other recorded deeds in the County records search. She will file the deed with their signatures on it. I think we will go forward with it. She has provided so many copies of recorded documents that I feel comfortable but appreciate all the advice you have given me and gave me information to further question her.

 

[theo]

This sounds legit to me. I found the other recorded deeds in the County records search. She will file the deed with their signatures on it. I think we will go forward with it. She has provided so many copies of recorded documents that I feel comfortable but appreciate all the advice you have given me and gave me information to further question her.

Keep in mind that if the seller makes any errors in deed preparation, it will be your problem (and time) to address and fix any such errors later, after the deed is recorded.

I agree with others above that you should just pay the few hundred dollars involved to have LT Transfers handle all of the new deed preparation and recording details, but it's your prerogative to instead just trust / hope that the seller will get it all done, error-free, and that your (non-retrievable) payment by "Zelle" is really a wise choice. Your call.

 

[J.Ramaj]

I have done a lot of closings myself, typed and filed deeds, sent documents with transfer info to Wyndham, specifically. It's not a tough thing to do, but TUG members have been receiving the deeds, and some trust is involved with who I am on TUG.

I would hesitate to have someone else file a deed. I agree with Denise, even though I do it a lot, and I am doing my first Marriott this week.

What I find interesting is that the deed usually isn't signed by the buyer, only the seller, and that is how it's been for all nine counties.

Maybe that is a sales' contract that needs notarized and not a deed?

I would never accept a Quitclaim deed. Just make sure that is not what you are getting. It's too easy and harder to sell or give away later.

I guess that does vary by county. I've had to sign the deed, get it notarized and sent back to the seller for pretty much all of my timeshares except one. The one I didn't sign the seller pulled a shady switcharoo and gave me something totally different from what I signed for with the letter of intent.

To the OP as others have said it's probably best to have LT Transfers do the process. I have dealt with a couple of sellers that did everything themselves and it went smoothly but likewise you are depending on them to keep you in the loop of what's going on and you defintely have to put trust in them. At least with LT they send out constant updates about what's going on and they will make sure everything is done correctly and overall make the process easy

 

[CalGalTraveler]

I would always use a third party if trading money. Also ask third party to request an estoppel directly from the developer to ensure it is legit (not forged) and confirm that there are no funds owing or upcoming assessments that you would have to assume.

 

[DeniseM]

@M&M in Arizona - Please note: Just because you like the person you are buying from does not mean they have the skills needed to do a legal title transfer, or that they are reputable. I have owned/bought/sold timeshares for 20 years and I still use a title company every time, because it is the best way to insure a legal title transfer.