Questions about brokering the sale of timeshares...

[JSMITH1982]

Hello, I am a real estate agent in Illinois (just got into the industry recently so go easy on me). I have been researching starting to sell timeshares as I have only been selling homes and am having a hard time with clarity around what is allowed, not allowed, legal and not legal.

What I want to do:
I want to create a site where people can come to me and I will list their timeshares for sale (no charge to them and no charges at all outside of commission and admin fees when sold). Once we have a buyer, I would send them a contract and then get the Title company involved. I plan to sell timeshares that are physically located only in Florida and South Carolina. However, I also want to avoid getting any licenses I don't absolutely need, whether its a brokers license or other.

Questions:
1. Do I have to go get my real estate license and / or brokers license in all the states where the timeshares are located that I would be selling? I don't believe Illinois even requires a license but I don't know what matters, where I live, or where the timeshare is located.

2. Do I have to get a Brokers license? Not sure how to go about this same lack of clarity mentioned in question 1 with does my location or the timeshare location matter more?

3. If I try to broker the sale of a timeshare in Florida for example, would I have to use a coop broker / Realtor in Florida since I am not located there and don't have a Florida real estate license? If so, do they send the client the contract or would I? Unclear on HOW they would be involved with my buyer and seller as I've never completed a coop broker sale before.

4. Would I be able to get a brokers license in the states I want to sell timeshares in and avoid a coop broker setup?

My goal is to first and foremost not break any laws or get in trouble as I'd rather be safe than sorry here and want to ensure I am covered and on the level so that the customers I serve can have that peace of mind.

I am really struggling with these questions above and will be extremely thankful for any guidance and help here. Thanks!

 

[ronparise]

I struggled with these questions too. so I decided not to broker timeshares, Rather I buy and sell from my own account

There is a group of licensed timeshare owners that may be able to answer your questions, I wont refer you to their website because every time I refer someone to a service provider I get into trouble.

pm me if you want a link to their website.

 

[JSMITH1982]

I just got a reply back from the Illinois real estate commission stating that I don't need a license to sell time shares. However, that doesnt answer my questions about if it matters where the timeshares are located compared to where I am a resident.

 

[icydog]

I don't broker timeshares but I know those that do. As far as I know, you do not need a license to sell timeshares outside of your home state. There are probably exceptions but if you look at brokered timeshare sales sites you will see they are all over the place and selling all over the place.

 

[glmyers]

I just got a reply back from the Illinois real estate commission stating that I don't need a license to sell time shares. However, that doesnt answer my questions about if it matters where the timeshares are located compared to where I am a resident.

The laws in the state where the timeshare is located will govern the licensing requirements for agents and transaction details. Whether a license is needed or not is usually determined by your relationship to the property. An owner or employee of an owner will not need a license, but having a license can change the transaction requirements. If you are working for yourself selling other people's timeshares, you will almost invariably need a real estate license to sell a deeded timeshares.