• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 30 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day!
  • TUG started 30 years ago in October 1993 as a group of regular Timeshare owners just like you!

    Read about our 30th anniversary: Happy 30th Birthday TUG!
  • TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!

    Free memberships for every 50 subscribers!

    Visit TUG on Youtube!
  • TUG has now saved timeshare owners more than $21,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $21 Million dollars
  • Sign up to get the TUG Newsletter for free!

    60,000+ subscribing owners! A weekly recap of the best Timeshare resort reviews and the most popular topics discussed by owners!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    All T-shirt options here!
  • A few of the most common links here on the forums for newbies and guests!

Selling a RTU vs. a deeded week

mayson12

TUG Review Crew
TUG Member
Joined
Jun 6, 2005
Messages
325
Reaction score
6
Points
378
I'm thinking of selling my timeshare that has a RTU instead of a deeded ownership. Since I don't have a deed, I'm not sure what paperwork I need to sell. Will the closing company know? Or should I call the resort and ask? Thanks.
 

gmarine

Tug Review Crew: Rookie
TUG Member
Joined
Jun 6, 2005
Messages
4,304
Reaction score
17
Points
423
Usually you dont need a closing company when selling a RTU. The transfer is done by the resort itself. The buyer may want to use an escrow company to handle the funds but you dont need a closing company to process the closing since there is no deed.
 

Bill4728

Moderator
Joined
Jun 6, 2005
Messages
11,038
Reaction score
598
Points
899
Location
Lake Tapps, WA
Many people sclose their RTU TSs just like they would a deeded TS because even though there is no deed to prepare or record, all the other things a closing company should do still need to be done.

-Make sure there is a sales contract in place which spells out all questions about the sale
things like:
- Are the MFs paid, does the seller want to be reimbursted for fees paid
- Are tha taxes paid, does the seller want to be reimbursted for taxes paid
- Is this years week available, used deposited ect.
- Getting an estopple letter from the resort about MFs, taxes, use ect and hopefully is the week really what the seller said it was. ( it is truely amasing how many sellers have no idea of what they are really selling)

-Make sure the money is held in a true escrow till closing/ transfer is completed
-Make sure that all paperwork ( including ROFR) that the resort needs is completed and sent in correctly.

So there can be a lot for the closing company to do even with a RTU TS sale.

But Gmarine is right many RTU TS resorts do offer to help transfer sales between a seller & buyer.
 

thoscook1

TUG Member
Joined
Jun 6, 2005
Messages
50
Reaction score
1
Points
366
I have a RTU in Mexico and I just have to sign and have the new owners sign the certificate on the back. The certificate is given to you when you buy from the developer or complete the transfer on a resale purchase. If you have lost yours, I think they will provide another copy of the certificate but maybe have a small fee.

In addition I need to provide a notarized letter confirming that I am transferring the RTU. If jointly owned both parties have to sign the documents. Usually there is a small transfer fee by the resort ( $100 or so).

If it is a Wyndham points RTU ( like some at El Cid) then there is another fee for that as well but it it uses the same documents but takes longer.

I don't think it is necessary to have a closing company-just find out where to mail the documents to and who to contact for follow-up. However, the other party may want a closing company just to feel more secure in the transaction-but the process is fairly simple at least in Mexico.
 
Top