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.
-
TUG started 29 years ago in October 1993 as a group of regular Timeshare owners just like you!
Check out our happy birthday post here: Happy Birthday TUG! -
TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!
Come check it out for a chance to win a Free TUG membership (or renewal) just for helping out!
Read more here -
TUG has now saved timeshare owners more than $20,000,000 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 $20 Million dollars -
Our 2022 Timeshare Survey is now complete and the full results as well as our expert and witty analysis of each question is available here: Here We hope you enjoy reading the results as much as we did! -
Follow the TUG Member Banner as it travels the world on vacation with Timeshare owners! Also sign up to get the banner sent to you so you can submit a photo of your vacation with the banner to share with TUG! Banner Thread
-
Sign up to get the TUG Newsletter for free! 50,000+ subscribers! Latest resort reviews and the most important topics discussed by owners during the week!
-
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!
Read more Here
Selling a RTU vs. a deeded week
- Thread starter mayson12
- Start date
- 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
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.
-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.
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.
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.