selling to someone we don't know

[hanlin68]

We got a buyer for our red week, Mayan Palace 2BR by posting on TUG! QUESTION: We've spoken on the phone & researched the buyer, and we're pretty sure he's legit, but since we don't know him and he doesn't know us, what's the best way to proceed?

We don't want to transfer the contract to him until we have his money, and he probably won't want to give us his money until he's sure of the contract.

We'd prefer not getting an attorney involved for obvious reasons. Any suggestions gratefully accepted.

 

[theo]

That's exactly what escrow is for...

We got a buyer for our red week, Mayan Palace 2BR by posting on TUG! QUESTION: We've spoken on the phone & researched the buyer, and we're pretty sure he's legit, but since we don't know him and he doesn't know us, what's the best way to proceed?

We don't want to transfer the contract to him until we have his money, and he probably won't want to give us his money until he's sure of the contract.

We'd prefer not getting an attorney involved for obvious reasons. Any suggestions gratefully accepted.

I guess I'm missing the "obvious reasons", but the escrow services of any good closing company would seemingly alleviate your concerns, as well as look out for both buyer and seller, without an attorney.
After all, the buyer is likely also equally (...or even more) uncomfortable sending you their money...

If you split the costs, it would likely be considerably less than $150 each, maximum, which certainly seems cheap enough to me to achieve mutual peace of mind. That being said, I don't know how many closing companies want to even get involved with Mexican RTU contracts in the first place...

 

[aliikai2]

Do you know about the transfer fee?

For an MP week depending upon when it was purchased the transfer fee that Vida will collect is either one annual fee( Prior to 1999) 10% of the original purchase price( 2000-late 2004) or 5 annual fees.
In most cases this fee is more that the value of an MP week.

If you knew all this and still have someone ready to pay you money, JRA or Timeshare Transfer will serve as an escrow only for around $150. The resort will send you the transfer documents, so you don't need to hire anyone to draft those.

fwiw,

Greg

We got a buyer for our red week, Mayan Palace 2BR by posting on TUG! QUESTION: We've spoken on the phone & researched the buyer, and we're pretty sure he's legit, but since we don't know him and he doesn't know us, what's the best way to proceed?

We don't want to transfer the contract to him until we have his money, and he probably won't want to give us his money until he's sure of the contract.

We'd prefer not getting an attorney involved for obvious reasons. Any suggestions gratefully accepted.

 

[AwayWeGo]

Timeshare Closing Service Agencies.

Any suggestions gratefully accepted.

Our last 3 timeshare giveaways (2 this year & 1 last year) were all handled quickly & satisfactorily & economically by Legal Timeshare Transfers Co.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[theo]

Yes, but...

Our last 3 timeshare giveaways (2 this year & 1 last year) were all handled quickly & satisfactorily & economically by Legal Timeshare Transfers Co.

I too have used them for "no money involved" transfers and have also been quite satisfied with their work. However, they do not handle any escrow of funds and the OP indicated some money being involved in that particular transaction, so one presumably needing escrow of funds...

 

[hanlin68]

Thanks to all

Thanks to all of you for your thoughts & suggestions.
Greg, the transfer fee that MP charges is 1 maintenance fee, so it seems fair. And as you said, the resort will also send us the required documents to sign, notarize, and return.

So, as everyone seems to indicate, it looks like we just need someone to serve as escrow.

We're fairly new to this, so Greg, could you (or someone) please give us more info on JRA and/or Timeshare Transfer that you suggested?

You guys are great! Thanks again.
Linda

 

[aliikai2]

here on tug

http://www.tugbbs.com/forums/forumdisplay.php?f=56

is the ratings of these and other companies, Greg

Thanks to all of you for your thoughts & suggestions.
Greg, the transfer fee that MP charges is 1 maintenance fee, so it seems fair. And as you said, the resort will also send us the required documents to sign, notarize, and return.

So, as everyone seems to indicate, it looks like we just need someone to serve as escrow.

We're fairly new to this, so Greg, could you (or someone) please give us more info on JRA and/or Timeshare Transfer that you suggested?

You guys are great! Thanks again.
Linda

 

[theo]

My $0.02 worth...

....please give us more info on JRA and/or Timeshare Transfer...

Both are in located Florida (the first in Sunrise, the second in Vero Beach). Both cost essentially the same amount of money (around $300 where deed prep and recording is involved; the cost may actually be less with no deed work required in a RTU contract transfer --- I'm not really sure) and both are historically reliable and competent.

My one note of caution about Timeshare Transfer in Vero Beach is that one of the main principals in the business passed away about a year ago. I do not know the extent to which that unfortunate loss has affected the business operations there, as I have not actually used TT in over 2 years now. Janet Ammarati (i.e., JRA Services, http://www.timeshareresaleclosings.com) would be my first choice in any case. YMMV.

 

[Rent_Share]

Sold a week to a craigslist buyer - Originally intended to meet for a contemporaneous exchange but through phone and email conversations ended up handling the transaction without ever meeting in person.

Total consideration including resort transfer fees, less than $ 600

Controlled the recording and resort transfer process myself (kept buyer informed on all steps)

Received 50 % up front before recording

Received the remaining 50 % upon presentation of the recorded documents and HOA ownership confirmation

Keep in mind I almost didn't respond to the initial email response to the craigslist ad, however through phone conversations, I became convinced the buyer was legitimate and was comfortable.

The purchase agreement was structured that once the initial payment was deposited and cleared, the transfer could occur without any additional out of pocket costs to me, when and if I received the remaining 50 % that would recoup my initial purchase cost

In two instances when renting a Nob Hill Unit to use and renting out a Windsor Week to a Marriott owner - The phone conversations to seal the deal were worth 1000 x the email exchange and or any unknown third party.

JMHO YMMV

 

[vckempson]

So, as everyone seems to indicate, it looks like we just need someone to serve as escrow.

Linda

I volunteer to hold all money. I'm an honest guy, really! Just ask my wife. Oh yeh, pay no attention to that big christmas bill I need to pay off. :rofl: