Transfer expertise needed

[Rich S]

I have a simple question. I have purchased timeshares before from the Developer, resales, and straight up give aways. In each case all the paperwork was handled by the seller or their agent on their behalf. All monies were paid in accordance to the usual protocols ie: deposit, escrow, etc...

How does one handle a purchase from one owner to another owner where they are both members the resort? The Developer is handling the paperwork for the transfer fee, but not the sales price. The seller doesn't want to wait to receive their money "after" the transfer is completed because they could get stiffed and they would have given away their timeshare interest. The buyer doesn't want to pay "prior" to the transfer being completed because if there is a snag or it doesn't get completed getting their money back could be difficult or impossible if not dealing with a good person. Dilemma.

My question: When and how to send the money of the purchase price where both the buyer and seller feel comfortable in completing the transaction.

Thank you for your opinions and expertise.

 

[vacationtime1]

You need a mutually agreeable escrow agent to hold the money (which can be someone other than the resort processing the paperwork). The instructions would be that the seller gets paid when the escrow agent is informed that the transfer is complete -- and that the purchase price is refunded to buyer if the transfer is not complete by "x" date.

 

[Rich S]

You need a mutually agreeable escrow agent to hold the money (which can be someone other than the resort processing the paperwork). The instructions would be that the seller gets paid when the escrow agent is informed that the transfer is complete -- and that the purchase price is refunded to buyer if the transfer is not complete by "x" date.

Thanks Robert. Off hand, do you know if LT Transfers handles escrow monies?

 

[hurnik]

Thanks Robert. Off hand, do you know if LT Transfers handles escrow monies?

Yes they do. I *think* there might be an additional fee for escrow, but it's on their form (do you want to use escrow services)

 

[TheTimeTraveler]

Thanks Robert. Off hand, do you know if LT Transfers handles escrow monies?

Yes, as long as the resort is not in Hawaii.



.

 

[Rich S]

Yes they do. I *think* there might be an additional fee for escrow, but it's on their form (do you want to use escrow services)

Excellent. Thank you. I will give them a call. I have done business with them before and I was pleased with their work.

 

[Rich S]

Yes, as long as the resort is not in Hawaii.



.

Ok, I will give them a call

 

[frank808]

LT charged me $50 for the escrow option a few months ago. Very reasonable IMO.

 

[theo]

<snip> ...do you know if LT Transfers handles escrow monies?

LT Transfers actually utilizes a local (to LTT's location in GA) attorney for the escrow of funds. The additional cost for escrow was $50 when last I knew. In any case, the short answer is yes and LT Transfers is definitely the way to go. Nice folks --- and competent too.

 

[Robin4]

This is y first post on TUG (well, other than advertising timeshare at The Cliffs at Peace Canyon) and I just wanted to say thank you to all who give their time to help other timeshare owners answer questions that they have. This thread struck a chord with me as I have offered to pay all transfer / closing fees on the timeshare I want to give away but as I live Scotland, I have not a clue about how to go about this. The systems in the UK and USA are so very different (and not only in relation to timeshare) so have found info on various posts here very helpful.