what about buying resale from a realtor?

[keyslover]

Hi, I'm about to make an offer on a timeshare that is with a realtor who states he is selling timeshare on behalf of a developer, but he labels it "resale", apparently, the resort I"m looking at was a former timeshare only resort and this new developer came in and tore it down, buying out many of the deed of the owners. Some of the owners hung in...well the developer built a new community of beach houses and has allotted 3 of them as timeshare....so now, supposedly, this realtor is selling timeshare for these 3 units....they are "slicing" off weeks from the deeds I guess...
Any advice? Realtor was found one of the referred websites from TUG, so I am confident about it.
Also, after we make an offer, what should I ask be sent to me before I give a $500 escrow deposit?? I want EVERYTHING in writing, I"m very nervous as this is our first timeshare potential... Thanks!

 

[johnmfaeth]

As the buyer dealing with a licensed realtor, you always have the right under state laws regalating licensed realtors to choose your own closing company.

That is the best protection as your money is held by an independent third party, not the seller, until the transaction is completed.

 

[Dave M]

Almost all states have laws regarding the disclosure documents that developers must provide to purchasers of timeshares. If the realtor is selling these "on behalf of" the developer, those laws apply. Thus, ask for a copy of them. Even if it's truly a resale, the developer must have filed those documents with the state, unless it's in one of the few states without such laws.

If you tell us what state the property is in, we can likely refer you to the disclosure laws, if they exist.

If the property is in a state with such laws and you can't get the documents, something is fishy and you had better run in the opposite direction.

 

[keyslover]

the property is in FL

WHat do you mean by "disclosure" laws?
Thanks for the info

 

[silvib]

As the buyer dealing with a licensed realtor, you always have the right under state laws regalating licensed realtors to choose your own closing company.

That is the best protection as your money is held by an independent third party, not the seller, until the transaction is completed.

In Florida the seller chooses the closing company if they are paying for title insurance, which is customary. If the buyer is paying, then they would choose.

 

[Dave M]

WHat do you mean by "disclosure" laws?

Timeshare developers are required to prepare and give to prospective purchasers (those who might purchase from the developer) a document that describes the timeshare project, including how the resort will be managed, whether there will be a homeowner's association, what amenities (pool, workout room, etc.) the developer will add, at what point control will be turned over to the owners, what your rights are to cancel your purchase if you change your mind and a host of other information regarding what purchasers can expect when they buy.

The document is usually called a "public offering statement". Here, for example, is Florida's extensive requirement for items that must be included in that document.

 

[Dave H]

In Florida the seller chooses the closing company if they are paying for title insurance, which is customary. If the buyer is paying, then they would choose.

That is not always the case. In South Florida for example, the buyer always picks even if owner is paying title insurance. In Central and North Florida that would be customary.

The rule typically is he who pays title insurance picks, but their are local devations from that rule. But with a timeshare, the buyer should be able to pick, but since the majority of time shares transfer without title insurance, that would not always be the case.

The other thing to know, in Florida, if title insurance IS NOT being purchased, then only an attorney licensed to practice law in Florida may prepare the deed (unless buyer or seller prepare there own). If you are not a licensed in Florida as an attorney and you are a title company not issuing title insurance, you are violating the Florida Bar's requirement on Unauthorized Practice of Law.

 

[BocaBum99]

Since your timeshare is in Florida, you should be able to get a copy of the Public Offering Statement for the timeshare plan. That is a legal requirement for a Florida timeshare. Ask for a copy. They have to give you a copy as part of your purchase and selling process.

Realtors typically do not sell timeshares because timeshares are not listed in the MLS systems for residential real estate. If a realtor is selling these timeshares, it's probably because they are selling fractionals or whole condos along with the timeshare units.

And, when you deal with a licensed real estate agent like a Realtor, you have an extra layer of protection. Just ask for the Realtors real estate license number and see if there are any complaints against them. You can search for them on myflorida.com.

 

[Dave M]

Unless I have missed something, Boca, I don't believe the OP has told us where the timeshare is. The references to Florida are for examples that some responders have mentioned.

 

[rickandcindy23]

This person's username is keyslover, so I assumed Florida Keys.

 

[Dave M]

You and others are much more observant than I am, Cindy!

 

[BocaBum99]

Unless I have missed something, Boca, I don't believe the OP has told us where the timeshare is. The references to Florida are for examples that some responders have mentioned.

Look at the title of post #4.

 

[Dave M]

See my post #12, Boca!

 

[BocaBum99]

See my post #12, Boca!

??? I think my post was #12. I thought your post in #11 was related to Cindy observing Keyslover was probably referring to the Florida Keys. As far as I can tell, we don't yet know if it is in the Florida Keys. Only that it is in Florida.

 

[Dave M]

I can't count either.

Tough day all around for me.

 

[silvib]

That is not always the case. In South Florida for example, the buyer always picks even if owner is paying title insurance. In Central and North Florida that would be customary.

The rule typically is he who pays title insurance picks, but their are local devations from that rule. But with a timeshare, the buyer should be able to pick, but since the majority of time shares transfer without title insurance, that would not always be the case.

The other thing to know, in Florida, if title insurance IS NOT being purchased, then only an attorney licensed to practice law in Florida may prepare the deed (unless buyer or seller prepare there own). If you are not a licensed in Florida as an attorney and you are a title company not issuing title insurance, you are violating the Florida Bar's requirement on Unauthorized Practice of Law.

Wouldn't you think that all of FL would be the same? I know it isn't, because I was discussing a similar thing with a friend in Sarasota and the way they do it is different than in Central FL = from where I live up to and including Orlando (where I am in business). Seller or whoever is paying picks - in general real estate anyway.

 

[keyslover]

You guys are funny, YES it's the FL KEYS!!

Well, we made an offer email last night, so I'm anxious to see what they come back at....it's kinda nervewracking just talking over the phone and emails...I did go to the BBB to look up the agency and stuff. What should I expect to get in writing BEFORE sending my deposit check ...that is IF we come to a deal.. thanks for all the info!