I am about to initiate the process of purchasing a resale platinum week at the Marriott Mountainside. As part of the deal, I would like the seller to place a reservation for a specific week in March 07. The broker is telling me that when the ownership change goes through with the resort, all existng reservations are cancelled and the new owner basically has to start fresh. Others have told me this is not correct, that the reservation survives. Who is right? Also, the broker is telling me that if I want title insurance, time to close in Utah goes from 3 months to 6 months, and therefore recommends a "deed only" closing, which seems suspect to me. Any input on either or both points would be appreciated.
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What happens to reservations when ownership transfers?
- Thread starter hipslo
- Start date
Be very wary of your broker
I work in the title insurance industry here in Utah. I can tell you that closing does NOT take 6 months with title insurance! That is ridiculous. If you want a professional company that has a lot of experience with Marriott's Mountainside and knows all about timeshare closings, I recommend Coalition Title in Park City, phone (435) 649-4008. I can't remember the name of the lady there that handles Marriott, but she is a licensed escrow officer and she can handle all of the details. Your closing time should not take more than 1 month to six weeks max...with or without title insurance.
As for the reservations being cancelled, that is not correct. I have bought and sold several Marriotts...and existing reservations are not cancelled when ownership transfers...unless you, as the new owner, choose to cancel it and reserve something else instead.
Steve
I work in the title insurance industry here in Utah. I can tell you that closing does NOT take 6 months with title insurance! That is ridiculous. If you want a professional company that has a lot of experience with Marriott's Mountainside and knows all about timeshare closings, I recommend Coalition Title in Park City, phone (435) 649-4008. I can't remember the name of the lady there that handles Marriott, but she is a licensed escrow officer and she can handle all of the details. Your closing time should not take more than 1 month to six weeks max...with or without title insurance.
As for the reservations being cancelled, that is not correct. I have bought and sold several Marriotts...and existing reservations are not cancelled when ownership transfers...unless you, as the new owner, choose to cancel it and reserve something else instead.
Steve
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Just to clarify, I had posted yesterday in another section giving name of broker I am working with. That is NOT the broker who told me the two things set out above. I have been working with two brokers concurrently, and, based on some things that one of the brokers said and response above, I am going to stick with the broker mentioned in my other post, who is terrific. I don't want anyone reading both posts together to get the wrong idea.