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Timeshare Purchase Procedure

Home Site Map Vacation Ownership Timeshare Purchase Procedure
 

We have designed this five-step approach to assist potential buyers and timeshare owners.  This is only a recommended procedure.  Purchase transactions may differ from what we have outlined below:

1. The buyer should first contact the timeshare owner to ensure that the advertised timeshare is still available and ask any questions they may have about the timeshare.  Contacting the timeshare owner is done by clicking the link labeled "Send Owner Email/Make Offer" on the timeshare owner's full-page listing.  Questions to ask before buying include:

  • Will I have deeded ownership or right-to-use ownership (also called a lease)?
  • What days will I be able to stay at the timeshare-and is this a fixed or floating week?
  • If the resort uses a floating-week program, how long in advance can I make my reservation?
  • What are the annual maintenance fees and taxes?
  • Are there any special assessments pending against the resort?
  • Does the timeshare resort belong to an exchange program such as RCI or Interval International?
  • Can I "bank" my week if I'm unable to use it during my assigned week?
  • Can I read a copy of the Covenants, Codes and Restrictions before I decide to buy? 
  • 2. After the buyer has all of their questions answered, the buyer and owner can agree on a purchase price.  Buyers, please keep in mind that nearly all of the prices found on our website are already much lower than what a new buyer would be required to pay if they were to purchase directly from the resort.  This is what makes a timeshare resale so attractive; the huge savings involved.

    3. After a price has been agreed on, the buyer and owner should complete a sales agreement.  You can download a free sales agreement here.  After the sales agreement has been completed and is agreeable to both parties, the buyer can simply click a link labeled "Buy this timeshare" found on the owner's full-page listing.  The buyer will then be asked to confirm a few details and enter their contact information.  After the buyer submits their contact information, our partner closing agency, Timeshare Title, Inc will contact both parties to confirm that everything is complete and accurate.  Timeshare Title Incorporated (closing agency) will handle the paperwork for both parties.  The closing agency charges $340 for most closings.  The buyer traditionally pays these closing costs.  There may be a $100 surcharge for properties located in Hawaii and countries outside the United States.  The closing company will notify the buyer of an additional charge, if applicable, before any payment has changed hands.

    4. The closing agency will generally perform the following services:

  • Transfer title to buyer's name
  • Escrow (safely transfer payment to seller)
  • Review of documents by an attorney
  • Prepare tax forms (if any)
  • Research any amounts owed by seller
  • Notify resort of transfer
  • 5. After the closing company has completed all paperwork, payment will be taken out of the escrow account and mailed to the seller and the new title issued to the buyer.