Broker/Sales Questions

[EM Lawrence]

I have a few questions about how the process of purchasing resale works.

1) Whose interest does the broker legally represent in sales transactions? The seller or the buyer? Or does he/she represent both? In traditional real estate, at least where I live, the broker is legally obligated to look after the best interest of a certain party. Is it the same for these timeshares? I’d just like to know what posture the broker is dealing from.

2) Who actually holds the money you send in for a deposit? Is it the broker or the closing agency?

3) Same question as above, but for the closing money. Who holds and distributes it? I assume the closing agency?

 

[DisMomKY]

1-both
2- the title agency
3 same as two

 

[CarolMN]

Most timeshare agents in Florida are licensed as transactional brokers and represent both parties.

A transaction broker must:

• Deal honestly and fairly.
• Account for all funds that they receive from a buyer or seller.
• Use skill, care, and diligence throughout the transaction.
• Disclose all known facts, not readily observable to the buyer, that materially affect the property’s value.
• Present all offers and counter-offers in a timely manner unless the licensee has written instructions to behave otherwise.

AFAIK, closing company holds & distributes the funds.

 

[Henwen88]

Agree with PPs. Remember, if you are paying the closing costs, then you get to pick the title company. IMO, you will deal much more with title co than broker, so do your research and choose a good one!