Timeshare Purchase Help

[freddykrueger]

Hi Folks

I have just purchased a timeshare in Orlando but as I have never done this before, I hope that someone can help me along the way. The seller has told me that I need a quit claim deed form which I should complete and then send to him which he will have signed by a notary. This then gets sent to Osceola County Court and they will process it for a transfer fee.

Can you tell me what else I should be doing by way of due diligence and is this the only form that I will complete?

Hope you can help!

 

[Brian Noble]

If I were you, I'd hire a real estate lawyer who practices in Florida, and is familiar with these transactions. It'll cost you a couple hundred bucks. Think of it as insurance.

 

[Maddle]

Please check out the website "Timeshare Users Group." at

www.tug2.net

The bulletin board is

www.tugbbs.com/forums/

Those folks are the best for quick response and insight on any timeshare question, and the website is just loaded with useful information.

Best wishes -

Maddle

(PS: You may recognize some cross posters, too!)

 

[swilshire]

Maddle gave you good advice.

A lawyer is not required. There are several reputable closing companies who will do the paperwork for you. The seller would be initiating the deed, not the buyer. Most people would not accept a quit claim deed either, since a warranty deed is much better.

Read a lot on TUG and you may even find that an Orlando resort is not the best option for you. I own two, but their annual fees are higher than the others I own. If you do buy Orlando, you need to make sure it is in prime time and at one of the best resorts.

Sheila

 

[mbb]

Yes, yes and more yes to all the above...

Everyone has given you some great advice - let us know how you make out!

 

[jeff968]

I purchased ours on eBay. We used the quick claim deed as well. No Lawyer needed. Transaction went fine.

 

[spiceycat]

Hi Folks

I have just purchased a timeshare in Orlando but as I have never done this before, I hope that someone can help me along the way. The seller has told me that I need a quit claim deed form which I should complete and then send to him which he will have signed by a notary. This then gets sent to Osceola County Court and they will process it for a transfer fee.

Can you tell me what else I should be doing by way of due diligence and is this the only form that I will complete?

Hope you can help!

the seller should have provided the quick claim deed.... mind certainly did - he did all the work.

this seller is expecting you to do the work.

have you already pay him?????

what resort are you buying? many resorts in Orlando want you to pay them a tranfer fee too....

 

[freddykrueger]

Thanks for all the great advice so far - the resort that I have purchased is Star Island (yes I have seen mixed reviews but the price I got it for was very cheap.....honest!). I haven't paid a penny yet - should I hold off paying until the deal is done? I wasn't going to bid on the auction as the seller had a rating of zero but he has been very communicative and replied to every email thus far.

Here is a response that he provided:

"I have gone through our documentation here.
What is required is a Quit Claim Deed form. When we bought, I downloaded one from the internet.
This is then completed with your details, you then send to us.
We sign and have it witnessed etc by a Public Notary.

Please see description on our Quit claim deed attached- this gives the description you will need for the form

This is then sent to the County Courthouse in Florida, who process and transfer ownership.
Sounds bad I know but it only took about 4 weeks to complete and was straight forward.

The people at the courthouse were very helpful. Maybe they can forward a Quit Claim Deed to you.
They can also advise on fees (was $58.00usd)"

 

[seashoreCM]

I'm not sure what the custom is in Florida but in New Hampshire the seller is responsible for drafting, signing, and delivering to the buyer the deed. The seller can do that himself or can pay his attorney or even the buyer's attorney to do it. The buyer is responsible for recording the deed at the county courthouse or wherever, the fee typically is around $50. to $100.

You should not have made payment (beyond the earnest money deposit) until the deed is delivered to you. These activies take place at a meeting called "the closing". If you were not familiar with the process you should have hired an attorney who know real estate.

Disney hints:
http://members.aol.com/ajaynejr/disney.htm

 

[freddykrueger]

It's OK I haven't paid anything yet - as I bought it on Ebay I have received an invoice but I haven't paid it.

 

[spiceycat]

I would call the resort - and ask them if they have a transfer fee. Also make sure this person has paid all his maintence fees - the deed information he send you should be enough information to give the resort.

then if everything is fine - I might ask him to prepare the quick claim deed.

if he owns anything on the timeshares - be aware that this will also pass to you.....run from these....