Report Abuse

[Q=barbarap341] I am trying to buy right now from TBS for a FLA property for $10. They said they need a $500 deposit because the purchase price is so low. Are my red flags going up for no reason here? They did tell me exactly how much it is going to cost to purchase the property and they said my deposit was 100% refundable during the purchase process.....thoughts?[/Q] Are these assurances merely telephone conversations (which are legally meaningless), or are they actual guarantees clearly expressed in writing, under authorized signature, within a legally valid contract? Frankly, a $500 "deposit" on a $10 timeshare sale makes no sense at all to me. I'd instead recommend finding and using an independent closing company yourself, and paying THEM the closing costs (which would be right around $300 with either Timeshare Transfer or JRA Services, both of which are competent and honest independent closing companies). I also further recommend having the selected closing company request an estoppel letter from the resort involved, a document which will verify in writing whether there are any unpaid fees, late fees, liens, special assessments, etc. You DON'T want to be hastily proceeding with a ten dollar purchase --- if it also just happens to already have thousands of dollars in debt firmly attached to it...