Buying a timeshare/private transaction

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Original Message:

Re: Buying a timeshare/private transaction (by Carrie S.):

jons29 wrote:
scally wrote:
If I buy this timeshare in Puerto Rico from someone that lives in NY where I live , what do I need to do besides just giving them the money? Do I need to do something with the Hyatt chain ? I need some good advice

I think the basic answer to your question is "yes, you need to do something with the Hyatt Gp." At the least, with the resort management. More to your concerns, Management will be able to let you know if the Seller is current in his responsibilities or are you walking into a mess. More to the point, I recommend talking to resort management to see if they can handle the sale. Most places have an on-site sales rep to handle resales.

I am amazed any resort group would give out information about an owner like that. If Marriott gave out any information about me, they would make a California attorney very happy.

As I understand it, when the resort handles a TS sale, they are not representing the buyer, and the cost is higher than if the owner sells it. However, they have immense bargaining power, offset by their ability to offer other incentives, like points, amenities, and the like.

Finding about any hidden costs in the property is what a title company does, in escrow. Notifying the resort of the new owner is also handled by them.

Anyone else care to weigh in?