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Original Message:
Re: deeded vs. right to own (by R P.):
joannes115 wrote:What should I receive in the way of documents?
You must first find a reputable timeshare closing service to perform all paperwork and to act as escrow (holding all monies until transaction is complete).
The seller has to send a copy of his deed of ownership to the closing service and they take it from there drawing up a new deed, handling the transfer of ownership with the resort and holding the money. You can search 'closing companies' at the right hand side of this page for reputable ones that we recommend here.
Quote:How should monies change hands?
As stated above the closing company acts as escrow and holds all monies until the transaction is complete.
Quote:What are the (or some of the) pitfalls I should be wary of ?
Actually, if you know what you want and this person has it for sale at a price you deem reasonable and you go through a reputable closing company, I see no pitfalls.
Quote:He says he'll pay the transfer fee, I'll need to pay the maint. for 2008. Are there any additional, hidden costs, that he's not telling me about but of which I should be aware?
Sounds like everything is above board and you're ready to deal. Normally, if you want usage of the 2008 week then you, the buyer, pay the 2008 maintenance fees.
Quote:Do I have a time period to reconsider (and possibly change my mind about the purchase)?
This is a tricky question as I know of no rescission period for resales from individuals. If you know what you want, and you seem to, why would you change your mind?
Quote:Should I have a lawyer involved for handling document transfer as oppose to his telling me we can meet and he'll have all the documents for me?
No, all you need is a reputable closing service.