Legal fees...

Hi there,

I have just purchased a timeshare off of ebay. I was wondering if anyone could let me know how the process of buying a timeshare works? Also where would i get information about legal fees (swapping the name over). I was wondering about the price of changing names?

any help would be very appreciated.

Lucas.

lucasm5 wrote:

Hi there,

I have just purchased a timeshare off of ebay. I was wondering if anyone could let me know how the process of buying a timeshare works? Also where would i get information about legal fees (swapping the name over). I was wondering about the price of changing names?

any help would be very appreciated.

Lucas.

Normally the buyer pays for closing, but it can be negotiable. Use a reputable closing company to handle the legal aspects that includes escrow (holding monies until the transaction is complete). They will do all the work for you including sending notice of the transfer of ownership to the resort and recording the deed in the county where the timeshare is located.

You can do a search here to find reputable closing companies.

lucasm5 asks in relevant part: >> I have just purchased a timeshare off of ebay. I was wondering if anyone could let me know how the process of buying a timeshare works? Also where would i get information about legal fees (swapping the name over). I was wondering about the price of changing names? any help would be very appreciated. Lucas.<< =============================================

First off, Lucas, it matters a whole lot whether your purchase on eBay was from one of the "mega sellers" there which often very specifically require the use of their selected closing company. If so, that fact was likely stated in the auction listing, along with all of the applicable fees. Frankly, these situations tend to charge higher amounts than you would pay if you just hired your own closing company, but the seller may give you no choice in the matter (as stated in the listing, if so).

If the purchase was from a private party however, you (as the buyer) should engage (and expect to pay about $300 for) the services of a respected, professional closing company to handle the escrow of funds, new deed preparation and recording, etc. I have no affiliation with ANY closing company, but many experienced people think highly of Timeshare Transfer, JRA Closing Services, PCS Closings, to provide three specific names for you to consider. Not all closing companies handle transactions in all states (it's the location of the timeshare that matters, NOT where YOU happen to live). For timeshares located in South Carolina, you would actually have to utilize a SC bar attorney to handle the matter. Generally, closing companies have an ongoing working relationship with a particular attorney or law firm for the applicable legal portion of their closing services. A representative closing company fee would be around $300, but this amount does NOT include any transfer fee which is imposed by the resort in the course of an ownership change. That completely separate "transfer fee" can range from zero to $500, depending on the particular facility or "chain".

If the purchase was of a "club membership" type "right to use" (abbreviation RTU), the associated paperwork will originate directly from the "club" itself (example, Perennial Vacation Club). There is no "deed" prepared or recorded in such a "club" RTU situation, which is more of a "membership" than an "ownership". There is plenty of paperwork in a RTU purchase, to be sure --- but no actual property deed.

Hope this helps point you in the right direction out of the starting gate...

Thank you very much for your swift response.

Lucas.