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Do I need to hire a lawyer to handle the timeshare closing process?

Do I need to hire a lawyer to handle the timeshare closing process?

Typically, closing the deal on a piece of real estate property means paying legal expenses. Discover why, if the proper conditions are met, you do not need to hire a lawyer to help settle your timeshare closing.

Anyone who has ever bought a home knows that an attorney who specializes in real estate is a natural part of the closing process. Therefore, it is logical to assume that a timeshare closing transaction requires a lawyer to facilitate the close of the sale. What most people don’t know is that there is no reason, legally or otherwise, to hire your own lawyer to oversee a timeshare sale.

With any large purchase, the intercession of a third-party intermediary is helpful to both the buyer and seller. In real estate transactions, a lawyer’s involvement is just one of several systems in place intended to assure both parties that the sale is taking place “by the book”. A real estate lawyer provides many services, including the review or preparation of the purchase agreement and negotiation about the terms, determining who should hold the deposit, the preparation of the deed and power of attorney (if needed), dealing with any title issues that the bank attorney may raise, attending the closing and reviewing any documents which the seller is required to sign, escrows, special arrangements to correct the title, and many other functions vital to a successful and stress-free sale process.

Timeshare, though it is still deeded property, is a different case in many respects.

There are a variety of timeshare closing companies available to help close a timeshare sale. These companies are staffed by attorneys, and are capable of handling the entire process from start to finish. Often a timeshare resale company will be able to recommend a closing company to a buyer. A good closing company will be approprately licensed and bonded, and must be capable of handling and preparing deeds, escrow of funds, estoppel certificates, closing statements, and recording fees- all for a flat rate. This means you don’t have to hire your own lawyer to sell your timeshare.

SellMyTimeshareNOW has long-standing relationships with the timeshare closing companies we recommend. Because of these partnerships, we have saved our advertisers untold additional expenses. For more information, you are invited to visit our seller FAQ page.

The many advantages of owning a timeshare resale

The many advantages of owning a timeshare resale

What makes a timeshare resale such an ideal vacation lodging alternative?

The concept of timeshare offers many advantages over hotels, rental cottages, and other traditional forms of vacation accomodation. Timeshare resale offer truly unique vacation possibilities not ordinarily available.

Many online resources on the subject focus on the lengthy sale presentations put on by timeshare developers, or the yearly maintenance fees every timeshare owner pays. If the world of timeshare was really this negative, why do people choose to own timeshare in the first place? While there is a downside to timeshare ownership, most timeshare owners are delighted with their purchase and get the most out of their property by returning year after year. Here are a few reasons why:

  • Stress-free vacations– with a timeshare property, the stress of planning your vacation disappears. No more time wasted searching for the best hotel rates during the busiest times of the year; you already have a high-demand week reserved at a luxury resort!
  • Comparatively minimal cost– Unlike a hotel room, a timeshare is purchased outright for a flat fee. The price stays the same, and it’s already paid for! For a minimal yearly maintenance fee, you get far more luxuruious accomodations than could otherwise be obtained at the same price.
  • Flexibility– In today’s busy world, flexibility is important. Last-minute change of plans? A timeshare unit is large enough to accomodate additional guests. Want to spend your vacation somewhere new and different? Simply exchange your week for a different one at another fabulous resort anywhere in the world. Some resorts even allow you to spend a few days at a time whenever you can get away. This kind of flexibility is not only desirable, it is essential.
  • Owning timeshare vacation property makes good financial sense- Tired of dumping money down a rental or hotel room every time you go on vacation? Consider owning timeshare. Say goodbye to that hefty hotel bill when you own time at a resort. After a small initial investment, you vacation at an exclusive resort free of charge for the rest of your life! You can always sell your timeshare or give it to a family member (a week at a luxury resort is a wonderful gift). Timeshare is deeded ownership, so you can will it to your loved ones, ensuring generations of vacation enjoyment for years to come.

These are just a few of the many reasons to consider owning a timeshare property. For more information on the many advantages of timeshare ownership, visit SellMyTimeshareNOW. While you’re there, check out the “Why Timeshare?” page for more advantages of vacation ownership.

Don’t pay for a timeshare appraisal!

Don’t pay for a timeshare appraisal!

Timeshares are not traditional real estate and do not require a timeshare appraisal. Here are some things to consider when determining the value of your timeshare.

In the public mind, timeshare is often viewed as being no different from traditional real estate. While some similarities exist, a timeshare is a different item altogether. Because of this, it does not require a timeshare appraisal.

Many people who have sought a way to sell their timeshare have encountered companies which charge a “timeshare appraisal fee” for a real estate broker to appraise the property. Assessed at the beginning of the sale process, this is often a high cost,  and usually followed by a commission on the back end of the sale.

These days, many people still feel that a licensed real estate broker is a necessary part of a timeshare resale transaction. For those people, we would like to highlight a few facts:

– It is not necessary for a timeshare property to undergo an appraisal by a licensed real estate broker. If you bought your timeshare from a developer, your property  was never appraised. There is no reason to pay for an appraisal now.

-An estimated 50% of the initial cost of a new timeshare property covers the cost of marketing the timeshare; presentations, gifts, and other special incentives are covered by the initial cost. This is why timeshare resales generally cost about 50% of a resort developer’s original asking price.

-In order for a timeshare appraisal to be official, a broker must be licensed in the state where the timeshare is sold, the state where the timeshare actually is located, and the state where the broker’s office is. If a broker cannot meet any of these criteria, this would tend to detract from the value of the appraisal.

-Paying a commission on the back end of a timeshare transaction creates an incentive for a salesperson to inflate the asking price. Because a commission is a percentage of the sale, certain brokers may set the value of a property disproportionately high in order to increase the value of the commission. A timeshare which is not priced competitively is not likely to sell. 

More Insights about Timeshare Appraisal from our Seller FAQ page:

“Many brokers and timeshare resellers unethically insist on the buyer paying upfront for appraisals or a comparative market analysis (CMA). You simply do not need an appraisal or CMA to sell a timeshare. It is not traditional real estate. Your timeshare property was not appraised when you purchased it and does not need to be appraised to sell it now. When speaking with timeshare resellers or brokers, if you are told you need an appraisal or CMA, use extreme caution. The bottom line is if you want to be successful in selling your timeshare property, you need to be priced well under what the resort is selling the same unit and week for.”

If you are interested in finding out the current market value for your property, SellMyTimeshareNOW offers Market Value Surveys for timeshare resales and rentals. This is a service we provide free of charge because we believe that no-one should ever pay for a timeshare appraisal.

Don’t pay for a timeshare appraisal!

Don’t pay for a timeshare appraisal!

Timeshares are not traditional real estate and do not need a timeshare appraisal. Here are some things to consider when determining the value of your timeshare.

In the public mind, timeshare is often viewed as being no different from traditional real estate. While some similarities exist, a timeshare is a different item altogether.

Many people who have sought a way to sell their timeshare have encountered companies which charge an “appraisal fee” for a real estate broker to appraise the property. Assessed at the beginning of the sale process, this is often a high cost, and usually followed by a commission on the back end of the sale.

These days, many people still feel that a licensed real estate broker is a necessary part of a timeshare resale transaction. For those people, we would like to highlight a few facts:

– It is not necessary for a timeshare property to undergo an appraisal by a licensed real estate broker. If you bought your timeshare from a developer, your property was never appraised. There is no reason to pay for an appraisal now.

-An estimated 50% of the initial cost of a new timeshare property covers the cost of marketing the timeshare; presenations, gifts, and other special incentives are covered by the initial cost. This is why timeshare resales generally cost about 50% of a resort developer’s original asking price.

-In order for a timeshare appraisal to be official, a broker must be licensed in the state where the timeshare is sold, the state where the timeshare actually is located, and the state where the broker’s office is. If a broker cannot meet any of these criteria, this would tend to detract from the value of the appraisal.

-Paying a commission on the back end of a timeshare transaction creates an incentive for a salesperson to inflate the asking price. Because a commission is a percentage of the sale, certain brokers may set the value of a property disproportionately high in order to increase the value of the commission. A timeshare which is not priced competitively is not likely to sell.

From our Seller FAQ page:

“Many brokers and timeshare resellers unethically insist on the buyer paying upfront for appraisals or a comparative market analysis (CMA). You simply do not need an appraisal or CMA to sell a timeshare. It is not traditional real estate. Your timeshare property was not appraised when you purchased it and does not need to be appraised to sell it now. When speaking with timeshare resellers or brokers, if you are told you need an appraisal or CMA, use extreme caution. The bottom line is if you want to be successful in selling your timeshare property, you need to be priced well under what the resort is selling the same unit and week for.”

If you are interested in finding out the current market value for your property, SellMyTimeshareNOW offers Market Value Surveys for timeshare resales and rentals. This is a service we provide free of charge because we believe that no-one should ever pay for a timeshare appraisal.

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