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How to go about time share resales - the escrow option
Time share resales were not easy during the early days of the product. In those
days, members were compelled to visit the same resort each vacation and owners
were not willing to offer holders the option of trade ins. Then came the Exchange
companies to facilitate the transfer and exchanges of time shares. Since then,
it has been easy as ABC to exchange your timeshare from any vacation resort
in the world.
Currently, the two major exchange companies are Interval International (II)
and Resort Condominiums International (RCI).
Aside these, thee has been a growing trend of several agencies offering timeshare
resale all over the web. Dealing with these agencies are of no inherent danger
if prospective members will be guided by the following points:
Before you trade in any transfer, first establish the true ownership of the
resort. This establishment will give you further information about the resort's
guidelines, ownership transfer policies, fees and other relevant information
you need for your decision.
In many instances, these agencies can recommend a solicitor or be in a position
to handle this aspect of the transaction for you. The most important part of
the initial investigations is about verifying the ownership of the title being
offered for sale and the extent or conditions of ownership. Sometimes, the verification
process can involve lengthy communication and research with the company owning
the resort. After this verification process, you can then go ahead to do the
purchase making sure that the amount of purchase has been first held in escrow
as you will want to make sure that you are buying a good title.
Due to the possibility of fraud, it will be best to pay a fee to a knowledgeable
person or professional real estate broker to handle these transactions for you
if the agency selling the timeshare cannot do this job. The reason is, no matter
how skillful you are about timeshare resales, there may be a few legalities
or practicalities that can be best discerned by a professional. So avoid shortcuts
ad commit a small amount to obtain these extra services, if it becomes necessary
to save you a few headaches in your time time share resales.
