Although you can purchase and sell a timeshare directly between principals without a license, a real estate license is required in most states for a third party to handle the transaction. An unlicensed advertising or marketing company will not and can not legally help you with negotiating the deal, opening the escrow, tracking the escrow and making sure the transaction closes according to the terms of the initial contract.
Buyer Quick Tips
Before committing to work with any specific licensed broker, you should ask the broker for a copy of their information package. This package should explain in detail the type of services the broker intends to provide and the fees involved. The broker's information package should clearly spell out the purpose of all fees and any refunds that apply.
Companies that offer guarantees regarding the purchase or sale of timeshares are in most cases unlicensed and unable to back up their promises. The Real Estate Departments of most states prohibit or discourage licensed brokers from making guarantees of any kind with regard to real estate transactions. A close look at the economics and time frames of most guarantees will reveal how truly unrealistic they are.
Since timeshares are not an investment and potential owners should be looking at timeshares as a long term usage product, the ten year savings guideline is one way to determine the resale value of a timeshare. Your vacation savings over a ten year period is one way to evaluate a timeshare resale.
Regardless of how you were able to buy or sell your timeshare (on your own, thru a friend, a referral, the resort, the developer or thru a resale broker) always use a third party escrow company and obtain a third party title insurance policy to ensure your transaction is processed properly.
If you are unable to use or exchange your timeshare unit, rentals provide a third usage alternative for owners and an opportunity for renters to experience the benefits of timeshare ownership at a reasonable rate. In some cases, a rental may result in a sale. As result, some companies may ask you for your usage week for a potential buyer to use. Never give up your usage week without a comparable exchange option or reasonable compensation.
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