A Timeshare Broker is a licensed Real Estate Broker who specializes in sell timeshare and timeshare resales of your timeshare interests. While using a timeshare resale broker or agent can mean paying a third party, you are allowing them to take on the resale process. A Timeshare Broker has knowledge, business contacts and experience in this industry. Timeshare Brokers should have experience in negotiating the sale and purchase of timeshare ownerships both new and on the secondary. They should attend various classes in order to continue education and to keep up with every change in the industry. They will be knowledgeable of resorts worldwide.
Timeshare Brokers oversee the timeshare sales agents who are also licensed by their state. They oversee that contracts are prepared correctly. The Timeshare Broker should be available to guide and negotiate timeshare contracts with the sales agents. Timeshare Broker sales, are unique because the knowledge of the industry is not a local discipline, it is an international practice. A lot of the business is done via the internet and telephone.
The Timeshare Broker is responsible for training all sales agents. They are also responsible for handling all contracts and files for the brokerage. The Timeshare Broker should carry Errors and Omissions Insurance. Timeshare Broker Sales will get a portion of each commission for each transaction that closes under the Timeshare Broker's Company. The Timeshare Broker is responsible for holding all monies regarded in any transaction in escrow. And they are not to disburse these funds until the deed is recorded or membership is transferred.
The Timeshare Broker must review all the contracts that come into the company of the Timeshare Broker of record. Timeshare Purchase & Sales Agreements are different than Residential Real Estate Purchase & Sales Agreements. First of all they are done via the US mail, or completed via the internet. The buyer or seller never meets another person. The Sales Agent or Timeshare Broker will do all of the transaction via US mail, online or by telephone.
A Timeshare Purchase & Sales Agreement needs two essential components: 1) an agreement, and 2) consideration. Within the agreement and consideration lie provisions that add to the legality of a contract. These include the offer, performance, terms and conditions, obligations, payment terms, liability, and breach of the contract. The Timeshare Broker must review the contract in order to confirm that all the components are in writing.
Today most of the contracts are for cash sales. Some of the sales amounts are nominal; however, one still needs a comprehensive Timeshare Purchase & Sales Agreement. The Timeshare Broker will inform the seller to take responsibility of their maintenance fee until the transfer is complete. These details should appear on the Timeshare Purchase & Sales Agreement. Closing companies cannot negotiate the sales contract for the Timeshare Broker.
Once the fee has been received the Timeshare Broker will send out for an Estoppel to the resort. This document can take a few days of up to a few weeks to process. This is where the sales agents and Timeshare Broker have no control. The closing company will get verification if the resort practices their First-Right-of-Refusal. Some resorts will opt to buy back the timeshare. If this is the case, the closing company will refund you the Document Preparation Fee. This step determines the transfer fee, and confirms all the resort unit information. Again be sure you have a Sales Agent and or Timeshare Broker who will follow each and every step of your timeshare process.
The next step in the process is the preparation of the deed. This is reviewed by an attorney, and if it is in an attorney-only state, an attorney of that state will prepare the deed for the buyer. The buyer and seller should always review the deed with the Timeshare Broker to ensure that everything is correct. Once they have the Estoppel, the First Right of Refusal, and the Deed prepared, the staff will continue the timeshare closing process by verifying the recording and transfer fees. If the buyer orders a title search or insurance, this will also add time to the closing.
The timeshare closing settlement statement is then prepared listing all the fees involved with the purchase and sale of the timeshare. The staff will then send the documents out to be reviewed and will make any necessary changes, and go over all the figures to both parties. The Timeshare Broker will also review this information.
Trained abstractors will perform the title searches either online or at the local registry. Once the title search is complete, the title company sends a report and states what is needed to close. The turnaround time for a title search is generally 1 week. When they receive it from the company they can go ahead and precede to closing. The closing company generally will inform the Timeshare Broker. They will record the deed after the seller has signed over the deed and all funds have been received from the buyer.
Once the deed has been recorded the title company will prepare the title policy. They generally mail the original documents to the closing company. They will mail the title policy out to the new owner once the timeshare has been completely transferred by the resort. Many people do not want to purchase a title search and policy when purchasing timeshares. They do not want to spend any extra money especially if they are getting the timeshare for under $2500.00. They should consider that it is a one-time fee, and that the title is insured when the property is resold.
If you are purchasing the timeshare as an investment or passing the timeshare onto a family member it is good practice to run a title search to confirm that the title is clear of any debts. Many times there is a mortgage that was taken on the timeshare. The resorts do not always record the discharge, or they may mail out the documentation to the owner, but will never record it. Whenever purchasing or selling a timeshare it is best to rely on an experienced Timeshare Broker to service you throughout the process. Paying the commission for a qualified Timeshare Broker is well worth it for this long and complex process.
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