Escrow & AttorneysBy M. Beddingfield
Timeshare resale is still relatively new when compared with other real estate; however, many of the same laws apply. Whether your timeshare is deeded or undeeded, it is a good idea to protect yourself and the buyer by obtaining an attorney who specializes in real estate or a licensed escrow company.
There is a long list of things to consider when you sell your timeshare. Documents must be prepared, taxes paid, clear title established, liens paid, mortgages released, funds verified, deeds signed, fees paid, the home owners association must be notified as well as the resort, the list is long and tedious. A licensed escrow company can smooth the progress of the sale of your timeshare. A specialized attorney acts in much the same way as an escrow company. Both are regulated by the same real estate laws concerning real estate closings.
Selling a timeshare involves many parties such as; the tax assessorís office, lending companies, exchange companies, brokers, the resort management company and of course the buyer and seller. Although the monetary value is less, there is more documentation and processing involved than when selling a house. An escrow company is a third party company that acts as a protective agent by confirming and verifying all the facts of the transaction as well as providing a real estate trust account to hold all funds until the sale is closed.
The last thing that a lot of sellers want to incur is another cost to add to the selling of a timeshare, especially when there is little profit to be gained. By using a professional third party to protect the interest of both the seller and the buyer, each is guaranteed that all requirements have been met and any future conflicts or legal actions are negated. For the price of a few hundred dollars, you can have the peace of mind in knowing that when you have done the deal you will be out of your timeshare trap forever with no strings attached.