How to buy off Tug?

Hi everyone,

I seen an ad on Tug for a timeshare that would be interested in buying. Looking for advice on how to go about this, what to expect and not to get scammed.

I see the price of the time share and the price of the maintenance fee. What is hazy to me is closing costs, title transfers, etc. Who pays what, what is fair and how again making sure not being taken advantage off. Thank you everyone!

evdvqq4 said:

Hi everyone,

I seen an ad on Tug for a timeshare that would be interested in buying. Looking for advice on how to go about this, what to expect and not to get scammed.

I see the price of the time share and the price of the maintenance fee. What is hazy to me is closing costs, title transfers, etc. Who pays what, what is fair and how again making sure not being taken advantage off. Thank you everyone!

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TUG has nothing to do with the transactions. You are 100% on your own.

You need to educate yourself and you need to make decisions that are yours alone. Or you could pay for advice.

That being said, I would start with eBay completed listings to see what people have been able to get, if anything, for the timeshare.

The additional costs can be part of the offer and they might also be negotiated.

There are discussions here on how to protect yourself in the transaction. Maybe someone could share more here, but don't expect anybody, except someone you are paying to represent you, to give you specific advice on the transaction.

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Kapolei said:

TUG has nothing to do with the transactions. You are 100% on your own.

You need to educate yourself and you need to make decisions that are yours alone. Or you could pay for advice.

That being said, I would start with eBay completed listings to see what people have been able to get, if anything, for the timeshare.

The additional costs can be part of the offer and they might also be negotiated.

There are discussions here on how to protect yourself in the transaction. I don't think I could cover all the pitfalls in a quick forum reply. And specific advice on a transaction is what lawyers do for a fee.

.....

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We have used LT Transfers when buying or selling on TUG email is readylegal@gmail.com.
Silentg

silentg said:

We have used LT Transfers when buying or selling on TUG email is readylegal@gmail.com.
Silentg

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I also had a good experience using them as a low cost way of having the deed prepared and filed.

Thanks Kapolei. Anything advice helps. Gives me an idea at least
were to start.

silentg said:

We have used LT Transfers when buying or selling on TUG email is readylegal@gmail.com.
Silentg

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Thank you for the insight. So LT is a middle man for people looking to buy or sell?

evdvqq4 said:

Thank you for the insight. So LT is a middle man for people looking to buy or sell?

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LTT is a company that will handle the paperwork for a reasonable fee. They are Tug members, and are very professional people. I've had several transactions processed by them. I'd highly recommend them. Their website is http://www.lttransfers.com

Dave

evdvqq4 said:

Thank you for the insight. So LT is a middle man for people looking to buy or sell?

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I am not real estate person.

What they did for me, the seller, and the buyer was prepare the deed, get it to us to sign, get the deed filed, and get the documents and transfer fee to the resort to have the record updated. In my situation, buyer and seller elected to go without escrow.

LT is not a middleman. They assist both parties in getting the documents completed and filed.

The first step would be to send a private message to the seller (click on their blue username and select 'Send Private Mail) they will probable email or PM back with how they would prefer to proceed. Remember, price, who pays or arranges for closing & registration, who gets leftover points or reservations, is all negotiable. Usually the amounts of money changing hands in a resale are not big enough to require escrow, but again that's negotiable. Personally, I would want to contact the resort for an 'estoppel' letter to be sure that the week/unit/points/season (whatever is applicable) are as depicted in the sales description.

Then, one party or the other might contact the paperwork co. (like LTTransfers or similar) to handle the paperwork. You can actually do it yourself, it isn't difficult, but most folks are more comfortable having someone more experienced do it.

Jim

Thanks everyone I really appreciate all the guidance

note if its an ad in the marketplace, you contact the poster of the ad directly by clicking on the "contact this member" link on the ad itself! (or call the phone number if they provided it)

you can also find some useful articles and buying tips/checklists here in the advice section!

http://tug2.net/timeshare_advice/tug_timeshare_advice.shtml#Buying__Selling_Timeshares

best of luck, always great to see one TUG member buying from another!

When you buy a home, you use a title company to handle the legal transfer of the deed from the seller to the buyer.

When you buy a timeshare, many people use a timeshare title company to handle the legal transfer of the deed from the seller to the buyer. LT Transfers is a Timeshare Title Company.

LT Transfers will:

-Provide a purchase contract for you and the buyer/seller to complete and sign.
-Prepare a deed that complies with the requirements of local law.
-Obtain the required notarized signatures.
-Send the new deed to the local county registrar's office to be officially recorded.
-Send the recorded deed to the timeshare management company, to change the ownership of the timeshare in their records.
-Notify you when the transfer is complete.

L.T. Transfers
Lisa Short and Mary Pless
http://www.lttransfers.com/
readylegal@gmail.com
706.219.2709

TUGBrian said:

note if its an ad in the marketplace, you contact the poster of the ad directly by clicking on the "contact this member" link on the ad itself! (or call the phone number if they provided it)

you can also find some useful articles and buying tips/checklists here in the advice section!

http://tug2.net/timeshare_advice/tug_timeshare_advice.shtml#Buying__Selling_Timeshares

best of luck, always great to see one TUG member buying from another!

Click to expand...

Thank you this helps!

DeniseM said:

When you buy a home, you use a title company to handle the legal transfer of the deed from the seller to the buyer.

When you buy a timeshare, many people use a timeshare title company to handle the legal transfer of the deed from the seller to the buyer. LT Transfers is a Timeshare Title Company.

LT Transfers will:

-Provide a purchase contract for you and the buyer/seller to complete and sign.
-Prepare a deed that complies with the requirements of local law.
-Obtain the required notarized signatures.
-Send the new deed to the local county registrar's office to be officially recorded.
-Send the recorded deed to the timeshare management company, to change the ownership of the timeshare in their records.
-Notify you when the transfer is complete.

L.T. Transfers
Lisa Short and Mary Pless
http://www.lttransfers.com/
readylegal@gmail.com
706.219.2709

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Thank you for breaking that down!

I bought 2 timeshares on eBay, one on Redweek (with Re/Max) and one directly through the Tug marketplace. The easiest was through TUG. I used LT Transfer. But the seller was a knowledgeable timeshare owner as I was.

It helps if at least one person understands what has to be done.

LT Transfer can help to keep things moving.

Some sellers will want you to use a transfer company that does a title search. Such companies charge much more for handling the transfer. Most Tuggers (including me) will say a title search isn't necessary. We used expensive transfer companies for our first two resale purchases and used LT Transfers for our last. Not only was LT Transfers much less expensive, the whole process was easier and quicker. I would certainly recommend them.