I want to sell my time share because of the high maintenance fees

I own a time share at [xxxx], Las Vegas and want to sell it because of the high maintenance fees. The time share is paid in full; however, I do not have a deed of trust/grant deed (I do have notice from them that the loan is paid in full). I had a potential buyer, but lost the buyer because [xxxx] will not sign off on the deed to transfer the timeshare into my name (I did it myself). They insist that I pay them $530.00 to do this. 1) What are my rights with respect to the deed and [xxxx] having absolute rights to do the closing? 2) What happens if I walk away and do not pay the maintenance fees? Will it ruin my credit?
Thanks

[Edited to remove name of resort so post doesn't seem like an advertisement]

Professional Closing Services Agencies Take The Hassle Out Of Transferring Ownership.

Missie said:

I own a time share at [xxxx], Las Vegas and want to sell it because of the high maintenance fees. The time share is paid in full; however, I do not have a deed of trust/grant deed (I do have notice from them that the loan is paid in full). I had a potential buyer, but lost the buyer because [xxxx] will not sign off on the deed to transfer the timeshare into my name (I did it myself). They insist that I pay them $530.00 to do this. 1) What are my rights with respect to the deed and [xxxx] having absolute rights to do the closing?

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When we sell timeshares -- well, the 1 time when we sold a timeshare, back in 2003 -- a professional timeshare closing services agency took care of all that deed & documentation & paperwork & stuff, so we didn't have to fuss with it or worry about it.

Customarily at the time, the buyer usually paid the closing fee (about $350) & the resort transfer fee ($75), & that's how it was when we sold. However, everything is negotiable. There's nothing wrong with agreeing to split closing costs with the buyer, or with agreeing to cover closing costs yourself if necessary to attract a buyer.

Missie said:

What happens if I walk away and do not pay the maintenance fees?

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Click here for a clue.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

I had a potential buyer, but lost the buyer because [xxxx] will not sign off on the deed to transfer the timeshare into my name (I did it myself).

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I am not quite sure what you are asking or what you did yourself. Once your loan was paid in full, they should have automatically send you a deed. Once you have the deed, you do not need to pay the resort any fees, but the new buyer may have to pay a fee to transfer the title to their name with the resort. If that's the situation - the buyer is responsible for that, not you.

When you find a buyer simply get your information, the resort information, and the buyer's information to a closing company. I recommend JRA services ( http://timeshareresaleclosings.com/ ) because they do a great job and only charge $275 plus county fees and resort transfer fees (if any). If you have paid for your week in full and aren't behind on MF's, any closing company can handle the sale for you.

If you don't pay your MF's they will ruin your credit. I can't understand why they didn't send the deed to you when the loan was paid off. Something is wrong and I would get a hold of mgt at the resort and find out why you don't have a deed in your posession.

Could this have anything to do with this not being a title holding state? Did you ever get a lien release from the holder of the note? Maybe they sent it in to have it updated and it hasn't been returned? How long ago was the note paid off?

High Maintenance Fees/No Deed

Over 11 years ago. According to the resort, somewhere in the fine print of the contract is langauge that the resort will handle the closing at the price I mentioned.

Credit Card

This posting raised another question to me. Do you have to give the resorts your credit card number? Can you pay you MF by check.

Hard To See How Anyone Can Be Forced To Pay By Credit Card Only.

rosebud5 said:

This posting raised another question to me. Do you have to give the resorts your credit card number? Can you pay you MF by check.

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I pay by check.

I can't imagine any authority the timeshare would possess that could require owners to pay via credit card only.

Some owners prefer paying as many expenses as possible via Visa or Master Charge, etc., as a way of jacking up the bonus points & airline miles, etc., they receive.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

Missie said:

Over 11 years ago. According to the resort, somewhere in the fine print of the contract is langauge that the resort will handle the closing at the price I mentioned.

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That is possible. I know in North Carolina, when a timeshare is financed with a developer, they hold the deed and record a Time Sharing Instrument that is sort of like a deed but you can not use it for transfering ownership.

At the time the loan is paid off, the developer is paid a fee to prepare and record a deed into the owners name.

If you tried to prepare your own, I could see them not using it. First off, you have to know the corporate officer that is to execute the deed to you.

As much as I hate to say it, if your contract says they are to prepare the deed upon receipt of $530, then you are contractually liable for it, after all you agreed to it.

Every day, we use the contracts to get out of a deal and hold the developer to the deal, this is one time they use the contract in their favor and make you live by what you agreed to.

Wether the fee is reasonable or not, wether you use a closing service for your sale, you still need to have title in your name. And if there is a fee to get the resort to do it and it was in your contract, then you are stuck with what you agreed to.

Yes & Yes.

rosebud5 said:

Do you have to give the resorts your credit card number?

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Timeshares require a credit card & photo ID when you check in.

They want to make sure the person(s) checking in really are the person(s) who are spozed to be checking in & not imposters.

Plus, in case the people checking in trash the place, steal the energy-saving twisty light bulbs, bust up the furniture, run up huge telephone bills, etc., management can just put the cost of all that on the responsible person's credit card.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​