[WSJ] Can we negotiate the sale without professional help?

[mpbsj]

My husband and I have a serious offer for our timeshare week in St. John. Can we type up our own contract for the sale to present to Starwoods or do we really need to pay a licensed broker to initiate the process? If we can save some of the closing fees that would be great. Any suggestions?

 

[DeniseM]

Starwood does not get involved with the sale or the purchase contract - that is between you and the buyer.

However, by law, [the new deed has to be filed in person on St. John and the process is a little more complicated than usual, so IMNSHO, it is not a DIY project.]

That means that someone needs to (legally) prepare the deed, and register it with the local recorder's office, and then send the recorded deed to the Starwood Title Office.

Here is a thread about it: http://www.tugbbs.com/forums/showthread.php?t=221783&highlight=recording+deed

Regarding the offer - how did they find you? Unfortunately, the timeshare world is full of scammers.

If the buyer wants to charge you ANY upfront fees of any kind, no matter what they call the fees, or even if they promise your funds will be held in escrow - IT IS SCAM!

 

[Talent312]

Folks sign D-I-Y contracts all the time without involving lawyers, but R/E transfers are special kettle of fish for which you may want professional help. That said, a D-I-Y contract is what I sent to HGVC to get them to sign a ROFR waiver. You can D-I-Y, if you are fairly proficient at adapting forms or samples (which you can find online) and then, following directions. OTOH, if you're the kind'a person who can't be bothered with little details, then maybe this should be left to the pros.

When it comes time to executing the sales contract, you may want assistance from a closing service like LT Transfers. There's plenty of positive posts about them which you can find on this forum.
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[DeniseM]

Not at WSJ which is in the USVI: LT Transfers cannot do title transfers at WSJ - [on St John the deed must be filed in person.]

There is no ROFR at WSJ - the OP should not send Starwood the contract.

The only thing that should be sent to Starwood is the deed, and not until after it has been recorded.

 

[hammerhammer]

However, by law, you have to use someone local, to do the title transfer. [/B]

What law is this? I just did my own.

 

[DeniseM]

What law is this? I just did my own.

You recorded a deed for Westin St. John, in the USVI?

 

[Helios]

However, by law, you have to use someone local, to do the title transfer. That means that they will prepare the deed, and register it with the local recorder's office, and then send the recorded deed to the Starwood Title.

I think this is incorrect. I believe the requirement is that closing needs to be done in person. So, if the seller and/or buyer are not present at closing, they need a Power of Attorney granted to someone who can close in person for them. I can contact my closing attorney to follow up...

For obvious reason, people use local attorneys to complete the closing. But this is not a requirement if you are OK giving the POA to the Westin Breeze Captain, any other local yokel, or anyone you know who can be there in person.

 

[DavidnRobin]

I hired a STT Lawyer to perform a deed transaction for our 2nd WSJ-VGV week. It does need to done on STT in person (not by a local) - also need to deal with Tax Stamp and Property Taxes. I wrote up the purchase agreement.

 

[DeniseM]

Thank you for clarifying the process - I edited my post.

Sent from my BNTV400 using Tapatalk

 

[Helios]

Thank you for clarifying the process - I edited my post.

Sent from my BNTV400 using Tapatalk

Glad I could help to clarify this after all I've learned at the BBS.

Now, I just need the Marriott purchase of SPG to fall through.... But it will probably not happen.