Thanks for the info. I thought all those “free” timeshares looked too good to be true.Bahamian law requires all foreign deeds transferred to be overseen by a Bahamian lawyer. Most Bahamas timeshares are RTU. Harborside is one of the only deeded timeshares. Bahamas is a fairly poor country and the assumption is that owners at Harborside are rich and can afford all the taxes and fees heaped upon owners. Other foreign owners of property are also assumed to have the money for transfers. Transfers are based on the value of the property with $1500 or so being the minimal charged by the lawyer and recording fees and taxes on top of that.
I have been trying to "sell" my Harborside week. Last year (2019) I posted it on ebay for $0 and got 2 responses. Both were asking about who would pay the transfer fees. While I would be more than willing to pay, I first needed to understand what was involved and how much it would be. After some research I discovered the need for a Bahamian lawyer (thank you for confirming). Still not sure how to engage one of them and how the transfer process would work. Any thoughts?Bahamian law requires all foreign deeds transferred to be overseen by a Bahamian lawyer. Most Bahamas timeshares are RTU. Harborside is one of the only deeded timeshares. Bahamas is a fairly poor country and the assumption is that owners at Harborside are rich and can afford all the taxes and fees heaped upon owners. Other foreign owners of property are also assumed to have the money for transfers. Transfers are based on the value of the property with $1500 or so being the minimal charged by the lawyer and recording fees and taxes on top of that.
Actually I don’t believe that is really the case. I have researched it and read the relevant Bahamian laws re: timeshares and real estate, and it only requires that the seller (if foreign) get an apostille, if the document is not prepared by a Bahamian attorney. It is certainly much easier and much less stressful to assign power of attorney to an attorney down there, but it’s not cheap. Getting an apostille in my state is $2 bucks. That plus postage, tax stamp certificate, and deed recording would be maybe $100 plus the minimum transfer tax which is around $250 If you did it yourself.Bahamian law requires all foreign deeds transferred to be overseen by a Bahamian lawyer. Most Bahamas timeshares are RTU. Harborside is one of the only deeded timeshares. Bahamas is a fairly poor country and the assumption is that owners at Harborside are rich and can afford all the taxes and fees heaped upon owners. Other foreign owners of property are also assumed to have the money for transfers. Transfers are based on the value of the property with $1500 or so being the minimal charged by the lawyer and recording fees and taxes on top of that.
Paul Larkin did my closing and it wasn’t too expensive including the lawyer fee. www.timeshareclosinggroup.com/I have been trying to "sell" my Harborside week. Last year (2019) I posted it on ebay for $0 and got 2 responses. Both were asking about who would pay the transfer fees. While I would be more than willing to pay, I first needed to understand what was involved and how much it would be. After some research I discovered the need for a Bahamian lawyer (thank you for confirming). Still not sure how to engage one of them and how the transfer process would work. Any thoughts?
Thank you. I will check it out.Paul Larkin did my closing and it wasn’t too expensive including the lawyer fee. www.timeshareclosinggroup.com/
Fascinating. I had no idea there was another option.Actually I don’t believe that is really the case. I have researched it and read the relevant Bahamian laws re: timeshares and real estate, and it only requires that the seller (if foreign) get an apostille, if the document is not prepared by a Bahamian attorney. It is certainly much easier and much less stressful to assign power of attorney to an attorney down there, but it’s not cheap. Getting an apostille in my state is $2 bucks. That plus postage, tax stamp certificate, and deed recording would be maybe $100 plus the minimum transfer tax which is around $250 If you did it yourself.
Agreed. I use my SVV as a SO generator. Harborside is similar to owning Hawaii--either use it or rent it because of the high fees. Trading (although I have done this 2x very successfully in 18 years) is not ideal.The VAT, Atlantis Facilities fee, and VSN dues really drives up the cost of the annual fees. Most HRA owners only own there so it seems to be out of control in comparison to owning other timeshares. Also, the plat plus 2 bedroom non lockoff isn’t so bad on the MF Ratio but I would still never own there just to use as a SO generator.
It could do very well in interval as well. Granted there are better lower cost traders out there, but the HRA can still do better in II than VSN in many cases.Agreed. I use my SVV as a SO generator. Harborside is similar to owning Hawaii--either use it or rent it because of the high fees. Trading (although I have done this 2x very successfully in 18 years) is not ideal.