Buying a timeshare how can you check there is no outstanding debt

[Englishsteve2017]

Hi

I'm looking at buying a timeshare from a third party and firstly keen to ensure that the seller actually owns the timeshare and also that there is no outstanding debt on the timeshare too. Is there anyway I can check this myself?

 

[DeniseM]

You would ask for an Estoppel letter from Marriott, but this is usually something that the closing company does. Not sure if the owner can ask for one directly.

What closing company are you using? They can help you with questions like this.

 

[Englishsteve2017]

You would ask for an Estoppel letter from Marriott, but this is usually something that the closing company does. Not sure if the owner can ask for one directly.

What closing company are you using? They can help you with questions like this.

I'm using a third party broker but just wanted to do my own checks if possible. Rather than take someone else's word for it.

Also they've asked for the full cost of the timeshare immediately is that normal or should I just pay a deposit initially

 

[DeniseM]

The "broker" is the seller.

The "Title Company/Closing Company" is the licensed company that prepares the new deed, and handles the process to legally transfer the title to you.

The Title Company should provide an estoppel letter prepared by Marriott, to you. The estoppel letter will come from Marriott, not the broker, so it is independent information.

If the seller is demanding full payment up front, they may not be willing to change their terms, so you will have to decide if you want to agree to these terms, or walk away. A lot of the ebay sellers require full payment upfront. However, the money should be going into a licensed escrow account to be held durng the transfer.

Who exactly are you buying from?

 

[dioxide45]

You can also search on the county recorder's website to see if there are any outstanding liens. Of course, it would have to be located in a county that has online access.

 

[DeniseM]

The OP send me a PM, and he is buying from a UK broker, so I'm not sure if the process is different in the UK.

 

[dioxide45]

The OP send me a PM, and he is buying from a UK broker, so I'm not sure if the process is different in the UK.

If the property is not in the USA, it probably will be different. Marriott doesn't issue deeds for the European properties.

 

[Englishsteve2017]

Thank you all for your help, what a great forum. Everyone is just willing to help and offer impartial advice.

Thank you everyone

 

[bazzap]

The OP send me a PM, and he is buying from a UK broker, so I'm not sure if the process is different in the UK.

We have bought several weeks from the major UK broker.
We transferred our payment directly into the Escrow account with the Broker's Solicitors until all checks had been made with MVC and the HOTA received from them for the transfer to be completed.