Hello,

I'm thinking about buying a timeshare and was wondering how I or any buyer on the secondary market is sure that when I make the purchase the mortgage is clear and that the maintenance fees are paid. I've looked at a lot of the posts in this timeshare forum and there is a lot of talk about the no closing costs and the attorney Timeshare Adventures has to perform the closing, but what exactly is done to guarantee that when I buy a timeshare it will not have past due maintenance fees, mortgage(?), lien, etc...?

Thanks,
K.M.

Hi K.M.(finewhine)-

If the timeshare you purchase is being advertised with Timeshare Adventures as a PLATINUM AD LISTING or if you have our closing department handle the closing of any timeshare transaction an estoppel letter/report is obtained from the timeshare resort. This document reveals the current owners account status, insuring full payment of maintenance fees, taxes and mortgages. This document also confirms the size of unit, type of unit, status and availability of the week and/or points the timeshare buyer is purchasing.

With Timeshare Adventures and our PLATINUM AD LISTING option this document is acquired and analyzed and the usual cost of closing are completely eliminated for both the timeshare buyer and seller and performed by our independent Real Estate Attorney.

Timeshare Platinum Ad Listing: No Closing Cost Program

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Since the topic of mortgages has come up, I have a quick question. If a timeshare has a mortgage balance on it, can it be sold? If so, is there anything different in the closing process than a timeshare with out a mortgage? Please advise!

Hello Mel,

YES! Timeshares with mortgages can be sold. One thing you will have to keep in mind is that a mortgage will have to be satisfied before the Timeshare can be transferred. No mortgage balance can be transferred to an upcoming owner. So when selling your property, make sure that you know what your pay off amount is at all times. Then you will be able to know exactly what you can negotiate when a buying offer comes in.

P.S. Just because a property goes into closing it does NOT mean you can stop making your mortgage payments. All of your Timeshare fees (i.e. Maintenance fees, Mortgage payments, Taxes, Special Assessments) have to be keep up to date. If not then it alters the closing process, and ads extra fees to the owner. It is the owner’s responsibility to keep up with current fees, unless otherwise negotiated with the buyer in the sale.

If you need any further assistance, please contact our staff at 1-800-581-7330!!