What happens when a timeshare sale has to be recognized by two different organizations to be finalized, and you only get one half right? Your timeshare ends up in limboland, and you could end up paying fees for a timeshare you don't really own.
This is the sad story recounted in a recent post over on the RCI VIP blog. Here's the sorry tale...
How to sell a timeshare halfway
A couple owned an Orange Lake timeshare in Kissimmee, Florida, and decided to sell it. They found a buyer, did a quit claim deed, and closed the sale. Done deal, they thought!Well, maybe it's not as simple as we thought...
The problem was that the sale was legally recorded with the county, so the state of Florida recognized the new owner. But they only had 1 witness signature on the quit claim deed, while the Orange Lake resort company required two signatures. The resort didn't accept the sale, and from their standpoint, the original owner still owned the property (and got the bills, and threats of foreclosure).
If the two half-owners were willing to work together, this would be easy enough to fix, but when the new owner refused to play ball, the property was left in this limboland. And there it remained... for years! 🙁
See original story: Orange Lake Timeshare in Kissimmee Florida
Key lesson for timeshare buyers and sellers
Use a reputable title company to handle the deal. Find a company that has experience dealing with timeshares, and has many satisfied customers. (Bonus points if they've worked with your resort before.)The title company makes sure deeds and paperwork are done correctly
Yes, you do have to pay a title company to manage your deal, vs. filling out the forms in a Do-It-Yourself transaction. It's worth it, though. They're pros at handling transactions like this, and they know all the steps to take, boxes to check, and who needs to sign what.
Even if you're buying a timeshare for $1 and it seems like no big deal, there's an on-going financial commitment (and long-term benefit) that goes along with your purchase. Spending the money for a qualified title company is well worth it.