Lost in Limboland - Timeshare Deal Gone Wrong

Lost in Limboland, a Timeshare Deal Gone Wrong

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!

Graphic design with One good deed 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.)

Make sure to get the paperwork right 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.

Comments? Questions?

Timeshare Buyer's GuideHave you been involved in a deal gone bad, or know someone who has? Let us know in the comments below. We'd love to hear from you!

~~~~~~~~~~~~~~~~~~~~~~~
If you're interested in buying a timeshare, and want to do it right, check out our book Winning the Timeshare Game - Buyer's Guide. Find out how to pick a winner, save big bucks, and avoid potential pitfalls.
~~~~~~~~~~~~~~~~~~~~~~~

Hi! I'm Deanna, founder of Winning the Timeshare Game, and author of the books. After running an international tour company, I'm now into the fascinating world of timeshares. I enjoy sharing all the tips I discover, and I'd love to see everyone have as much fun with their timeshares as we do!

Facebook Twitter Google+ 

Categories
Category Groups
PHOTO CREDITS:  One good deed - Quasifly, Paperwork - Caitlin Childs

One Comment

    Leave a Reply

    Thanks for sharing! All comments are held for moderation, and manually approved before they appear.