| | The Timeshare Resale FAQ’s
If you are ready to resell your timeshare the last thing you need is a long, stressful process. Read through these frequently asked questions to see how easy reselling timeshare can be when you work with a smart and reliable timeshare resale advertising company like Secondary Ownership Group.
I've Listed Before with NO Offers Or Phone Calls, Why?
Most people are not aware that it's prohibitive by federal law in the U.S.A for a timeshare resale company to resell a timeshare unless they are a licensed real-estate broker. Approximately 95% of the U.S resale company’s are not licensed and do not have ANY sales agents. No matter what the Agents tell you, do your homework. To determine if they are licensed, view the company's TERMS & CONDITIONS at the bottom of their websites.
Here is an excerpt of the typical Terms and Conditions from the Top US websites according to the leading internet search engines.
1, "Company A" does not personally assist you in the sale/rental of your Timeshare, including (but not limited to) showing your property, other than by posting on this Web Site the property descriptions and photographs provided by you, our Advertiser
2, “Company A" is a For-Sale-By-Owner advertising company that is not a real estate broker. The advertising program involves pooling advertising resources to maximize exposure to potential buyers or renters.
3, “Company A” forwards all inquires about my property directly to me, and allows me to negotiate the sale of my property without the involvement of any broker,
and without any commission.
What is my “Rescission” period or “Cooling Off” period for purchases on New Timeshares or Vacation Ownerships from the resort?
Depending on country or state / province, most give a 10 day period where you can cancel the sale for a full refund. At that point you have the option to purchase the exact same ownership from Secondary Ownership Group and save 30% - %50 off your original purchase.
Laws for selling timeshare?
Make sure you Know who can legally sell your timeshare or vacation ownership for you, and who can not. For example it is the law in the United States that timeshare & Vacation ownership resale companies, who can sell your timeshare or vacation ownership on your behalf, must be a licensed real estate broker. Whether you own a timeshare deed or lease, and whether your timeshare is in the U.S. or not, if the selling company is located in the United States then they must have a license for selling real estate. (You can tell if they are legally licensed by looking at their terms & Conditions located at the bottom of the web page.) If they are not licensed, they are nothing more than an advertising company posting an advertisement on their website. If a buyer calls them, they legally cannot answer questions about the timeshare or vacation ownership or collect a deposit on your behalf. In other words all they can do is give the caller your phone contact info and leave you to deal with them..
If I Originally Purchased from a Resort Can I Resell My Timeshare?
Yes! Regardless of when or where you purchased your timeshare, you are entitled to resell it.
Do I Need A Real Estate Agent ?
No! A timeshare is not a traditional piece of real estate. For those who prefer it, assistance is available through Secondary Ownership Group. We will assist the timeshare resellers who want as little as possible to do with the process of finding a buyer and settling on a sale price.
Do I Need an Appraisal to Sell Timeshare?
No, your timeshare property was not "appraised" when you purchased it, and it does not need to be appraised to be resold. If you are interested in the resale value of your timeshare, please call one of our full time agents.
Do I Need a Lawyer to Handle the Timeshare Closing?
You are always welcome to get a lawyer involved at any point. Here at Secondary Ownership Group we take care of all the closing for you.
How Long Will it Take to Resell My Timeshare?
No one can accurately determine a specific length of time .There are many factors that will influence the resale of your timeshare including location, resort quality, flexibility of usage, season, demand and, of course, price.
Questions? Fill out the from below and one of our agents will be happy to answer any questions you may have.
We found resorts we have an interest in. How do we proceed with the purchase of one or more of these resorts?
Please call toll free at 877 430 4396 to set up an appointment or to speak to an agent about purchasing.
What is a maintenance fee?
The maintenance fee is an annual charge, on top of your initial purchase cost, that goes toward the upkeep of your timeshare. Your maintenance fee usually
covers property taxes, insurance, utilities, cable, telephone, and all property up keep such as furniture, carpet, and the common facilities of the resort. Usually,
the resort's Homeowners Association decides this fee.
What is a transfer fee?
A transfer fee is a cost that resorts charge to transfer ownership from one party to another. This fee applies directly to resale timeshares. Transfer fees are
determined by the resort and will vary depending on what resort you are buying.
What sizes of accommodations are available?
Sizes of units vary from resort to resort, but as a rough guideline are broken down by bedroom number and how many adults they sleep.
Hotel Unit, Sleeps 2
Studio Unit, Sleeps 2 to 4
One Bedroom Unit, Sleeps 4 to 6
Two Bedroom Unit, Sleeps 6 to 8
Three Bedroom Unit, Sleeps 8 +
What is a fixed week?
A fixed week is ownership of a specific week of usage each year. The first week of the year will be designated as week #1, and the last week of the year will
be week #52.
What is a floating week?
A floating week means that the week you own is not a pre-determined week. A floating week guarantees you one week within a certain time period based on what
season rating your membership is. Each year, you contact the resort and reserve the week during your season that you would like to use. If you plan on exchanging
your floating week, you will need to make a reservation before you deposit your week with the exchange company.
What is a point system?
A point system is a vacation ownership in which you own points that represent the quality of the unit you will have. More points translate into higher season
ratings, larger accommodations, and better trading power. For example, a low season studio unit may take 100 points to reserve the time, but a high season two
bedroom unit may require 300 timeshare points. Most systems will allow you to borrow from future years or to carry over unused points to the next year.
What is a lock-off unit?
Lock-off units may be divided into two or more smaller units for exchange or usage purposes. For example, a two bedroom lock-off may be divided into a one
bedroom and a studio, or some other configuration which the particular resort will provide. Usually one of the units is used for exchange purposes giving the owner
the ability to vacation an additional week each year. Remember that you will no longer have the use of your large unit, but it will be in two or more smaller units.
What is a deeded property?
A deeded property is one in which the property title does not expire. Once you own it, it's yours until you decide to sell it, much like home ownership. Deeded
properties may also be passed to your heirs.
What is leased or certificate property?
A right to use your timeshare for a specified number of years. At the end of this period the property reverts back to the developer. Some resorts allow accelerated
usage which means that you may borrow usage from future years. to do so you will normally pay the maintenance fees for the accelerated usage.
What is life property?
A membership which allows usage each year for the owner's lifetime.
What is a stock company?
Resorts issue shares of ownership in the property or properties which they are selling. Rather than owning a deed to a property, you own shares in the company
which entitles you to vacation time each year.
Are there additional fees involved in the purchase of a timeshare?
Yes. As in many property transfers there are fees involved. You should expect to pay for preparation of the transfer documents, a maintenance fee and the
recording and transfer fees which are determined by the county and resort. These may total a couple to several hundreds of dollars. Of coarse, all costs will be
disclosed and accounted for before you purchase.
Does this include title insurance?
No. That is an outside fee charged by a title insurance company for their services.
How soon after purchase will I get my deed/certificate to the property?
The usual time frame is ninety to one hundred and twenty days. There are exceptions to this, as some counties take longer to process transfers. We do keep
you informed about the circumstances and any situation which may cause a delay in transfer.
Can I ever sell my timeshare?
Yes. Once you are the legal owner of a timeshare week, you may sell it at any given time.
How soon may I use it after purchasing?
As soon as the ownership has been transferred into your name
Exchange FAQ
Who is RCI?
Resort Condominiums International, or RCI, allows timeshare owners to trade their timeshare weeks with other timeshare owners around the world. RCI
Timeshare has been in business for almost 30 years and currently work with over 3000 resorts in 85 countries. www.rci.com
Who is II?
Interval International, or II, With over 1700 resorts in 35 countries around the world, II operates much like RCI, offering quality exchange services for its clients
worldwide. www.intervalworld.com
What are the benefits of each company?
The benefits of RCI and II are essentially the same. They both give you an annual listing of all resorts. They both have a quarterly or bimonthly update magazine.
They both offer a "members only" travel agency. Both offer last minute getaways at a very reasonable price without having to give up your deposited week and
both offer excellent customer service.
Do RCI and II own the resorts?
No. Neither do. As they state in RCI's resort directory, "(We) offer (our) services to owners at resorts with which we have an affiliation agreement."
How do I make an exchange?
Making an exchange is as easy as picking up your phone, calling RCI or II, and asking one of their vacation consultants to walk you through the exchange process.
The two companies vary, but the process with each is very user-friendly.
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