Broker vs title agency

CastAStone

Math and business nerd. Not an insider.
Joined
Jun 25, 2019
DVC brain trust,

If I am buying in a manner that doesn’t involve a broker (say I have come to terms with a seller via a timeshare advertising agency or ebay or the like instead of a traditional broker), is there anything that they normally do that a title agency could not do? I have gathered from my research that a title agency does the actual contract, all the submissions to Disney, holds the money, does the estoppel, submits for ROFR, and submits the final paperwork - is that right?

Is there anything that I would need to do myself without a broker, or anything else I need to watch out for?

Thanks in advance!
 
DVC brain trust,

If I am buying in a manner that doesn’t involve a broker (say I have come to terms with a seller via a timeshare advertising agency or ebay or the like instead of a traditional broker), is there anything that they normally do that a title agency could not do? I have gathered from my research that a title agency does the actual contract, all the submissions to Disney, holds the money, does the estoppel, submits for ROFR, and submits the final paperwork - is that right?

Is there anything that I would need to do myself without a broker, or anything else I need to watch out for?

Thanks in advance!
Following this one -- I may have a similar opportunity with a seller I know personally......
🤞
 


Oh where did you find this contract then? Or is it just prep?
Prep. I found an insane BCV deal on Redweek this week and was apparently like a couple hours too late for it. But I am planning to continue to look around for opportunities to bottom feed.
 


I found a thread on tugbbs a few days ago about a person who was trying to sell a timeshare they got for free several years earlier. The deed had been signed over to her by an individual but it was owned in a trust. The person needed to sign as trustee.
So I'd say title impairment would be your greatest concern in private party transactions.
 
I found a thread on tugbbs a few days ago about a person who was trying to sell a timeshare they got for free several years earlier. The deed had been signed over to her by an individual but it was owned in a trust. The person needed to sign as trustee.
So I'd say title impairment would be your greatest concern in private party transactions.

I would think a title company clears this? Not a question to you iflyjetzzz but more so just an open question.
 
I would think a title company clears this? Not a question to you iflyjetzzz but more so just an open question.

Ensuring a clear title is one of the functions that title companies do.
This was a private sale gift of a timeshare that did not go through a title company.

Where this individual was having problems was tracking down the person who signed over the title because that person didn't have the authority to sign over the title as an individual. They had to sign it over as the trustee of a trust.
 
What is the initial paperwork that I would need to handle myself?

I believe the Title Insurer would provide everything needed. If ever you buy from someone directly I would try and use a Title Insurer that has a good reputation and you are comfortable with. The Title Company will act as the escrow agent and hold the money while the transaction is being completed.

Now where are some good sites to find those direct deals? :)
 
I bet Dean would know the answer, but he hasn’t been posting a lot lately.
I've popped in a couple of times but taken a break on Disney and DVC for a while.

I'm probably going to answer more than was asked but one doesn't know what they don't know. IMO title insurance on a timeshare purchase is only reasonable if it's a special situation like bankruptcy, divorce or out of country. It's cheap because they never have to pay off. One should do due diligence and that's better than a paper sitting in a drawer.

I wouldn't hesitate to close with a timeshare specific closing company and unless you need escrow, there's no reason to pay more than around $200 for closing for most states. If you buy from ebay or from a broker, you might be stuck with less choices but the reality there is it's usually a way for the broker to make more on the sale. I use LT transfers for most situations like this though I'm going to use a lawyer in SC when I change my 11 HHI Marriott deeds because it'll be roughly the same total (LT transfers doesn't discount bulk deals) and I've worked with him a number of times on timeshares and a condo (purchase and sale). Redweek also offers options that can include escrow.

Disclaimer, I'm not a lawyer but one needs to be careful with family/friend deals because it's easy to be in violation of the legal statues related to real estate. In all states I know of, and I've never heard of an exception including on broader timeshare sites, it's illegal to put terms in the deal that are different than those actually agreed upon. I know it's done but it's illegal. There's the tendency to want to give a friend a good deal but find some way to ensure ROFR doesn't take it but just be careful. Also, sometimes people try to get fancy and include things in the terms that are not monetary like a specific item that could not be reproduced reasonably. DVC will just come back and have you put a value on each item and use those items to proceed with any ROFR decisions or at least that's how the've handled it on the actual situations I know of. I actually had this happen, it wasn't a circumstance trying to put one over on them but actually I was trading a non DVC timeshare for DVC points and we were trading evenly.

Lastly, while I don't know anyone that's actually done this, sometimes people talk about adding other people's names to a contract now then later taking the old names off. They do this to try go keep the blue card benefits. I honestly don't know how DVC would handle this but it'd be a big risk for all parties even if successful and if one wanted to go that route, I'd wait several years before removing the other names.
 

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