Report Abuse

Re: deeded or right to use?

Hi Patti, A timeshare is a legal interest in real estate or a membership in a club. Here are the three things you get from using a closing company (or a lawyer - costs more). 1) Escrow account - the seller and buyer are financially protected by having a state-regulated company hold the money in an account at a major bank until the transaction is completed. 2) A legally binding contract of sale so that neither party walks away halfway through the deal. 3) Dealing with the Mexican timeshare company to effectuate the transfer. All Mexican timeshares involve obraining and completion of the devloper's transfer paperwork. This paperwork must be completed by all parties and it takes a certain amount of effort to obtain and get back to the resort. Deeded timeshares are even more work (almost none in Mexico are deeded bacause of ownership laws). Then a legally correct deed has to be prepared and filed with the government. One can do it themselves, that's what I did for a long time before I started my company. It's just a lot of work and knowledge to do it right. And the hope that you get your money. As to selling it, the place to start is running an ad right here on redweek.com. Be wary of any brioker who asks for up front money (all scams).