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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33761
Experience:  15 years real estate, Realtor. Landlord 26 years
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My husband and I are considering purchasing a used

Customer Question

My husband and I are considering purchasing a used timeshare. We received a vesting worksheet which asks us to instruct the escrow holder to reflect my/our names and vesting documents. It gives us several choices on how we would like it to be listed. Can you assist with helping me choose the option that we need?
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  Barrister replied 5 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

Customer: replied 5 months ago.
Ok, thank you. I can provide a copy of the vesting worksheet if you need to view it.
Expert:  Barrister replied 5 months ago.

First of all, I highly suggest you research timeshares a bit more before you get involved with one.... We have dozens of customers a week on the site who just want to get away from them....give them away if possible... just so they won't have to pay the continuing escalating fees..

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These are some of the worst purchases people make and only a tiny fraction of purchasers are actually able to fully use them so as to make it worth their investment.

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With that said, if you can just provide the options, I can go over them with you and explain each one so if you decide to proceed, you can make the best choice for yourself.

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thanks

Barrister

Customer: replied 5 months ago.
Options are
1. as joint tenants (two or more people, with rights of survivorship)
2. as tenants in common- each as to an undivided______interest
3. as tenants by the entirety (husband and wife only)
4. as community property (husband and wife only, as co-owners)
5. severality/sole and seperate (one married buyer only)
6. Single
7. Trust
8. corporation
9. limited liability company
10. partnershipNow more about the timeshare..... can you elaborate more on how these individuals are not able to use them? Is it d/t personal reasons or the inability to schedule or get the dates they need?
we have attended a few of the timeshare sales pitches and never purchased - very expensive with few points. But found a much lower used timeshare with many points. does have annual maintenance fees though.
Expert:  Barrister replied 5 months ago.

Ok, do you have any type of company set up that you want to own it?

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Do you both want to be listed as owners?

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Do you want it to automatically go to the survivor when one of you passes without having to go through probate?

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thanks

Barrister

Expert:  Barrister replied 5 months ago.

Is it d/t personal reasons or the inability to schedule or get the dates they need?

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All the above... and the fees keep increasing over time whether you use them or not.. You are in the unusual position of coming on the site before you step into the "timeshare trap" and still have time to pull your foot back... Just Google "timeshare trap" and read up on some of the stories and see if that might change your mind.

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Most people find that over time, they could just pay for a hotel or rent someone's timeshare for less than the fees that are charged and they have much better options..

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thanks

Barrister

Customer: replied 5 months ago.
We had been researching this and had reservations along with such decision. Thank you for the assistance today. I think we have answered an ongoing debate to purchase or not. We did put down a $1500 deposit. But I think we can recoup this cost as we originally thought the points were 23K but title company said it is only 20K - so I think this is reason that we can back out. Additionally, we had not signed any contract yet.
Customer: replied 5 months ago.
Any advise on this?
Expert:  Barrister replied 5 months ago.

If this is a timeshare purchase from the company, then you have a statutory right to cancel any contract as long as you do it before the 6th day after the date you sign the purchase contract. So if you haven't even signed a contract, you can get all your money back upon written request and they have to refund your money within 30 days.

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I think you are making a very wise decision that you will later come to appreciate if you read the horror stories about how people get stuck in these for decades and just have to keep paying..

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thanks

Barrister

Customer: replied 5 months ago.
Thanks Barrister,
I already sent them an email stating that we would not be proceeding with signing a contract. I will be in touch with you though if I have difficulty getting the deposit back. But hopefully will have no issues.
Expert:  Barrister replied 5 months ago.

You are very welcome. Happy to help any time..

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If you feel your original question and any related follow ups have been answered, I would very much appreciate a positive rating on the answer I have provided so I receive credit for my work. If you have a new question the JustAnswer folks require that you start a new question page, but you can request me by putting "For Barrister" in the caption and they will get it to me.

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thanks much

Barrister

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