I joined “Just Answer” about a year ago and used your service twice. Both times your experts were both knowledgeable and sincere in their efforts to point me in the right direction. This next question is related to some help I received last month in the fraud category regarding my timeshare
. It was a two part question. The fraud expert answered the first question and recommended I direct the second question to the real estate
In 2005 I purchased a 2-bed 2-bath timeshare at the Villas at Polo Towers across street from the MGM Grand in Las Vegas. This timeshare is operated by Diamond Resorts International
. (We stopped using it in 2008; the ownership fees are over $1,500.00 year.) After three unsuccessful years trying to sell, I’m right now looking into surrendering it to the resort. Over-the-phone the resort representative said in order to surrender the timeshare I need to complete a conveyance of title into my name. The steps to accomplish this were listed as:
• Pay a closing cost fee of $560.00.
• Execute a grant deed
application (included with their conveyance forms).
• Obtain a title insurance policy (which is automatic when the grant deed application is submitted).
The grant deed application states that the County will record the grant deed and mail it back to me with the title insurance policy. The resort representative stated once they receive the grant deed application and closing cost payment, Diamond Resorts will send me an “Authorization to Surrender Timeshare” document. At that time I will be instructed to sign the document, enclose a payment for $250.00, and send it back to the resort.
I don’t mind paying these fees, but my question is: if title was never vested in my name, why is it necessary to take title now, especially when considering that my intention is to not own the timeshare? If I complete the conveyance process, can the timeshare subsequently refuse my surrender and not accept title back? Is this process normal in the timeshare industry? My knowledge of the timeshare industry is extremely limited, but I have heard it’s a scam-ridden scene and, therefore, can’t help wonder if this could be a ploy to perpetuate indefinitely my obligation to pay the annual fees.