So, you are thinking about buying a timeshare, and Marriott has caught your eye. Marriott is one of the largest and most recognizable hotel chains in the world, which helps their timeshare brand stick out to potential buyers who are new to timeshares. Marriott has brought the excellence of their hotel brands to timeshares, and if you are considering buying a Marriott resale timeshare, this article will give you an in-depth look into what you should know before you start your buying process.
What Should I Buy
One of the most important decisions a buyer can make is how you want to use your ownership. Between Legacy Weeks and Destination Club, then Marriott’s partnership with Interval International; there are many ways for you to use your ownership that it is good to know what your timeshare vacation goals are.
Marriott has over 50 resorts available in their timeshare resort collection. You, as a future owner, should decide what location fits your needs the best. Prices are decided on location, unit size, and what season your home week is in. If you plan to visit your home resort year after year, then the location of your home resort is very important. If your family wants to ski, then buying a timeshare in Park City, Utah during peak season might be the right choice. However, if you life on the East Coast of the US and you do not want to travel very far to lay on a white sandy beach with warm water and mellow waves, a resort on the Gulf side of Florida could be your winning location.
Maybe the allure of timeshare ownership is the ability to visit a different location each year. For this example, location doesn’t matter as much as the cost would. Yearly maintenance fees vary for each location, so finding a home resort that has low maintenance fees can be a good way to save money. In addition, the demand of a property can also influence what property you will ultimately afford and/or want. Higher demand properties and seasons are typically more expensive. That being said, the exchange value is much higher. So, savvy owners can turn their one week of high demand ownership into multiple vacations at other properties.
Finding Your Ownership
A licensed timeshare broker should provide a consultation to help you figure out which property, season and unit that would best suit your timeshare needs. Once you have decided on the best way to use your ownership and what location would be best, your licensed timeshare broker can find a seller with a property matching your needs or already have an ownership within our own inventory.
If the listing you want is not within the inventory, commonly brokers can co-broker the sale with another licensed timeshare broker who has the listing that you want. Generally, it will only take a few days to a week to find. Even if two brokers are working together, that should not affect the price because the brokers will split the commission and the price of the unit remains the same at fair market value. Click here, if you would like to know more about fair market value.
Purchase Agreement and ROFR
After finding the right property for you, a purchase agreement is written for the sale. This is the contract for the terms of the sale. It should say exactly what you are buying from the seller and the price. Once both parties have agreed to the terms of the purchase agreement, then it is sent to Marriott for review and right of first refusal.
Marriott timeshare ownerships have a program, right of first refusal, that requires their owners to submit the purchase agreement of a potential resale. Marriott has a set amount of time to review the agreement and decide if they want to waive their right and allow the sale to continue or to block the sale and buy back the property themselves. These programs are common in timeshares and helps regulate the market value of Marriott ownerships.
When Marriott waives their right of first refusal, the closing of the sale can begin. The deed for the property is prepared for the new owner and a title search is conducted. In real estate, a title search is done to answer three things. The first is to see if the seller has a saleable interest in the property. If the seller does not own the property, the sale cannot go through. Second, the title search looks into any restrictions or allowances for the use of the land. The third and final question that is answered is if any liens exist on the property that need to be paid off at closing.
Once the title search clears, the paperwork is sent to the seller to sign off on. The buyer will put the sale funds into an escrow account. This is to ensure the financial safety of both parties. Once the seller signs off on the contract, the deed transfers into the buyers name and the funds are sent from the escrow account to the seller.
If you would like to learn more about buying Marriott resale timeshares or if you have any other questions regarding timeshare ownership, feel free to contact us for a free consultation.