Timeshare Seller Beware: Brokers and Sham Corporation Buyers
The internet has solutions to sell timeshares by broker and Sham Corporation. Deed and Record, an independent title and ownership transfer service for timeshare owners, explains the benefits and hazards.
The problem with timeshares is immediate lose of value after purchase, annual maintenance fees and travel expenses for use. In economic hard times, this problem becomes an ongoing burden for the timeshare owner.
DeedandRecord.com is an independent source to transfer timeshare title and ownership for bona fide gifting, adding and removing co-owners and inter spousal transfers. The internet has additional services to transfer ownership by broker or Sham Corporation. Brokers attempt to match buyers and sellers. Sham Corporations “buy” the timeshare from the timeshare owner.
The timeshare broker does not work on a contingency but charges an upfront fee. The fee is paid even if a buyer is not found. The timeshare broker may use his or best effort s and have the most honest intentions to sell the timeshare, but if there is no market and no one willing to buy, then the timeshare will not be sold and the money paid upfront is lost. This adds to the ongoing costs to the owner.
Sham Corporations “buy” the timeshare from the timeshare owner. But instead of the timeshare owner receiving money, the timeshare owner pays the Corporation to take over ownership of the timeshare. The sham organization is established only for the purpose owning timeshares to avoid maintenance fees.
The timeshare is owned by the Corporation. The timeshare resort management company goes after the business entity and is unable to collect any money from an individual. There is no individual to send threatening letters, or make harassing phone calls for collection. The timeshare sits in limbo.
The more creative brokers of these Sham Corporations will contact the resort management company to sell them the timeshare. It may be better from the resort’s point of view to take back ownership and sell to someone else than to have at timeshare sit in limbo without receipt of the maintenance fees.
Many resort management companies will no longer accept transfer of ownership to a business entity such as a Corporation, or Limited Liability Company. They continue to hold the prior individual owner responsible for the maintenance fees.
Deed and Record offers an alternative with genuine, bona fide gifting to friends and relatives. For more information on Deed and Record please go to www.DeedandRecord.com.