- Timeshare Discussion Forums
- Buying, Renting, and Selling Timeshares
- Question on purchasing a timeshare
Question on purchasing a timeshare
With this info below, what does this mean? Does that mean I purchase it for $950? Also, is the maint. fee 1061 in addition to the 950?.
$950 (Maint. Fee: $1,061.00) Week: 41 (High Season) cal Ownership Type: Right to use through forever Use: Annual Next use: 2021
Greg C.
Timeshare maintenance fees are annual costs, so clearly the sale price is $950 and the (separate, completely unrelated) annual maintenance fee is the $1,061 figure (a relatively hefty maintenance fee, by the way --- where is this?).
The real question you should be asking (directly of the seller, not here in these forums where we can't possibly know the answer) is whether those maintenance fees are fully paid up to date and whether paid yet for 2021 (most likely not) and when they are next due (likely RIGHT NOW --- and will very likely incur a late charge if not fully paid within 90 days of January 1).
You should also be asking if there are any transfer fees imposed by the resort (usually yes), how much those fees are --- and who would be responsible for paying those transfer fees in the transaction (buyer or seller?). There is obviously no deed involved in a RTU, since you don't really own anything. It's essentially just a "membership", so the transfer fee is a resort-determined matter and the resort itself will dictate both the overall transfer procedure and any mandatory transfer fee.
Finally, "week 41" is around mid-October. Where on earth is it supposedly "high season" in mid-October, I'm wondering?
P.S. A open ended (i.e., no expiration date) RTU contract is, in my opinion, generally not something to ever get involved with in the first place. Even in shaky Mexico, most RTU contracts are for 15, 20 or 30 years, with a very specific ending date. That's a long period of time, but at least is has an END. Personally, I would never touch ANY "in perpetuity" RTU contract with a 10 foot pole, not even if offered to me for for free and no matter where the resort is located or how nice the associated property might be.
KC
Last edited by ken1193 on Feb 03, 2021 09:08 AM
It's a good idea to ask all of these questions before you sign a contract . Like Ken said we can't know the answers to specific questions but generally you have to expect your maintenance fees to go considerably up every year . There can also be an assessment if the resort gets hit by a hurricane or other natural disaster .My advice would be to rent rather than purchase and see if you want to commit yourself to a lifetime of increasing maintenance fees until you find someone to take it off your hands .
Don P.
Last edited by donp196 on Feb 01, 2021 01:39 PM