1. RESALES FAQ
How is closing and transfer handled?
Resale transfers are handled by reputable closing and escrow companies, such as First American Title, Duncan Realty and Escrow, JRA Services, or Timeshare Resale Closings. All properties come with fully paid mortgages (no loans), and all current taxes and fees paid.
How much does closing cost?
Typical closing costs range from $275 to $350, with additional fees incurred as applicable for each property (e.g. resort transfer fees, recording fees, waiver fees). The closing company will provide an estimate of closing costs for each property.
What if I don’t need to use a closing company?
For some properties, such as Worldmark and Royal Resorts, which are not deeded and have straightforward transfer paperwork, Red Timeshares will prepare the transfer paperwork and save closing costs for the buyer. In this case, the buyer can still opt to use the closing company for escrow of funds only (typical charge for escrow of funds is $100). When transfer is completed, the buyer confirms the ownership with the resort, and informs the escrow company that funds can be released to Red Timeshares.
How long does transfer take?
Transfers typically take 1-3 months, depending on the property. Each vacation ownership system has specific rules and requirements for transfer which determine the length of time of the closing process. The closing company will provide a general estimate for timelines.
What kind of paperwork do I need for closing?
The buyer and Red Timeshares sign a sales agreement, clearly specifying all relevant details: resort info (name, location, unit size, season, fixed vs. floating use, annual or biennial use, view category), sales price, closing costs, first year of usage and maintenance fee responsibility. The signed sales agreement is provided to the closing company, together with buyer demographic/contact information and a deposit (usually $1,000 payable by credit card). When final paperwork is ready, the closing company will invoice the buyer for the remainder of the funds (payable by personal or cashier check, in US funds). After transfer is completed, the closing company will release funds to Red Timeshares.
2. RENTALS FAQ
What is your rental process?
- Renter is provided with a copy of the reservation
- Full disclosure is made regarding rental dates, resort name and location, unit size, maximum occupancy capacity, view category, rental price, additional taxes and fees if applicable
- Renter is required to sign a rental agreement clearly specifying all of the above, as well as the cancelation policy and method of payment
- Payment is made by the renter
- After payment from the renter clears, the reservation is changed to the renter’s name and a copy of the changed reservation is provided to the renter
What forms of payment do you take?
Payment by personal check or cashier check is the preferred method of payment. Paypal is also accepted (3% additional charge applicable to cover taxes and fees).
What is your cancelation policy?
All reservations are final, non-refundable and non-transferrable. In rare instances where the resort is not operational (e.g. due to inclement weather), the renter will be offered the option to reschedule or cancel their reservation in exchange for a full refund.