Luxurious timeshare resales and rentals at competitive prices.
Licensed real estate broker with established customer service record.
Accredited and rated A+ with the Better Business Bureau.
Reputable licensed closing and escrow companies.
Expert advice for vacation travel and ownership.
Resale transfers are performed by licensed, reputable closing and escrow companies. All properties come with fully paid mortgages (no loans), and all current taxes and fees paid. The closing company typically performs the following services:
Typical closing and escrow costs are $300, with additional fees incurred as applicable for each property. Examples of additional fees include resort ownership transfer fees or right of first refusal waiver fees charged by the resort; or deed recording fees charged by the county recorder. The closing company will provide an estimate of closing costs customized for each property.
For some properties, such as Royal Resorts, where deed preparation and recording is not required, Red Timeshares will prepare the transfer documents packet 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. Then, when transfer is completed, funds can be released from escrow.
Transfers typically take a few months, depending on the property. Each vacation ownership system has specific rules and requirements for transfer which determine the length of time for the closing process. Another important determinant for deeded properties is the amount of time it takes for the county to record a new deed. The closing company will provide a general estimate for timelines.
Buyers and sellers will complete a purchase agreement, clearly specifying all relevant details: resort name, location, unit size, season, fixed vs. floating use, annual or biennial use, view category, purchase price, closing costs, as well as first right of usage and maintenance fee responsibility for the new owner. The purchase agreement is provided to the closing company, together with buyer demographic/contact information and a deposit (usually $500 payable by credit card). When final closing documents are 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 the seller.
All documents are prepared and sent by email or mail. The seller always has to notarize a transfer document or deed; and sometimes the buyer also has to notarize and mail the notarized document or form back to the closing company.
Some developers retain a right of first refusal (ROFR) that can be exercised during a resale transfer. Basically ROFR gives the resort the right to buy back the property from the seller at the price and under the conditions specified in the purchase agreement. In this case, the closing company will request a ROFR waiver from the resort as a first step during the closing process. The resort can decide to exercise ROFR and buy back the property or they can waive their ROFR and allow the buyer to move forward with the resale purchase. There is no risk to the buyer if the resort decides to exercise ROFR; in this case, the buyer will receive a full refund of their deposit.
The rental process starts with an electronic rental agreement that clearly specifies the resort name and location, dates of stay, unit size, maximum occupancy capacity, view category, rental price, and any taxes and fees not included in rental price, if applicable. Once the rental agreement is signed and payment is completed and cleared, the reservation is changed to the traveler’s name and a copy of the updated reservation is provided to the traveler.
Payment can be made by check, Zelle or credit card. Credit card payments can be made through PayPal only, and additional fees may apply of approximately 3%.
All reservations are final, non-refundable and non-transferrable. In rare instances where the resort is not operational (e.g. due to major inclement weather), the traveler will be offered the option to reschedule or cancel their reservation in exchange for a full refund.
Many vacation condo rentals include all taxes and fees. In some instances there may be taxes or fees such as local / state occupancy tax, energy surcharges, environmental levies or housekeeping fees. In this case, all taxes and fees will be fully disclosed to the traveler at the time of booking.
C/O Adriana Prata
Licensed Real Estate Broker
State of Colorado real estate broker license II.100087364