Timeshare Intervals Ltd - Guide to buying and selling timeshare on eBay.
Welcome to the Timeshare Intervals guide. The point of this guide is to better equip you for that luxury timeshare purchase you are looking at on eBay.
Firstly, you need to know which type of timeshare suits you best, below we have an outline of what's on offer;
Fixed Week Ownership.
A Fixed week ownership is just that - a fixed week - there are 52 weeks in the year, week one being the first week of the year, so week 32 would be an August week,
it sounds silly to explain, but it's best to clarify as it sometimes causes confusion.
If you need August, New year or any other holiday/peak period, then a fixed week is usually the ideal option, as the week number never changes.
Some resorts may not have this option, but most do.
A fixed week provides the early planner the chance to plan well in advance, book time off work and make travel arrangements.
For those looking to make friends with other owners and families, the fixed week means you will likely see familiar faces each year.
You can still exchange your ownership for other destinations, however the new location means your week number may not be the same.
Floating Week Ownership
Owning a floating week provides the ultimate flexibility. Some resorts offer seasonal floating weeks such as off-season, mid season and peak season. Some resorts
offer floating weeks that cover the whole year or exclude just a few weeks of the year.
This type of ownership allows you to change your dates each year, but please keep in mind this is subject to availability.
Popular ownerships such as Marriott's, have floating systems, which work very well for their owners, however some dates are very popular so if you can only
travel a very few weeks of the year, fixed week would suit you better.
Some resorts offer floating weeks, but, due to laws in that region, have to provide you with a deeded week. This does not mean you will be able to use that specific
week each year, you simply have to have it for the deed.
Resorts that offer seasonal floating ownership will usually supply a calendar for some years in advance to help you plan ahead.
Points ownership can be a little more tricky to understand, as there are many out there. 1000 points in one system, may have the value of 100,000 in another
so it's essential you are clear on what you are buying.
The more popular points systems are Club La Costa Points, Diamond Resorts International (DRI) Points, RCI Points among others.
The concept is actually pretty easy to understand, you will receive a brochure or be able to view online how many points you need for a particular holiday.
If you have 100,000 points and the price per week is 50,000, then you can afford two weeks. If you find yourself with points left over, you can usually save them
for next year (some fees may apply) or use them towards flights, car hire and other bits and pieces. You may even find you can book cruises using points.
The essential thing to remember with points systems is that the resorts you are trying to book also have weeks owners, so availability may not be as good.
Points are great for those who are very flexible, can take advantage of last minute offers and who like to try new locations and possibly have more than
one holiday per year.
Points annual fees are usually charged per point owned, although some developers also charge an annual club membership on top.
Ok, so now you know what types of ownerships are available, now you just need to search eBay to find one that suits you.
Information you should be asking for:
The essential information you need to be asking for when buying on eBay is a follows;
1) How much will you be paying annual - in total?
2) You know the asking price, does this include transfer of ownership costs? Escrow? Admin fees? Commissions?
3) Does the ownership have a lease, if so, when does it run out?
4) Does the seller know of any reasons why you shouldn't buy? i.e. the resort is about to close or is in financial trouble
5) Last but not least, do they owe any money to the resort be it finance for their purchase or outstanding fees
You have now agreed you deal, what next?
If purchasing from a resale agent, you should not be paying a deposit. Request a contract first, so that you can see what you are buying in black and white.
You should be able to request a contract in your native language.
Once you have read through your contract and you're happy, sign it and send it back. You will then be asked to pay the full amount into a thrid party account
in the form of Escrow or Client Account.
You may be asked for copies of your passport due to money laundering laws and in some cases, may be required to obtain a national insurance number (typically Spain).
Once transfer of ownership is complete and all paperwork signed, your new ownership documents should be sent to you either from your resale agent or direct
from the resort/developer. Once the transfer is complete your funds will then be released from the third party account.
NOTE: You will not be able to register your ownership with an exchange company until transfer of ownership is complete.
Sellers should be cautious of any company calling out of the blue asking for money to transfer your ownership. Advertising fees are normal in the European
Marketplace, but other upfront charges should not be paid as it is against the law.
Research any company before using their services, it's your hard earned money, so don't let fraudsters have lunch at your expense.
Good luck with your timeshare hunt, once you are an owner, you really are spoilt for choice with over 5500 resorts worldwide. See RDO and TATOC for any questions
about resale companies in Europe.