13 Mar What costs are involved in a timeshare purchase? What is a lockoff unit?
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Faithful readers continue our conversation.
WHAT COSTS ARE INVOLVED IN THE PURCHASE OF A TIMESHARE OTHER THAN THE PURCHASE PRICE?
Each transaction is unique and depends on the terms of the listing agreement with the seller and the agreement of sale; however, some or all of the following fees can be incurred. Buyers from Timeshare Oasis will always know the bottom line before signing sales agreement.
• Purchase price
• Closing costs-comprised of some or all of the following depending on the property-estoppel fee, document preparation, recording costs, escrow surcharge, resort notification, administrative fees.
• Resort Transfer fees
• Maintenance fees
WHAT IS A LOCK-OFF UNIT?
A lock-off unit is a timeshare unit that you can get two weeks of vacation from by dividing it up in a variety of ways. Here are some examples using a two bedroom unit.
• Divide the unit to spend one week at the resort and another elsewhere through deposit and exchange.
• Divide the unit and deposit and exchange to one or two other locations.
• Use two bedroom units back to back for a two week stay at your resort or use one half now and one half later in the year.
• Divide the unit and use one for yourself and rent the other half.
HOW CAN I RENT MY TIMESHARE?
Call me or email Info@TimeshareOasis.com
WHAT IS A BONUS WEEK?
There are two types of bonus weeks. One is a Developer Bonus Week, often used as an incentive when purchasing a timeshare week from the resort. Unsold developer owned weeks are also sometimes offered to the owners for purchase.
Another type of bonus week is from an exchange company such as RCI or II. These weeks can also be called “Getaway”, “Vacation Escape” and “Last Call” weeks. The exchange company offers them to owners for purchase at a minimal fee in order to use up inventory that otherwise might go unused for the year. These weeks have an expiration date and use certain use restrictions. They are a great way to pick up some extra vacation time very inexpensively and access to them is another benefit of timeshare ownership.