I was looking at the platinum closing and wanted to know what an estoppel report is? Thinking about selling my timeshare and just want to have a clear understanding about this. May have more questions, so bear with me.

W. Spade

Hello spades,

This is real estate document known sometimes as an estoppel letter, report, or certificate and it is essentially the account status of the timeshare. This document will contain information from the resort about the status of the maintenance fees, taxes and other fees.

This is included with our PLATINUM AD LISTING.

Please feel welcome to inquire further. I am always happy to help and our forum visitors have a lot of good answers/advice as well.

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Hello. Me again, with more legal chat. Below is the legal definition of Estoppel. Legal Estoppel is used not strictly for timeshare and this post is meant only to compliment the timeshare forum administrator's general explanation.

Legal estoppel consists of estoppel by deed and estoppel by record. Under the doctrine of estoppel by deed, a party to a property deed is precluded from asserting, as against another party to the deed, any right or title in derogation of the deed, or from denying the truth of any material fact asserted in the deed.

Here's more. Perhaps more relevant to timeshare closing and a bit easier to grasp:

An estoppel certificate is a written declaration signed by a party who attests, for the benefit of another party, to the accuracy of certain facts described in the declaration. The estoppel certificate prevents the party who signs it from later challenging the validity of those facts. This type of document is perhaps most common in the context of mortgages, or home(timeshare) loans.

Charles

My timeshare is in Cabo San Lucas, Mexico and is not a deed like some timeshares are. It was my understanding that it is leased timeshare for 99 years, originally. So, is the closing process the same? The timeshare salesman told me that it was the same as a deed, true?

A timeshare Lease ownership or Right-To-Use is the standard with Mexico timeshare and, yes, the timeshare closing process is basically the same.

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So what is the difference between Leased Properties and Deeded Properties? It is to my understanding that Deeded properties are for life, and leased properties are not. Are there any other kinds of ownerships? And does it make any difference in closing what kind of ownership my Timeshare really is?

There are numerous kinds of Timeshare ownerships. The two most common are Leased and Deeded Timeshares.

What is deeded property?
A Deeded property is property which is owned in fee (lawyer term) by the owner which may be sold, gifted, or transferred by will. It is an ownership interest in real estate which never expires.

What is a leased property?
A Leased property is an interest in property which has a limited duration, sometimes renewable for extended periods. It can be assigned (transferred) by an assignment of lease or other similar document executed by the lessee or by his/her estate if he/she dies before the lease expires. It is basically an ownership interest for a limited period of time.


**Aside from the two most common types of Timeshare ownerships, there are numerous others**

What is the difference between a warranty deed, a fee simple deed, and a quit claim deed?
A warranty deed guarantees the buyer that the seller can and has conveyed clear title; a fee simple deed guarantees the buyer that the ownership is bona fide but not that the property is free of liens, mortgages, or other encumbrances; a quit claim deed conveys whatever the seller may own (which could be nothing) simply transferring whatever he owns, defects and all, to the buyer. Our attorney highly recommends the use of a warranty deed.


No matter the kind of Timeshare ownership you may have, the closing is still the same basic process. Timeshare Adventures has not only mastered the closing process, but they have made a great PLATINUM PACKAGE that makes the whole process of selling a timeshare quick and easy. If you have any more questions, please do not hesitate to ask!!! Hope this helped!!!

I know that with an actual deeded timeshare ownership I have the right to vote on issues such as annual fees, resort maintenance and rule changes, etc.

With a leased timeshare, say in Mexico, do you still have the 'rights' you have with a deeded timeshare in the US?

Timeshare ownerships mandate how much power you as an owner may have with in the resort. Deeded owners actually own a piece of the resorts interest, meaning they have the right to vote on certain issues (refer to your ownership documentation and it will have further details). Leased owners do not have the same power because they do not actually OWN the property; they just have a right to use it for a certain amount of time. Then the ownership is cut off, some resorts give the leased owners a chance to renew the lease for a few more years, but it is not indefinite like a deed.

P.S. This is why deeded properties are more desirable.

I agree that a deeded timeshare is more desirable, but I have never found a Mexico timeshare with a deed and I really want an a timeshare there- Any thoughts? Also, if I do buy resale in Mexico does the term of the lease renew once I have it transferred to me or do I pick-up what's left from the former owner?