Crown Resorts

An increasing number of timeshare owners are being aggressively solicited by phone and direct mail to list their timeshare for sale. We are in no way trying to discourage you from using timeshare resale companies. We simply would like for our owners to be aware of problems that have occurred to other timeshare owners.

There are several different resale companies operating under different names in many locations, some companies may even claim to represent your resort or have very similar names to your resort or management company, some may be legitimate, most are not. Listed below are some of the most common resale scams:

Scam #1:	The company may call and say they have a buyer for your week but they need you to put down some money to start the title search, get the paperwork done, etc. They may even provide you with a copy of an agreement.
Scam #2:	The company may call and say they have a buyer for your week and they'll pay cash now. In order to know how much they should pay, they need to have a current appraisal. They will refer you to an appraiser (usually another division of the same company) who will charge you $300 -$600. They may even promise to refund the appraisal fee once the sale is completed.
Scam #3:	The company may call and say they have a buyer for your week, they may even provide you with a copy of a sales agreement. They need you to send them a copy of your deed and in order to pay you quickly; they need your bank account and routing number.
Scam #4:	The company may guarantee the sale of your timeshare for an inflated price. They just need you to mail the listing fee, usually $300 - $600. Some companies promise to buy your timeshare at the inflated price if it doesn't sell within a specified amount of time. Some promise a refund of your listing fee.
Scam #5:	The company may offer to buy your timeshare if you will only agree to purchase their vacation club membership for $6000. They “buy” your timeshare for $4000 so your so your vacation club membership is only $2000 (plus $500 closing costs). Owners later discover the deed to their old timeshare was never transferred and they still own it along with the vacation club membership.
Scam #6:	A person who identifies themselves as a “broker” calls and says they have a person who wants to rent your timeshare week. They need you to send them a $200 finder's fee and after renting the week, they will send you a check for $700. If this were legitimate, they would take their fee from the rental proceeds.

Needless to say, our company strongly condemns this type of activity, as does the industry as a whole. As owners become more aware, scam artists change the way they scam. They are always coming up with new ways to take your money, however, we are still confident that awareness is the best protection for our owners and we urge you to take the following precaution to guard against these “resale” activities.

•DO NOT agree to anything over the phone. Never give up the rights to your timeshare for any purpose. Never give your credit card number, bank account number or copy of your deed to anyone until you’ve had a chance to check out the company. Once your money is sent to one of these resale companies, it is almost impossible to get it back. These companies do business in one area until the complaints get heavy, then they simply change the name of their company and start over somewhere else.

· Beware of any solicitations that offer unrealistic promises concerning price or resale turn-around. If it sounds too good to be true, it probably is.

· Be certain the resale company you are dealing with is a licensed broker. Ask for the name of the company and in what state the company does business, and then call the Better Business Bureau in that state to see if complaints have been lodged against the company.

· Ask them to send you written materials to study before making a decision. Have your attorney review the material.

· Be wary of large up-front listing fees or any company charging an advance “listing” fee or “appraisal” fee. Consider opting for companies that offer to sell for a fee after the timeshare is sold.

· Make certain you understand all of the terms and conditions before signing a contract.

· Be sure the company who will be transferring your timeshare property prepares the proper paperwork. A new deed that is signed and notarized by the owner is the only way to transfer your property. An agreement to purchase, contract or bill of sale will not suffice in legally transferring the property. The property remains in the owner's name until the new deed is recorded at the appropriate courthouse and a copy is forwarded to us after recording. Please insist on a copy of the new recorded deed for your records.

· Do not allow your billing address to be changed to the “buyer's” or “resale company's” address until the appropriate paperwork is filed and the account name is changed. Continuing to receive statements and reminders may be your only way of knowing if the paperwork was completed.

By providing this information to our owners, it is our hope to help you guard yourself against an unfortunate situation and, as always, we hope you will call upon us for any assistance we can provide in helping you and your family make the most of your vacations.