This guy wants to give me his timeshare. What info do I need from him besides the normal stuff? Can I structure this as a Nars transaction? I have no clue what do with this and any help will be greatly appreciated.
Justin, the first thing you need to do is gather all the information your going to need to make him a “formal” offer so you have everything in writing. If you don’t already have one, there is a Proposal Template in the “Create a Trust” section.
Complete the Proposal and have the Seller sign it and send you all the required documentation that is requested in the “Terms of Offer”.
What you need to decide is how long you want your Non-Exclusive Offer period to be. I suggest 90 Days but some like 30 to 45 days. I really makes no difference since it is Non-Exclusive anyway.
Unless there is something we exspecially good or exciting about the property, don’t commit to making payments or give the Seller any money upfront, at least not at this point. Once you locate a Resident or End Buyer, and not until, do you Excersize Your Right to Acquire a Beneficiary Interest in a Trust and set a closing date with your Resident or End Buyer.
If you are a Full NARS Network Member contact Brett Ehlers or someone in the Home Office about assisting you with a Proposal if you need it. If you are not a NARS Network Member and need assistance let me know and I’ll walk you through it myself.
The key word that I picked out of your post was “timeshare” and it occurs to me that part of your due diligence on this deal, in addition to all that Scott suggested, might be to get your hands on a copy of his Timeshare Agreement and read it carefully to determine whether he has the right to sell, sub-lease, or otherwise dispose of this Timeshare. Always pays to do your homework on any transaction that is not obviously “vanilla”.