Signing a Power of Attorney when buying a timeshare

[gaylebat Junior Member Find all posts View Profile Close gaylebat]

Wanting some advice. Am in the process of buying a Timeshare and the paperwork to sign. Included is a General Power of Attorney Form. Is this a necessary piece of paper to have to sign. Am quite worried giving someone else(the resort) Power of Attorney over our funds.

any help would be appreciated.

[fishingguy Member Find all posts View Profile Close fishingguy]

...seller beware

I misread your post and thought you were signing the POA to sell the TS.

[fishingguy Member Find all posts View Profile Close fishingguy]

buying...

The POA allows the seller or closing company to sign the paperwork for the buyer, in order to reduce time and costs with the property transfer, and/or fix mistakes that might have been made pursuant to the transfer. This includes purchase paperwork, requests to process a Right of First Refusal, resort owner transfer, and transferring booked weeks/points to the new owner. However, most of the time the POA is obtained from an original owner or 3rd party seller.

There should be wording in the POA that limits it to the transfer of the new property only, and the associated paperwork. I recall reading about a couple cases where an unscrupulous seller transferred a different or less desirable property, over to a new owner. So read it carefully.

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

I never advise that anybody sign power of attorney forms for a timeshare closing, to buy or to sell. The only exception to this is Bahamian deeded timeshares such as Harborside at Atlantis where the transfer process has both buyer and seller assign a power of attorney to complete the deed transfer.

Also, in that case the POA is actually being given to an attorney (normally with the firm of Lennox Paton).

If you are not purchasing a Harborside ownership, I'd recommend caution.

What reason did the seller or the closing agent give you for the POA requirement? Also, please indicate who the closing agent is as that may also help shine a light on your situation.

[gaylebat Junior Member Find all posts View Profile Close gaylebat]

Power of Attorney

Just had confirmation from Classic Holidays who manage the Timeshare that I am buying, that is necessary to sign a Power of Attorney to complete the purchase.