Resales Guidelines for Consumers

Resales have become a growing industry in the marketing of shared vacation ownership products. However, there are certain matters which are unique or particular to the resale of vacation ownership products. Thus, VOASA has prepared these guidelines with the view of empowering you with the knowledge you will need to ensure that your resale experience leaves you with peace of mind.

 
Do not necessarily expect to receive the same amount that you originally paid for your vacation ownership product, especially if you have owned for less than 5 years and the interest is not in a well-known resort location. Many factors influence the resale price including season, location, unit size and age. A shared vacation ownership product should be considered as an investment in future holidays, rather than a traditional property investment, although it is most often legally a purchase of real estate.
 
  • Check with your developer, if they are still selling or the resort management company to see if they either offer a resale program or are affiliated with a broker to handle resales. If so, ask for the statistics on past resales.
  • Verify that the resales agent is an accredited VOASA member. All member companies of VOASA agree to adhere to the VOASA Code of Conduct. 
  • Check with other owners at your resort. Those who own the weeks before or after you may wish to purchase more time. 
  • Check for local resale brokers. If you have purchased your shared vacation product in a resort area, there may be local brokers who handle resales (check the property sections of the local newspapers). 
  • Verify that all commissions or profits are disclosed. In terms of the Code of Conduct issued by the Estate Agents Board, and indeed in terms of common law, an agent must always disclose to the client or principle the full commission amount or profit. On the resale of shared vacation ownership products the commission (or profit) must be stated up front.
  • Ensure the resale of your shared vacation product is documented. There is a fallacy that the resale of a shared vacation ownership product need not be documented. In fact a large number of sales occur by the seller simply signing a share transfer form. The resale of shared vacation ownership products, legally speaking, is no different from the sale of the shared vacation product in the first instance. One of the consequences is that the sale (and resale) of shared vacation ownership products must be in writing. The Timeshare Act specifies this. What is more, if the shared vacation ownership product relates to a share block company the Share Blocks Control Act also stipulates that the agreement must be in writing. In addition the sale must also comply with the disclosure provisions of the Timeshare Act and in the case of a share block company, the Share Block Act. With sectional title transfer, it goes without saying that the agreement must be in writing as sectional title is immovable property.
             The documentation has three parts;
  1. The sale itself. This must record what is being sold, how much (the price) and any other terms which may apply to the sale;
  2. The Use Agreement must be ceded, (or more accurately assigned) to the new purchaser;
  3. The disclosure provisions. 
  • Determine what the listing Fee will be. Resale companies often offer vacation ownership owners the option of placing their details on a “list” for a nominal fee. The resale agents then utilized the information to publicise and / or arrange rentals and / or market the product to the best of their abilities. Note that by placing your details on this “list” it does not guarantee that your vacation ownership product will be sold.
  • Remember that VAT is charged on commission. If the resale agent quotes you a price on commission it is inclusive of VAT. You can, for example request that the commission be broken up and say that commission is R100, VAT, R14 and the total is R114. However, if you are quoted R100, the agent may not afterwards add on VAT. The VAT is then payable by the agent.
  • If you sell, make sure to notify both your resort and exchange company in writing. 
  • Never give up the right to use the shared vacation accommodations for any purpose while selling.

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