| What’s involved in a timeshare closing? |
| We take these steps for every timeshare closing: |
| |
- A proper transfer document is prepared.
- This document is sent to the Seller for execution with a copy to
the Buyer requesting closing funds (to be held in escrow).
- The document is received from the Seller and reviewed
for proper execution.
- The document is sent for recording in the State and County with
required recording fees and transfer taxes.
- We receive the deed from Recording, and a copy is sent to the
Resort with the Ownership Change Notification Letter.
- Finally, the original recorded deed is sent to the new owner
for safekeeping.
|
| |
| |
| How long does it take? |
| There are two answers to this question: |
| |
- After we have confirmed with both parties and have received all
necessary documentation to commence transfer, the documents should be
mailed to both parties within 5-7 business days.
- The second part of the question is a function of how long the
County in the State where the property is located takes to record
a deed. Some counties have a turnaround time of 1 week –
others can be months in processing. We know these counties, and
submit special recording instructions so that your closing can
move forward in spite of these timelines. Expedited recording services
are available in certain counties for a nominal charge.
|
| |
| |
| I’m the Seller. When will I get paid? |
| You will be paid upon receipt of the following: |
| |
Deeded Property
- Your properly executed deed transferring ownership; and
- The Buyer’s purchase funds (pending any instructions to the contrary).
Memberships or Right to Use Properties
- The properly executed transfer documents;
- The Buyer's purchase funds
- Confirmation by Resort of completion of transfer.
|
| |
| |
| I’m the Buyer. How are my purchase
funds held? |
| We request your Official Bank Check to be made payable
to our Timeshare Transfer Escrow Account. This is a separate, non-interest
bearing Escrow Account where your funds are held in safety pending receipt
of transfer documents and/or satisfaction of the terms of your negotiations
with the seller. |
| |
| |
| Do I have to pay recording fees and transfer
taxes? |
| In most cases, no. Our service includes payment of
all State and County recording fees and transfer taxes (up to $50.00).
This amount covers recording fees in the majority of states/counties.
If your recording fees are in excess of this amount, your closing agent will advise you. |
| |
| |
| I think my Resort charges a Transfer fee.
Who is responsible for paying this fee? |
| Some resorts charge a transfer fee to process
the paperwork. This fee is negotiable between Buyer and Seller. Just
let us know who’s responsible. We’ll collect the fee and
send it to the Resort along with our documentation of transfer. |
| |
| |
| Is Title Insurance included? |
| Our fee does not include Title Insurance. Title Insurance is currently offered for Florida and Hawaii properties only for $250.00. |
| |
| |
| How do I know if maintenance fees and taxes are current? |
| You may request an optional Estoppel Letter (investigation as to status of fees and taxes) from your Closing Agent. The fee for the Estoppel Letter is $25.00. Many resorts will provide this information to individuals and we encourage you to do your due diligence without having to incur additional closing costs. |
| |
