Craigslist buyer--do I need closing company?

[clcmom]

Hello! I am trying to get rid of my timeshare and have a Craigslist buyer. I am selling it cheap, $300 (it was a "gift" to us). The buyer wants a cash deal rather than spending another $300 on a closing company. He is willing to send me a check, then I would handle the deed transfer with the county clerk's office, confirm that it is in his name, and send the deed on to him (after being sure his check cleared, of course). I am wondering if I am opening myself up to any scams here. Not really worried about losing out on the $300 (I just want to be rid of it! I would give it away!) than any possible scams I'm not considering, or any future liability--worried about horror stories of him returning years later to sue us or something! Does using the closing company offer a significant level of security in this regard, or is it extraneous for a low-cost deal like this? It seems that with our plan, the risk is actually all on his end. Any advice you all can provide would be so appreciated.

Thanks so much!!!

 

[Carolinian]

From what I have seen with deeds actually recorded, your odds are much better with a DIY deed than using most of the multi-state timeshare closing companies. Too many of them tend to screw up deeds. If you DIY, make sure you copy EVERYTHING from the deed into you onto the new deed. If you question whether it is legal to DIY a deed, check with the State Bar of the state where the timeshare is located.

If you do use a closing company, ask whose name will appear on the deed as preparing it, then check that name with the State Bar list of the state where the timeshare is located. If they tell you your name or that of the buyer will be listed, run, don't walk, away from that closing company.

With that amount, I would not bother with escrow.

 

[Rent_Share]

I sold exactly in the same scenario

Almost ignored the initial contact as a phish, my comfort level increased as we talked on the phone.

Although I anticipated a meet and exchange of documents since we were less than 30 miles apart, I eventually decided that me controlling the recording and resort transfer was worth more than any potential loss.

I received 50 % of the total sale price up front, which covered the costs for recording the deed (prepared myself) and the resort transfer fees. The seller then remitted the remainder after he received confirmation from the property management company and the deed.

The phone number should match the physical address, find a reason to use snail mail to confirm and spend some time on the phone with the buyer.

Whether you do it yourself, or hire a company to handle the deed preparation make sure you are in control of the process of getting it out of your name and the corresponding maintenance fee liability. The purchase price is inconsequential compared to the risk of losing control of the timeshare without the relief of the ongoing maintenance fee liability

 

[pacodemountainside]

I have done my own deed preparation for time shares in Colorado, California, Missouri and Tennesse.

I simply went to County Clerk/Deed Recorders web site and read directions and got fee. Then took my existing deed and did a mirror image copy job wiith new name. To be safe notarized! All by mail.

Granted, I was transferring from my name, to my Trust so if an error won't show up until after I am long gone! Really doesn't matter as kids don't want and if resort refuses they go in limbo once estate is closed and all pending MFs paid current and resort can deal with next year. (This has been thoroughly flogged in other threads!):deadhorse:


If this happens to be Wyndham points and possibly others recording the deed just puts resort ownership in new owner's name. You still have to send copy of new deed and $299 to Wyndham deeding in Vegas to get new owner usage rights and MF obligation out of your name.

 

[Passepartout]

We have handled the last ones we have bought as DIY projects. Just copy your existing deed exactly- or photocopy and whiteout your names and substitute the new buyer's names- notarize them, call the county recorders' office for fees, send it to them for recording along with a check. They will send it back and you can send it to the resort along with their fee for the transfer.

Nothin' to it.

Jim

 

[Ridewithme38]

Now that i have learned so much from Carolina's Post...You may want to add a couple litte mistakes on the deed, just in case you change you mind about wanting to sell it...You can claim the deed invalid and get it back with no issues

 

[clcmom]

Thank you all so much. This is very helpful!