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Resale Escrow Title Company needed

Discussion in 'Buying, Selling, Renting' started by sssheehan, Apr 20, 2017 at 7:04 AM.

  1. sssheehan

    sssheehan TUG Member

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    I am buying a timeshare from an individual in New Smyrna Beach Florida. We are in need of an affordable escrow company to prepare the documents. Any recommendations? Also, is Title Insurance recommended?
     
  2. theo

    theo TUG Review Crew: Veteran TUG Member

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    You will find LT Transfers (located in GA) recommended by many here. Affordable, competent, have used them myself and will do so again.
    Their associated attorney charges $50 for escrow of transaction funds. Cost for new deed preparation and recording is approximately $150.
    If your seller has a copy of the current deed, that facilitates matters. If one has to be retrieved from public records, additional time and (small) additional cost. Resort may charge for estoppel issuance too. Any resort-imposed "transfer fee" is of course a separate and additional cost.
    See http://www.lttransfers.com

    IMnsHO, title insurance on a resale timeshare is unnecessary and a waste unless it's truly a big ticket purchase.
     
    Last edited: Apr 20, 2017 at 8:01 AM
  3. Saintsfanfl

    Saintsfanfl TUG Member

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    I second LT hands down. Low cost and reliable. Florida is really easy to do yourself but for the low cost of LT I do not do my own anymore.
     
    sssheehan likes this.
  4. sssheehan

    sssheehan TUG Member

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    Thank you. I will give them a call.
     
  5. sssheehan

    sssheehan TUG Member

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    Thank you. I will call them.
     
  6. vista9

    vista9 Guest

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    I am using LT Transfers right now. I have a copy of my original deed. They only charge $164.00 to do the transfer. Then, if your resort requires a transfer fee, that would be in addition and a separate amount due. They are very busy and have a four week delay before sending you the warranty deed to notarize.
     
  7. theo

    theo TUG Review Crew: Veteran TUG Member

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    I note again that if buyer wants an estoppel document for review prior to agreeing to purchase, some resorts (or their management company) charge for its' issuance and said estoppel fee is not included in basic LT fee. VRI, for example, I believe charges $75 to issue estoppel document for ownerships at resorts which they manage.

    As already noted, any resort-imposed transfer fee is also another entirely separate cost and not included in LTT (or any other closing entity's) basic fee for deed prep and recording and later resort notification. That gratuitous (larcenous?) "transfer fee" can be as much as $650 (Hyatt). It's $299 for Wyndham, usually $75-$100 at smaller independent facilities. Some smaller places don't charge any "transfer fee" at all. After all, they're basically just changing the name and address of the future maintenance fee bill recipient in their data base; it's not a moon launch.
     
    Last edited: Apr 21, 2017 at 11:25 AM
  8. sssheehan

    sssheehan TUG Member

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    Thanks. I gave them a call. What about Title insurance - is it really necessary especially with estoppel??
     
  9. theo

    theo TUG Review Crew: Veteran TUG Member

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    Estoppel will not reveal any clouded title issues, just the current owner account status and verification of unit / week, maybe reveal any liens.

    Personally, I wouldn't consider title insurance until / unless reaching the purchase range of maybe $7.5k or more. YMMV.

    Oddly enough, the only time I've ever acquired title insurance in a resale timeshare purchase was without my request and without paying for it.
    About 10-12 years ago I had acquired a near-zero cost timeshare (since dumped) and the closing and transfer was handled by an attorney who (for whatever reason) issued a title insurance policy for some insurer without my involvement (or any payment from me for the policy).

    Then again, I think the "coverage" on such policies generally maxes out at the purchase price, so it would seem very low risk to issue a title insurance policy when the purchase price is only peanuts to begin with anyhow.:shrug:
     
    Last edited: Apr 21, 2017 at 2:43 PM
  10. sssheehan

    sssheehan TUG Member

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    I've been told both - you don't need and you always need. The purchase price is under $5000. So I really don't want to pay for it.
     
  11. theo

    theo TUG Review Crew: Veteran TUG Member

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    Always seems silly. Never seems cavalier. It's ultimately your decision. Who is peddling it? Why (motive)? At what direct cost to you?

    I certainly claim no expertise; I can only report my own personal experience. Over several decades now I have bought and / or sold at least 20+ timeshare weeks, all of them in the resale market (now own 6 weeks --- and no mas). Aside from the one instance cited above, neither as buyer nor as seller was title insurance ever mentioned or considered on either side of any of my transactions. Never had any title problems. Then again, I've never exceeded $5k in any resale purchase and rarely more (and only very little more, at that) in any sale. It's your call...
     
    Last edited: Apr 21, 2017 at 12:23 PM

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