Selling and Closing on a time share in Hawaii [merged]

I have a buyer for my time share in Hawaii and I would like to have someone handle the sale and closing for me so it's done right. Can anyone recommend a good company that I can trust to complete the sale for me. I'm the seller - is it necessary to have a title search done which is fairly expensive? I would just like to get the bare bones closing done which would include the transfer with the resort as well as the filing at the state of Hawaii.

Thanks for your help on this.

Jack

Usually, the buyer chooses, and pays for closing services. It's up to the buyer whether or not they want a title search. Under new law, a company licensed in Hawaii, must hold escrow. more info.

AFAIK, First American title co. and Chicago title can do transfer for Hawaiian TS.

yumdrey said:

AFAIK, First American title co. and Chicago title can do transfer for Hawaiian TS.

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Only if they have an office in Hawaii:

now all the funds related to closing have to be handled by one of the 7 or 8 LICENSED ESCROW COMPANIES in Hawaii. The requirements to become a licensed Hawaii Escrow Company are many, with the main one being you have to have a real office and a real employee working there for them to come in and audit the books at their discretion.

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First American Title

J&N said:

I have a buyer for my time share in Hawaii and I would like to have someone handle the sale and closing for me so it's done right. Can anyone recommend a good company that I can trust to complete the sale for me. I'm the seller - is it necessary to have a title search done which is fairly expensive? I would just like to get the bare bones closing done which would include the transfer with the resort as well as the filing at the state of Hawaii.

Thanks for your help on this.

Jack

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I used First American Title in Hawaii. They work w/ the title office and will save you some time, as Hawaii can be picky about their forms. I am in Chicago and would have had to spend a lot of time filling out forms, mailing/faxing, etc. without them.

Advice on selling a time share [merged]

I'm selling a time to a person in another state who has agreed to the terms verbally. Does anyone have any advice on how I should proceed. I plan on drawing up a purchase agreement myself and sending it to him to be noterized. Once I receive his signed purchase agreement with payment in full or a down payment I would then sign the purchase agreement, have it noterized and then send it to Old Republic & Escrow co. in Hawaii. Should I ask for the entire amount ($4,000) up front at the time he returns my purchase agreement to me or just a down payment of $500 or $1000? If I ask for just a down payment at what point would I ask him to send me the balance? We're in two different states so it won't be easy to meet to do a closing.

Or do you recomment a totally different method of finalizing the sale

Since you have picked your escrow/title company, you should contact them before you go any further, and find out what the proper procedure is. They know the law, and they will want to follow a specific process.

Has the buyer agreed to this company?

Are you confident that you can write a legal contract?

All funds should go into escrow - not to the seller. That's the whole purpose of using escrow - it protects the buyer. In fact, the law I mentioned above, requires you to use escrow. If the money is sent to you - you aren't using escrow.

An escrow is: an arrangement where an independent trusted third-party receives and disburses money and/or documents for two or more transacting parties, with the timing of such disbursement by the third-party dependent on the performance by the parties of agreed-upon contractual provisions

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As a buyer, I would want to send a small good faith deposit, and then the balance after I received the estoppel letter.

*If you have more questions about selling this property, please post them in this thread, instead of starting a new one, for continuity.

J&N said:

I'm selling a time to a person in another state who has agreed to the terms verbally. Does anyone have any advice on how I should proceed. I plan on drawing up a purchase agreement myself and sending it to him to be noterized. Once I receive his signed purchase agreement with payment in full or a down payment I would then sign the purchase agreement, have it noterized and then send it to Old Republic & Escrow co. in Hawaii. Should I ask for the entire amount ($4,000) up front at the time he returns my purchase agreement to me or just a down payment of $500 or $1000? If I ask for just a down payment at what point would I ask him to send me the balance? We're in two different states so it won't be easy to meet to do a closing.

Or do you recomment a totally different method of finalizing the sale

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I've done two deals using Old Republic in the past two years. If you send me a PM, I will give you contact info for the people in their timeshare division.

They are expensive, but at least they know what they are doing. Deed recordation in Hawaii is an arcane exercise and they can expedite better than most. The high cost is a foreseeable side effect of the new Hawaii law.

Let them run the process; that's why you are paying them (and a request to the buyer from them will have more credibility than a request from you)

Hawaii

National Title(Julie Evenson) which is part of Stewart Title does a good time they are currently doing 2 for me.