The Closing Company?

[noeD]

Has anyone heard of the Closing Company in Seminole FL? I received a call last week from a private party that was interested in buying my timeshare at the Planet Hollywood in Las Vegas.

Today their title company called and emailed me a "Contract of Sale & Purchase"

The contract looks legit. It's an actual purchasing contract. The buyer will pay all closing costs and supposedly paid the 10% deposit. The only portion that looks a little fishy is the following, but even that doesn't sound too bad.

6. A deposit equal to $_528.00___ shall be paid by the Seller and shall be due at the signing of this agreement. If Seller shall fail to perform its obligations under this Agreement to make full settlement in accordance with the terms hereof, Seller shall forfeit his/her deposit. Buyer may, as its sole and exclusive remedy, either (i) require Seller or Escrow Agent, as the case may be, to return his/her Deposit to Buyer or (ii) pursue the equitable remedy of specific performance. The parties expressly agree that Seller shall not have any other liability for damages hereunder.


After being ripped off I'm just worried that everyone is out to get me now.

I will have our lawyer look over it as well but wanted your input as well. Especially because they would be paying a substantial price for this timeshare. I would actually make money.

Any input will be greatly appreciated.

Thanks,

Nicole

 

[DeniseM]

There is a simple rule of thumb with TS business offers:

NEVER EVER pay an upfront fee - there is no reason that the seller should pay a cent!

REPUTABLE brokers take all the fees out of the proceeds AFTER the sale.

Here is the dead give away: "Especially because they would be paying a substantial price for this timeshare. I would actually make money."

There is NO buyer.

There is NO deal.

They just want your upfront fee!

DON'T DO IT!

 

[noeD]

And that's exactly why I asked.

Here is the contract. It's not what you usually see with all these other companies. I took out the personal information of the buyer and myself, but the rest is just as is. It looks like a legitimite purchasing contract. I just don't want to lose the opportunity to sell it. This looks like an actual offer to buy and not to advertise like all the other scam companies. I haven't heard about this type of scam before and the company has no complaints on BBB. But then again, I can't find much about the closing company on the internet.

THE CLOSING COMPANY
title and escrow services

11125 Park BLVD, Suite 104-176
Seminole, FL 33772 (727) 557-9966

CONTRACT OF SALE & PURCHASE

THIS CONTRACT OF SALE & PURCHASE (herein referred to as the "Agreement") is made and entered into by and between the following parties:

Buyer(s):_____________________________

Address:_________ _________________

City:___Sarasota____________________ State:_FL_________ Zip:___34231__________

Telephone:_________ E-mail: _________________________________

(Herein called "Buyer")

AND

Seller(s): _________________

Address:_________________________

City: _____State:____SC ___ Zip:_____ _

Telephone: _______ E-mail: ____________

(Herein called "Seller")

WITNESSETH

WHEREAS, Seller is the owner of certain real property described as follows (herein referred to as the "Property"):

Resort Name: Westgate Planet Hollywood

Address: 80 E Harmon Avenue

Unit No(s): Week 2 Bed/2 Bath Lockout / Bi-annual / Odd usage

Points: Deed/Lease: Deed

WHEREAS, Seller wishes to sell to Buyer, and Buyer wishes to purchase from Seller, the Property on the terms and conditions contained herein.

NOW, THEREFORE, for and in consideration of the mutual promises and covenants contained herein and the purchase price to be paid, the parties agree as follows:

1. Seller agrees to sell the Property to Buyer, and Buyer agrees to purchase the Property from Seller, at the price and upon the terms and conditions described in this Agreement.

2. The purchase price for the Property is $__18,500.00___. A deposit equal to $__1,850.00__ shall be due at the signing of this Agreement and shall be delivered and made payable to the Seller or his/her/their closing agent. The remaining balance of the purchase price, $_ 16,650.00___, shall be paid at the closing.

3. It shall be the obligation of Seller to bring current all remaining maintenance fees, tax assessments and any other charges with respect to the property by closing.

4. Buyer shall pay all closing and administrative costs related to this transaction, which may include transfer tax on the deed, filing, recording fees, escrow fees, and document preparation costs.

5. Seller shall deliver a clear Warranty Deed. Buyer will not be responsible for any mortgage encumbrances. Buyer shall deliver to Seller the balance of the Purchase Price, together with all additional amounts agreed upon between parties at closing if not previously paid. Both parties shall execute and deliver such closing statements, escrow instructions and related documents as may be necessary or appropriate to close the transaction.

6. A deposit equal to $_528.00___ shall be paid by the Seller and shall be due at the signing of this agreement. If Seller shall fail to perform its obligations under this Agreement to make full settlement in accordance with the terms hereof, Seller shall forfeit his/her deposit. Buyer may, as its sole and exclusive remedy, either (i) require Seller or Escrow Agent, as the case may be, to return his/her Deposit to Buyer or (ii) pursue the equitable remedy of specific performance. The parties expressly agree that Seller shall not have any other liability for damages hereunder.

7. If Buyer shall fail to perform its obligations under this Agreement to make full settlement in accordance with the terms hereof, Buyer shall forfeit the Deposit. The receipt of the balance of the Deposit by Seller shall be Seller's sole and exclusive remedy in connection with any default by Buyer under the terms of this Agreement.

8. All monies will remain in escrow until the transaction is complete, at which time all funds shall be released to Seller.

9. In the event that contract is breached, the responsible party shall incur any attorney fees or costs arising from said breach.

10. This agreement shall be interpreted and construed in accordance with the State Laws. It is the obligation of the closing company to complete the closing process within 60 days from the date the closing company receives the signed contract. Otherwise, Seller's deposit shall be refunded.

11. The undersigned hereby agree to the terms above. All parties must sign contract and any attached Addendums agreed upon between Buyer and Seller and made part hereof.

WHEREIN, the parties have executed this Agreement as evidenced by signature below.





Buyer: Seller:

 

[DeniseM]

Here is the question you have to ask:

WHY are they willing to pay so much for your timeshare, when they can buy it on ebay for pennies on the dollar?

This is what is going to happen:

AFTER you pay the upfront fee, the buyer will back out. (The fake buyer.) Then they will have your money, and you will have nothing...

Are you prepared to sue them to get your $529 back?

If not, how do you propose to get it back?

 

[bocamike]

could be worse

Not only could you lose the $529. but they may tell you the buyer paid the deposit and is going to close, and then you sign a deed conveying to someone else.... and pooof... there gone... your moneys gone... your timeshares gone.
Think about it

 

[yumdrey]

This is another scam of "we have a buyer for your week, just pay honest deposit (as a seller, what?!) which will be reimbursed at settlement".
And there will never be any settlement.

Do more research about closing co.
If they are new and not reputable, they are scam.
I have sold 10+ timeshares and have never paid any money for closing as a seller and I used only reputable closing co.

Good closing co. never ask seller to pay any money for transfer unless you are helping closing cost.
Look that contract you posted.
It says buyer pays closing and transfer fee. Why closing co. ask seller to pay money?
That explains that you got a fake offer from another scam.
Don't fall for it.

 

[theo]

Run, run away...

The buyer will pay all closing costs and supposedly paid the 10% deposit. ...... A deposit equal to $528.00 shall be paid by the Seller and shall be due at the signing of this agreement.

You being the seller, with an alleged (...but almost certainly only mythical) unnamed buyer paying closing costs, you clearly should not have to pay anything upfront. You're the seller!

Think about this objectively for just a moment --- with timeshares selling for pennies these days, how / why would this mythical, unknown buyer suddenly appear out of the blue to pay you $18.5k? It's absurd, really.

I realize that you want this whole deal to be legitimate. However, you can rest assured that it isn't.
There is no buyer. If you pony up that upfront $528.00 "deposit" money (to sell...), you can promptly color that money GONE. There will be no "sale"; the "buyer" will disappear, die, be captured by aliens, etc.
There will be no "sale"; you will have essentially made a non-refundable, non-tax deductible "donation".

 

[Talent312]

Clearly, its a SCAM.
But too often, we are beguiled by promises of great reward for a small price.
Nonetheless, do not ignore the smell-test or your gut-instincts.

If you want to play with these cretins, I suggest that you say that you'll let them keep 4x the deposit when the sale is completed, as if this were an actual R.E. transaction.

 

[Judi Kozlowski]

Scam Scam Scam Scam

And that's exactly why I asked.

Here is the contract. It's not what you usually see with all these other companies. I took out the personal information of the buyer and myself, but the rest is just as is. It looks like a legitimite purchasing contract. I just don't want to lose the opportunity to sell it. This looks like an actual offer to buy and not to advertise like all the other scam companies. I haven't heard about this type of scam before and the company has no complaints on BBB. But then again, I can't find much about the closing company on the internet.

THE CLOSING COMPANY
title and escrow services

11125 Park BLVD, Suite 104-176
Seminole, FL 33772 (727) 557-9966

CONTRACT OF SALE & PURCHASE

THIS CONTRACT OF SALE & PURCHASE (herein referred to as the "Agreement") is made and entered into by and between the following parties:

Buyer(s):_____________________________

Address:_________ _________________

City:___Sarasota____________________ State:_FL_________ Zip:___34231__________

Telephone:_________ E-mail: _________________________________

(Herein called "Buyer")

AND

Seller(s): _________________

Address:_________________________

City: _____State:____SC ___ Zip:_____ _

Telephone: _______ E-mail: ____________

(Herein called "Seller")

WITNESSETH

WHEREAS, Seller is the owner of certain real property described as follows (herein referred to as the "Property"):

Resort Name: Westgate Planet Hollywood

Address: 80 E Harmon Avenue

Unit No(s): Week 2 Bed/2 Bath Lockout / Bi-annual / Odd usage

Points: Deed/Lease: Deed

WHEREAS, Seller wishes to sell to Buyer, and Buyer wishes to purchase from Seller, the Property on the terms and conditions contained herein.

NOW, THEREFORE, for and in consideration of the mutual promises and covenants contained herein and the purchase price to be paid, the parties agree as follows:

1. Seller agrees to sell the Property to Buyer, and Buyer agrees to purchase the Property from Seller, at the price and upon the terms and conditions described in this Agreement.

2. The purchase price for the Property is $__18,500.00___. A deposit equal to $__1,850.00__ shall be due at the signing of this Agreement and shall be delivered and made payable to the Seller or his/her/their closing agent. The remaining balance of the purchase price, $_ 16,650.00___, shall be paid at the closing.

3. It shall be the obligation of Seller to bring current all remaining maintenance fees, tax assessments and any other charges with respect to the property by closing.

4. Buyer shall pay all closing and administrative costs related to this transaction, which may include transfer tax on the deed, filing, recording fees, escrow fees, and document preparation costs.

5. Seller shall deliver a clear Warranty Deed. Buyer will not be responsible for any mortgage encumbrances. Buyer shall deliver to Seller the balance of the Purchase Price, together with all additional amounts agreed upon between parties at closing if not previously paid. Both parties shall execute and deliver such closing statements, escrow instructions and related documents as may be necessary or appropriate to close the transaction.

6. A deposit equal to $_528.00___ shall be paid by the Seller and shall be due at the signing of this agreement. If Seller shall fail to perform its obligations under this Agreement to make full settlement in accordance with the terms hereof, Seller shall forfeit his/her deposit. Buyer may, as its sole and exclusive remedy, either (i) require Seller or Escrow Agent, as the case may be, to return his/her Deposit to Buyer or (ii) pursue the equitable remedy of specific performance. The parties expressly agree that Seller shall not have any other liability for damages hereunder.

7. If Buyer shall fail to perform its obligations under this Agreement to make full settlement in accordance with the terms hereof, Buyer shall forfeit the Deposit. The receipt of the balance of the Deposit by Seller shall be Seller's sole and exclusive remedy in connection with any default by Buyer under the terms of this Agreement.

8. All monies will remain in escrow until the transaction is complete, at which time all funds shall be released to Seller.

9. In the event that contract is breached, the responsible party shall incur any attorney fees or costs arising from said breach.

10. This agreement shall be interpreted and construed in accordance with the State Laws. It is the obligation of the closing company to complete the closing process within 60 days from the date the closing company receives the signed contract. Otherwise, Seller's deposit shall be refunded.

11. The undersigned hereby agree to the terms above. All parties must sign contract and any attached Addendums agreed upon between Buyer and Seller and made part hereof.

WHEREIN, the parties have executed this Agreement as evidenced by signature below.





Buyer: Seller:

A Seller NEVER PAYS their closing cost ahead of time. Thank you for reporting this as it will be turned over to someone who can handle it .

 

[MellissaRicks]

I'm glad I found this thread! This is very informative. And this is the first time I heard that an actual email was being sent to people.

Well, I've read a lot about similar scams reported to different telephone scams watchdog sites such as [commercial url deleted] and I can say these scammers are PROs. They got so much intelligence devising tactics on how to steal money from everybody. I got that Timeshare scam call before, same script and all, but it didn't reach a point where I got an email. The phone number was [phone number removed] and when I looked it up, I found it at caller center. That's when I started to be more vigilant, keep myself updated on what's happening. Because I realized, no one's invincible when it comes to this scammers. They call random numbers and you just don't know if it's yours. It's better safe than sorry.

I bet these scammers did not expect people would read through the fine prints. Which reminds me, this fine print, reading the terms and conditions is what I hate the most so I usually skip it. As long as I know what the deal is about, I sign up. I realize now that it's carelessness.

Well, thank you for sharing this. Kudos to the noeD and DeniseM for bringing this up.