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Holy moly- Help,so confused, closing company for Hawaii?

T

travelmom11

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:wall: I have a few names after searching the forum for a closing company for my Marriott Koolina timeshare purchase. Ive already contacted two and the prices are so different and what they do. One at Resort Closings had really no clue what I needed to close (she didnt know what the ROFR? was) nor do I. What exactly do I need to ask for to get quotes on? the fees added up to over $1k.

Title insurance
Marriott transfer fee
closing
what else?
 
travelmom11 said:
:wall: I have a few names after searching the forum for a closing company for my Marriott Koolina timeshare purchase. Ive already contacted two and the prices are so different and what they do. One at Resort Closings had really no clue what I needed to close (she didnt know what the ROFR? was) nor do I. What exactly do I need to ask for to get quotes on? the fees added up to over $1k.

Title insurance
Marriott transfer fee
closing
what else?
Click to expand...

$1000 in fees is definitely too much. Ask the closing company to break down the pricing of the individual line items for you. Don't be afraid to ask the closing company to match the prices offered by others.

For my resale purchases, the closing fees were approx $550, broken down as follows:

Escrow Fees = $350
Recording Fee = $75
Marriott Administrative Fee = $95
Transfer Fee = $25

Title insurance is optional, and it does add about $200 to the fees.

Danni Greer at Resort Closings knows the Marriott processes very well.
Email: danni@resortclosings.com
Phone: 406-585-0688

-or-

Amanda Warner at trcsinc.com really knows her stuff.
Email: amanda@trcsinc.com
Phone: 407-464-3935
 
Last edited:
travelmom11 said:
:wall: I have a few names after searching the forum for a closing company for my Marriott Koolina timeshare purchase. Ive already contacted two and the prices are so different and what they do. One at Resort Closings had really no clue what I needed to close (she didnt know what the ROFR? was) nor do I. What exactly do I need to ask for to get quotes on? the fees added up to over $1k.

Title insurance
Marriott transfer fee
closing
what else?
Click to expand...

For my last 3 closings, I've used Chicago Title Timeshare in Escondido, CA. I highly recommend them. They charge $545 for escrow and title insurance fees.

These are the costs I paid for my last escrow:

Escrow and title insurance: $545
Marriott Transfer Fee: $25
ROFR Waiver Fee: $95
State of Hawaii Conveyance Tax: $9 (.1% of $9K cost of timeshare)
Bureau of Conveyances Recording Fee: Approximately $50
Miscellaneous Expenses: $23 (credit card transaction fees, etc.)

The closing took 35 days from opening of escrow to Marriott processing the transfer.

A new Hawaiian law that went into effect in July 2010 requires escrow funds be held by a licensed escrow company in Hawaii. Chicago Title Timeshare uses Fidelity National Title & Escrow of Hawaii to hold escrow funds.

D.
 
Just did this...

travelmom11 said:
:wall: I have a few names after searching the forum for a closing company for my Marriott Koolina timeshare purchase. Ive already contacted two and the prices are so different and what they do. One at Resort Closings had really no clue what I needed to close (she didnt know what the ROFR? was) nor do I. What exactly do I need to ask for to get quotes on? the fees added up to over $1k.

Title insurance
Marriott transfer fee
closing
what else?
Click to expand...



I just bought a EOY Ko Olina property this past quarter... I used the closing company on Redweek.com ..no problem, reasonable price.

Property now posted with my other Marriott units on the Marriott timeshare site.

Enjoy your purchase.
:wave:
 
thank you!

Will check them out.
this is a quote from one of the other ones: over $1k. ouch!
Estimated closing costs involved are as follows:

Escrow Fee: $300.00 Plus General Excise Tax
Title Fee: $300.00 Includes title insurance
HARPTA Fee $ 50.00 Plus General Excise Tax (preparation of State Exemption Forms)
Mailing and Handling: $ 50.00 Plus General Excise Tax
Drafting of the Deed: $150.00 Plus General Excise Tax
Recording Fee: $ 60.00
Conveyance Tax: $ Based on sales price (Sales price x .001)
Transfer Fee: $ 25.00
Marriott Waiver Fee: $ 95.00 (First Right of Refusal Waiver fee)
Bureau Certified Copy: $ 20.00 Estimation – based on the number of pages of the deed
(Marriott requires this Bureau certified copy of the deed to
complete the transfer

HARPTA (5%) $ If seller realizes a gain only on the sale, there is a 5% of the sales price that is required to the State of Hawaii Tax Office
FIRPTA (10%) $ This is required by the IRS if the seller is foreign – it is an early collection of taxes on a sale

Cancellation Fee: $100.00 If escrow is cancelled after opened
 
amisco said:
I just bought a EOY Ko Olina property this past quarter... I used the closing company on Redweek.com ..no problem, reasonable price.

Property now posted with my other Marriott units on the Marriott timeshare site.

Enjoy your purchase.
:wave:
Click to expand...

is it the one by First American Title? they are charging over $1k too
 
Dewnay said:
For my last 3 closings, I've used Chicago Title Timeshare in Escondido, CA. I highly recommend them. They charge $545 for escrow and title insurance fees.

These are the costs I paid for my last escrow:

Escrow and title insurance: $545
Marriott Transfer Fee: $25
ROFR Waiver Fee: $95
State of Hawaii Conveyance Tax: $9 (.1% of $9K cost of timeshare)
Bureau of Conveyances Recording Fee: Approximately $50
Miscellaneous Expenses: $23 (credit card transaction fees, etc.)

The closing took 35 days from opening of escrow to Marriott processing the transfer.

A new Hawaiian law that went into effect in July 2010 requires escrow funds be held by a licensed escrow company in Hawaii. Chicago Title Timeshare uses Fidelity National Title & Escrow of Hawaii to hold escrow funds.

D.
Click to expand...

Do you have a specific person/contact?
 
picked one

Just wanted to say thank you for all the information I was provided by you guys. After reviewing about 10 companies, comparing rates and checking their business ratings on BBB and here, etc, I finally picked a more expensive one. lol First American Title through redweek. It seemed the easiest and the most reliable. I can say that from my research that most of the prices were very close to $1k (with title insurance). I cant wait to get this ball rolling and get our TS. Ive been reading up on this for almost a year now.
 
Thanks for posting Escrow / Title Company information

I realize this is an old thread, but I just wanted to say thanks for posting information of Chicago Title timeshare.

I just won an ebay auction for a HGVC timeshare, and the seller is using Chicago Title, and phone number and address matched up to the posting here, giving me the full confidence I am dealing with a legit seller, with opportunity to buy title insurance to ensure clear title from a legit title, closing, and escrow company. TUG is just full of great information!!!

Thanks Again,
Great3
 
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