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Resale closing costs
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[triennial - points]
That Seems To Be On The High Side.
I'm accustomed to paying $350 or so for resale timeshare closing services -- not for a Hilton Club resale, but how much difference can that make?
On top of the $350 to the closing services agency, I also paid a $75 nuisance fee to the timeshare resort, which the resort refers to as a new owner transfer fee. (Not all timeshares charge for that. So it goes.)
We didn't buy title insurance -- just skipped it. (Putting it another way, we're self-insured.) If we'd gone for timeshare title insurance, I'm sure the total closing cost would have been lots higher than $350.
That seems so high as to be out of the ballpark, unless that figure includes other stuff besides just deed preparation & recording, etc.
I'm accustomed to paying $350 or so for resale timeshare closing services -- not for a Hilton Club resale, but how much difference can that make?
On top of the $350 to the closing services agency, I also paid a $75 nuisance fee to the timeshare resort, which the resort refers to as a new owner transfer fee. (Not all timeshares charge for that. So it goes.)
We didn't buy title insurance -- just skipped it. (Putting it another way, we're self-insured.) If we'd gone for timeshare title insurance, I'm sure the total closing cost would have been lots higher than $350.
-- Alan Cole, McLean (Fairfax County), Virginia, USA.
When I purchased my Hilton timeshare, the closing cost was $650 including the title insurance. If I didn't purchase title insurance, the cost could be $399. Hilton timeshare is not cheap, and sicne I bought the "resale", I bought title insurance. Maybe the closing cost is expensive because Hilton Club is in NYC and NYC lawyer should be involved for closing? It's just my guess.
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It may also depend where the TS is located in. Overseas timeshares may cost more along with some timeshares in certain states that have specific requirements.
NY will require an attorney IF and it is a big if, they are really doing the closing the legal ad ethical way by using an attorney. If it is NY the clost looks about right.
If it is not, then post the state and we can tell you if it is to high or not
Dave
If it is not, then post the state and we can tell you if it is to high or not
Dave
Update
Well, we decided against the purchase. We had been led to believe that we could also book up to 15 days out at the rate of $60 - studio, $100 - 1 bed. Turns out those rates are good everywhere but NYC. The NY rates are currently $250 studio, $350 1 br and $450 2 BR. The rates went up in 07 so who knows what it will be on 09. Since the open season rates were a major factor in the appeal of the timeshare, we no longer found the deal that attractive & we passed.
Well, we decided against the purchase. We had been led to believe that we could also book up to 15 days out at the rate of $60 - studio, $100 - 1 bed. Turns out those rates are good everywhere but NYC. The NY rates are currently $250 studio, $350 1 br and $450 2 BR. The rates went up in 07 so who knows what it will be on 09. Since the open season rates were a major factor in the appeal of the timeshare, we no longer found the deal that attractive & we passed.