What do you get for closing costs

[talkamotta]

So when I have bought a "weeks" resort at a specific resort I got a warranty deed. On my recent purchase the seller paid closing cost and transfer fees. I understand transfer fees....That goes to Worldmark/Wyndham to pay for the paperwork needed to transfer names, etc. So what does closing costs include. Does it say that at closing all accounts are paid in full? The eBay listing says the account is paid in full and they are paying 2019 mfs but I want guarantees. Buying into a points system is new to me so any help is appreciated.

 

[ecwinch]

Other than the $295 transfer fee there should not be any closing costs. The seller may tack some for profit margin - in particular if they are brokering the sale - but since is no deed to process or transfer - nor title insurance. So there should not be any closing costs.

 

[talkamotta]

I've seen on ebay...closing costs paid by seller so no money was quoted but on others it has been $199 all the way to $599. I've seen it on Wyndham bids also. That's good to know. So how do I know if all fees are current?

 

[DeniseM]

You should request an estoppel letter from the timeshare management company.

If the buyer and seller decide to use a title company, there may indeed be closing costs. LT Transfers charges less than $200, usually.

Basically, you would expect the title company to prepare a new deed in legal compliance with the local law, obtain the requiried notarized signatures, and record the deed with the country recorder's office, and the management company, and send a final copy to the new owner, with the county recording office's stamp on it.

A title company may also provide:
-a blank purchase agreement for you and the buyer to complete.
-an estoppel letter from the management Co.
-a copy of the deed, if the seller can't find their copy
-escrow if it's an expensive timeshare

 

[bizaro86]

Some of the eBay sellers charge closing costs. I just bid based on total price. There is really nothing to it to close a worldmark (and I bought one privately where the seller and I just did it ourselves). Consider it part of the cost and bid appropriately.

 

[geist1223]

As people have said there is no Deed with WMTC and thus no recording with a County Office of Records. Thus you do not need LT Transfer or a Broker.

 

[DaveNV]

Did the seller use a third party to list the auction? May be closing costs are that party's fees. ?

When I bought my WM, it was through a third party. Seller paid all fees, so I don't know what the third party received. All I did was fill out a form for how I wanted things to be listed at WM, paid the auction price, and three months later it was in my name.

Dave

 

[uscav8r]

Other than the $295 transfer fee there should not be any closing costs. The seller may tack some for profit margin - in particular if they are brokering the sale - but since is no deed to process or transfer - nor title insurance. So there should not be any closing costs.

*$299 transfer fee.


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