Canadian purchasing svn resale question

[trader14]

my cousin wants to purchase a sdo resale but lives in canada, does living in canada complicate the transfer, impact the fees? Anything else that he should be aware of, such as restrictions at the resort, etc?

 

[LisaRex]

Currently the CAD:USD exchange rate is favorable for purchasing a timeshare in the U.S. However, that won't always be the case.

 

[calgarygary]

Your cousin should have no problems because of living in Canada other than there is a small delay in any snail mail from Starwood.

 

[trader14]

Currently the CAD:USD exchange rate is favorable for purchasing a timeshare in the U.S. However, that won't always be the case.

I agree the cdn currency is favorable now however my cousin is more interested in extra closing costs or anything related to svn that would be different if he lived here

 

[vacationtime1]

There should be no difference. Desert Oasis is real estate in Arizona and the formalities depend on the location of the real estate, not the residence of the buyer.

The only exceptions would be the cost of converting Canadian dollars into U.S. dollars unless your cousin already has a U.S. dollar account, and making certain that the Canadian notary acknowledgment is valid, if one is required from the buyer.

 

[jasonb]

Finally, I can offer some advice back!

We are Canadians and just purchased resale WKORV 2br OV - EY. We are in the process of closing.

The process is somewhat more complicated than a US Citizen, but not alltogether imossible or unweildy.

We used a well known timeshare closing company, just as with anything, you need to watch the documents closely, there were several mistakes, but I like to think that has nothing to do with us being Canadian. (Some wording is different, like where your notary signs, etc - so watch carefully.)

The most complicated part (in which we are stuck now) seems to be that a Canadian notary's signature must be 'authenticated' by your local US Consulate. The Canadian Notary must also be 'on file' with the local consulate - so double check that, as we had to phone around to find one that was.

Hopefully there is a consulate nearby - you can appear in person (with an appointment) or mail your docs in and wait patiently. The other option I was 'told' about is to hop across the border and appear before a US notary and skip the authentication process all together - everyone should seek their own advice, because I am not sure if this is possible or of it would be accepted.

Anyway, in our case the consulate is 5 hours away, so we elected to mail it in. Like I say, we are sitting on the Consulate's desk at this time so that is where my advice ends.

Anyone else have any more to add?

Jason

P.S.: Yes, the CDN $$ makes it very favourable, I just wish it would sneak back above par - just for a day or two.

 

[abdibile]

What does the buyer have to get notarized?

I bought several US timeshares including SDO through US closing companies and never had to get something notarized here in Germany.

 

[DeniseM]

What does the buyer have to get notarized?

I bought several US timeshares including SDO through US closing companies and never had to get something notarized here in Germany.

All timeshares that we have purchased have required notarized signatures on the contracts, including both developer and resale purchases.

 

[jasonb]

The buyer must have the 'Warranty Deed' notarized (in the US) and notarized and authenticated (by the not-so-local US consulate) in the case of a Canadian sale.

I have no idea about Germany.

BTW - one step closer now as everything has gone off for recording.

Can anyone share how long to expect that to take? or what 'recording' is?

 

[DeniseM]

Recording is when the deed is recorded in the new owners name in the county records department.

 

[clsmit]

Recording is when the deed is recorded in the new owners name in the county records department.

And you can check the sticky in the owner section to track when it is recorded, if you're impatient. It took about 4 weeks from when the website said it was recorded until the title company got around to telling us it was recorded.

 

[Cdntraveller]

We closed two different kierland units in the fall of 2007, and the process was identical for canadians and americans. We simply took the warranty deed to our local notary (bring passport and D.L.), and had it notarized and couriered back to the closing company. There was no requirement to go to the local US consulate....I would look into whether that is really necessary.

We used two different closing companies. The first one was SmartChoice, and the process was exceptionally smooth and quick. The second was Timeshare Title Inc. and we had absolutely terrible service (wrong info, mistakes, long delays, etc.). Any problems we encountered were all attributable to the closing company.

 

[DavidnRobin]

We used two different closing companies. The first one was SmartChoice, and the process was exceptionally smooth and quick.

SmartChoice is located in Maricopa County (Scottsdale) - so this helps. They were great on my purchase also.

 

[abdibile]

I have never seen a deed where the buyer had to sign at all.

All deeds that I got from closing companies where only signed by the sellers, witnesses and the notary public.

Is it really a requirement that the buyer has to sign something when buying a week and get it notarized??

The buyer must have the 'Warranty Deed' notarized (in the US) and notarized and authenticated (by the not-so-local US consulate) in the case of a Canadian sale.

I have no idea about Germany.

BTW - one step closer now as everything has gone off for recording.

Can anyone share how long to expect that to take? or what 'recording' is?

 

[jasonb]

Not wanting to slow things down or complicate the process - I followed the closing companies instructions to the letter. Heck - why else am I paying them all that money? I would be silly to question why I needed it signed, notarized, authenticated etc.

My (small) understanding is that Hawaii is a very fickle recording state and all the documentation must be in perfect order in order for them to record.

On the Hawaii Bureau of Conveyances website, it actually lists the reasons for having your deed returned unrecorded and one is 'Buyers Foreign Notarty requires authentication' - seems like a good reason to sign, notarize and authenticate to me, no? (Remember, I am Canadian)

My suggestion is to follow their instructions exactly and you can't go wrong.

I guess we'll see!