Closing Companies?

[Walt]

There are many Ebay timeshare sales on the internet. 2 of the timeshare closing companies are listed here with their mission statement. Please feel free to add to the list.


Title Outlet Inc.

At Title Outlet Inc., our goal is to support the timeshare community by providing a quality closing experience.

We recognize the importance of your vacation ownership transfer and measure our success by your satisfaction. Through superior customer relations and consistent and timely results, our staff has established themselves as leaders in the timeshare transfer industry.


Buying real estate of any kind can be both an exciting and daunting experience. At Title Outlet Inc., we believe that closing on your vacation property should be as stress-free as using it.

Once you decide to work with us, we will take control of your timeshare transfer, ensuring a completely executed title transfer with your minimal involvement in the process.


Timeshare Closing Services:

As the leader in title and escrow agencies specializing in timeshare closings, we have processed more than 10,000 timeshare transactions - totaling more than $100,000,000.

There is no doubt that we have the experience and expertise to handle your timeshare closing.

Our primary focus lies in a system we have developed enabling us to close transactions in a more efficient manner. This allows the timeshare buyer to enjoy vacation ownership almost immediately and with the peace of mind his timeshare is free of liens and encumbrances. This allows the timeshare seller to close the sale and receive proceeds in a timely manner.



Since more and more people are buying timeshare weeks and points on Ebay, maybe we can do a thread on the subject of Closing Companies.

We could do a overview of the Company with FAQ.

Here is just a short list of questions to consider.

1) How long did the closing take?
2) Who did you deal with at that Company?
3) Did you find that their mission statement to be true?
4) Would you deal with the Closing Company again.
5) Do you need to use the Closing Company listed in the Ebay auctions?
6) Where you able to just allow the Closing Company to handle the Closing or did you find errors in the closing and/or the listing on Ebay?
7) Should you get the name of the owner of record at the resort and check with the Resort to see if the week is indeed owned by the seller, all MF are paid, there is no mortgage owned, and the that the week in not spacebanked in the owners name?
8) Did the Closing Company answer you email questions in a timely manner?
9) Did the person you were dealing with keep you posted on how things were going?


I am now dealing with one sale with each Closing Company. I will keep you posted about each Closing.

The Beach Club at St. Augustine timeshare week. Auction won on May 11, 2007. Title Outlet Inc. dochoa77 AKA Doug Ochoa.

Kahana Falls on Maui timeshare week. Auction won on April 22. Timeshare Closing Services. cybernaut303 AKA John Hutchinson.

Walt

 

[Walt]

What's Happening!

--------------------------------------------------------------------------------

The Beach Club at St. Augustine timeshare week. Auction won on May 11, 2007. Title Outlet Inc. dochoa77 AKA Doug Ochoa.

I had won an auction on Ebay for a 2 Bedroom at The Beach Club at St. Augustine several months ago. The listing on Ebay was clearly that of The Beach Club at St. Augustine. The Closing Company was Timeshare Closing Services and John Hutchinson was the agent for them. When I got the deed for this resort I found that the Deed description had The Beach Club at St. Augustine listed but the week was for unit 600 for the Townhouses at St. Augustine Beach and Tennis Resort . Since The Beach Club has only 4 floors, I knew there was an error on the Deed.

After I called John about the problem, Timeshare Closing Services and John Hutchinson returned my payment within 3 days. John told me he would call me if a 2 bedroom at The Beach Club becomes available. There are only eight 2 bedrooms at The Beach Club so they do not show up on Ebay too often. But John has called me several times like he said he would and has answered my emails in a timely manner.

I didn't want this to happen to me again (selling me the wrong Resort). So, I emailed Doug Ochoa 4 times asking for the name of the owner of record at The Beach Club at St. Augustine for the 1 bedroom I just won on Ebay. Since I already own 5 weeks at The Beach Club, I want to call to make sure that all things are in order for this sale.

As of right now, Doug Ochoa has not answered these emails. I will keep you posted.

What I am really saying is that I don't think you can just but it in the hands of these Closing Companies and expect it will be handled without any errors.

Walt

 

[Mom2MNEm]

I just won an E-Bay Auction for Fairfield points on 5/12/07. The seller was listed as Quality Vacations. The paperwork came in under Vacation Innovations. I have had contact with both Joel and Brian. ( e-mail and telephone)
The closing company is Timeshare Closing Services.

I faxed over all of my signed paperwork and sent it over by mail as well. I will let you know if I hit any snags or if it goes smoothly!

Lisa

 

[Carolinian]

From what I have seen myself in defective and often void deeds, I am very leary of these multi-state timeshare closing companies. Real property laws are generally very similar but do have enough nuances from state to state that one size really does not fit all.

The North Carolina State Bar has issued Letters of Caution to a number of them (I am not sure which ones) warning them that they cannot legally prepare timeshare deeds for North Carolina timeshares and that they face both criminal and civil sanctions if they continue to prepare timeshare deeds in North Carolina.

It is much better to go through a professional located in the state where the timeshare is located for closing.

 

[theo]

Re >> It is much better to go through a professional located in the state where the timeshare is located for closing. <<

Not necessarily, imho. There are numerous timeshare closing entities (I won't name any here, to avoid ANY appearance of "promoting" any one in particular --- which I'm not doing) that clearly and specifically identify numerous states in which they will (and others in which they won't) conduct timeshare closings. These closing entities are generally well informed (and well experienced) with the nuances and oddities of the individual states for which they routinely conduct closings. Seeking out only "home state professionals" for closings is sometimes easier said than done. In Vermont, for specific example, that would essentially mean having to hire an attorney (....and I'd rather be boiled in oil than have to do that, personally).

 

[Dave M]

I agree, with a qualification.

For a contrast, using a low-cost multi-state closing service for a major real estate purchase would be foolhardy. It would also be unwise to skip title insurance for a major purchase. The clear benefit from spending what might well be less than 1% of the purchase price is significant.

However, when spending relatively nominal amounts to purchase a resale timeshare, as most of us here usually do, the added costs for an in-state professional escrow or title company or attorney, as well as the cost for title insurance, can easily double the cost of the purchase for very little added benefit.

I'm definitely in favor of accurate paperwork and I recognize that there is some sloppy work done by some closing companies. However, like anything else I spend money for, I have to judge whether the additional cost is likely to bring added value to justify that additional cost.

Although errors in title have been reported here, I don't recall that, out of the thousands of resale transactions engaged in by TUGgers, there have been any first-hand reports here that anyone lost a timeshare or was later unable to sell one due to a defective title or voided deed.

Still, I believe those contemplating using a multi-state, low-cost, timeshare closing company should be read Carolinian's advice carefully. Just because no timeshare ownership disasters have been reported here, doesn't mean it won't happen.

 

[stratusnj75]

I purchase a Fairfield points package via Ebay. Used Timeshare Closing Services. Won the auction at the end of Feb. Received a recorded dead at the beginning of April and saw the points in my Fairfield account last week. So about a 3 month turnaround time, which sounds about average. No issues with paperwork at all. Went very smoothly.

Devin

 

[Harry]

Give me any closing and I can find something wrong

... Real property laws are generally very similar but do have enough nuances from state to state that one size really does not fit all.
The North Carolina State Bar has issued Letters of Caution to a number of them (I am not sure which ones) warning them that they cannot legally prepare timeshare deeds for North Carolina timeshares and that they face both criminal and civil sanctions if they continue to prepare timeshare deeds in North Carolina. It is much better to go through a professional located in the state where the timeshare is located for closing.

I would totally disagree that real property laws are generally similar. Although they may have all started out that way, statutes have changed them 50 different ways in 50 different states. The fact that NC Bar Association got involved was that, I assume, there is some necessity that an attorney get involved in a titile search (as is done in many eastern jurisdictions - one of the best jobs a struggling law student can do in the summer). Bar associations get testy about practicing without a license. Title Companies have taken away title searches in many jurisdictions especially in the West.
Your conclusion (as is Dave's) is correct. Title companies are famous for screwing up. In recent years, I can look at just about any
closing statement (and have done so) and find all kinds of mistakes. It is easy to correct but for people not involved in the process it is a nightmare. I think using a closing company in the location of the property is the best policy but I also believe the two mentioned above in the OP are good.

 

[bruwery]

My E Bay purchase last year closed through Title Outlet. It went smoothly and error free.

The auction ended on May 24. By July 7, I had the deed and confirmation of ownership transfer. For those of you keeping score, that's 44 days from start to finish. That's amazingly quick when you consider that several documents traveled back and forth between Michigan and Florida via snail mail.

Hopefully, I have similar results on my next purchase - which could be in a matter of days.

Onward and upward,

MB

 

[Timeshare Von]

My Experience with Resale Closings

For my first resale purchase (FF Kingsgate), we used the attorney that the resale agent in Williamsburg suggested. Since the seller had agreed to pay half in the sales offer/agreement, I was OK with using whoever they agreed to with their sales agent. It went smoothly - probably 8 weeks for me to receive the deed.

The other two purchases I've made were closed by someone out in Sedona who my Hawaii seller had used previously. She was very good and also did escrow services for the deal. I went back to her when I bought the FF Flagstaff which only coincidentally was in her home state. It didn't seem to expedite the transaction any . . . it was fine in terms of the amount of time it did take.

On my most recent acquisition from my sister, I'm using a TUG member who is also one of the frequent contributors who doesn't live in South Carolina . . . but I know that he has a wealth of experience in closing these professionally and in a timely manner. He's told me that since this is a points ownership with FF, I can expect it to take a couple of months, particularly with FF's inefficient processes.

 

[eoneguru]

RE: Closing Companies

I am in the process of closing with Title Outlet, Inc. On Wednesday, I received notice that they had received my payment and I should have the Closing Package within 10 buisness days. That was 1 week after the eBay auction close. So far, everything appears to be fine. I'll keep you all posted.

Ray

 

[irish1218]

I just received my recorded deed on an Ebay purchase from 3-26 through Timeshare Closing Services. No problems, correct deed and great communication. Have a second closing in proces with them also.

 

[Carolinian]

Well, I guess in the old west, barbers used to do some dentistry. . .

I have seen too many of these out of state closing companies recording void deeds in North Carolina, and I suspect this may not be the only state with that problem.

I would ALWAYS use a local attorney or real estate broker (who will almost certainaly use a competent local attorney to actually prepare the deed) for any closing, not someone from another state.

You might be amazed what some of these out of state people do, like using the legal description of the wrong resort. No thanks!

Re >> It is much better to go through a professional located in the state where the timeshare is located for closing. <<

Not necessarily, imho. There are numerous timeshare closing entities (I won't name any here, to avoid ANY appearance of "promoting" any one in particular --- which I'm not doing) that clearly and specifically identify numerous states in which they will (and others in which they won't) conduct timeshare closings. These closing entities are generally well informed (and well experienced) with the nuances and oddities of the individual states for which they routinely conduct closings. Seeking out only "home state professionals" for closings is sometimes easier said than done. In Vermont, for specific example, that would essentially mean having to hire an attorney (....and I'd rather be boiled in oil than have to do that, personally).

 

[Carolinian]

Some of these closing companies are not that low cost compared to what a local professional would charge. Someone asked for attorneys on HHI that handled t/s closings a few months ago, for example, and there were a number of responses from people who had used local attorneys for about the same cost as an out of state closing company. On the OBX, a deed will typically cost $150 from a local attorney, although one resort has a member / attorney who provides deeds for others at that resort for half price, $75.

I agree, with a qualification.

For a contrast, using a low-cost multi-state closing service for a major real estate purchase would be foolhardy. It would also be unwise to skip title insurance for a major purchase. The clear benefit from spending what might well be less than 1% of the purchase price is significant.

However, when spending relatively nominal amounts to purchase a resale timeshare, as most of us here usually do, the added costs for an in-state professional escrow or title company or attorney, as well as the cost for title insurance, can easily double the cost of the purchase for very little added benefit.

I'm definitely in favor of accurate paperwork and I recognize that there is some sloppy work done by some closing companies. However, like anything else I spend money for, I have to judge whether the additional cost is likely to bring added value to justify that additional cost.

Although errors in title have been reported here, I don't recall that, out of the thousands of resale transactions engaged in by TUGgers, there have been any first-hand reports here that anyone lost a timeshare or was later unable to sell one due to a defective title or voided deed.

Still, I believe those contemplating using a multi-state, low-cost, timeshare closing company should be read Carolinian's advice carefully. Just because no timeshare ownership disasters have been reported here, doesn't mean it won't happen.

 

[theo]

Re: >> ..... people who had used local attorneys for about the same cost as an out of state closing company... <<

In the end, I suppose that the potential for human error exists whether it's by a closing company or by a lawyer. Personally, I dislike paying lawyers for that which can be done without them. To each his/her own choice --- and if the costs are even remotely comparable I'll ALWAYS choose to skip the lawyers. Exercising that personal choice hasn't hurt me yet.....

 

[Harry]

I have heard this a few times

... Personally, I dislike paying lawyers for that which can be done without them. To each his/her own choice --- and if the costs are even remotely comparable I'll ALWAYS choose to skip the lawyers. Exercising that personal choice hasn't hurt me yet.....

If I had $100 for each time I heard this in heated litigation, I would be sitting on a remote island somewhere sipping one of those funny drinks with an umbrella in it.

 

[x3 skier]

RTU @ Club Regina

Just won an Auction on eBay from Vacation Innovations with closing through Timeshare Closing Services. Sent the paperwork 17 May after a couple of conversations with Joel Richwagen at Vacation Inovations and people at TCS.

I will keep you advised.

Cheers

 

[theo]

If I had $100 for each time I heard this in heated litigation, I would be sitting on a remote island somewhere sipping one of those funny drinks with an umbrella in it.

Perhaps I've just been extremely lucky, but if I had a $100 for every time I wished I had used a lawyer --- I'd still be looking for my first $100. Different experiences, different perspectives..........

 

[x3 skier]

Just won an Auction on eBay from Vacation Innovations with closing through Timeshare Closing Services. Sent the paperwork 17 May after a couple of conversations with Joel Richwagen at Vacation Inovations and people at TCS.

I will keep you advised.

Cheers

Great Communications so far. Notice of receipt of funds, request for information and other items. So far so good.

Cheers

 

[rickandcindy23]

Ah....the VINinc people. Odd that I received a postcard from Vacation Innovations and assumed it was a different company, but it is the same company as Timeshare Relief, LLC. I just realized this is probably the same company with a different name.

I have a postcard collection with 7 different companies and counting.... The industry is growing, with new companies popping up.

We are closing two different purchases right now--one is stopped at Timeshare Transfer, waiting for PAHIO to allow our purchase. They have had our money for seven weeks now and PAHIO's David Walters has not signed off on ours or two others that Joyce sent estoppel for. There must be another way to get around the phony ROFR.