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closing company needed?

thegeers

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Hello, we are looking at buying a time share. Do we need to go through a closing company? Or do we just allow the owners to transfer it to us? Tia. Anthony
 

DeniseM

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Transferring a timeshare requires a deed to be legally prepared, signed, registered with the county records office and the resort. It only costs about $150 to have it done professionally. If you trust the owner to do it, and he mucks it up, it could cost far more in the long run, not to mention the time and aggravation.

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theo

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Yessa!

Transferring a timeshare requires a deed to be legally prepared, signed, registered with the county records office and the resort. It only costs about $150 to have it done professionally. If you trust the owner to do it, and he mucks it up, it could cost far more in the long run, not to mention the time and aggravation.

This is excellent and wise advice which should be taken to heart and not casually dismissed or ignored.

DIY is a "penny wise and pound foolish" undertaking for inexperienced buyers or sellers. Choose and use (and gladly pay) reliable pros to do it all, correctly and completely. It's a very small cost to get everything done reliably, promptly and correctly --- one time, the first time.

Who needs (for just a few examples) no estoppel obtained, doubts about escrow of funds or payment of resort-imposed transfer fees, no confirmation of proper / accurate deed preparation before recording, deed error corrections after initial recording, no timely resort notification after recording of the new deed --- etc., etc.).

Time is very valuable too. Pay the pros to do it all correctly or voluntarily choose to risk any (...or all) of the above identified potential snafus. Easy choice, IMnsHO.

P.S. This is not a service which I offer or perform --- there is absolutely no self-serving benefit or any hidden agenda in my making the above objective observations.
 
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thegeers

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This is excellent and wise advice which should be taken to heart and not casually dismissed or ignored.

DIY is a "penny wise and pound foolish" undertaking for inexperienced buyers or sellers. Choose and use (and gladly pay) reliable pros to do it all, correctly and completely. It's a very small cost to get everything done reliably, promptly and correctly --- one time, the first time.

Who needs (for just a few examples) no estoppel obtained, doubts about escrow of funds or payment of resort-imposed transfer fees, no confirmation of proper / accurate deed preparation before recording, deed error corrections after initial recording, no timely resort notification after recording of the new deed --- etc., etc.).

Time is very valuable too. Pay the pros to do it all correctly or voluntarily choose to risk any (...or all) of the above identified potential snafus. Easy choice, IMnsHO.

P.S. This is not a service which I offer or perform --- there is absolutely no self-serving benefit or any hidden agenda in my making the above objective observations.

Thanks for the input. We will definitely use a closing company.
 

DeniseM

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csxjohn

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Not all timeshares require a closing company, it depends what you are looking to buy.

Some are right to use and don't have a deed involved.

Bluegreen points ownerships do not give you a deed either, the deed is held by a trust fund. For them, you need to go directly through Bluegreen to get the ownership transferred. That cost is $450.

Club Wyndham Access also does not give you a deed but I don't know for sure how that one works.

You need to have a little more info before anyone can make the general statement that you need a closing company.

If it turns out you need one, I also use LT Transfers and highly recommend them.
 
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theo

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Good points...

Not all timeshares require a closing company, it depends what you are looking to buy.

Some are right to use and don't have a deed involved.

Bluegreen points ownerships do not give you a deed either, the deed is held by a trust fund. For them, you need to go directly through Bluegreen to get the ownership transferred. That cost is $450.

Club Wyndham Access also does not give you a deed but I don't know for sure how that one works.

You need to have a little more info before anyone can make the general statement that you need a closing company.

If it turns out you need one, I also use LT Transfers and highly recommend them.

John makes some valid and worthwhile points. RTU (right to use) contracts are not ownerships at all. As such, they involve no deed and are generally (i.e., almost always) transferred via paperwork which is specific and internal to the particular vacation club (or comparable RTU entity) involved.

My own offered input was limited and specific to deeded ownerships but deeded ownerships, while certainly in the statistical majority, are not the "only game in town".

Thanks John, for keeping us on our toes. There are very few universal generalities which don't have at least some noteworthy exceptions here on Planet Timeshare. ;)
 
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Password is taco

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To those folks that have used LT Transfers, do you use their form Sale Agreement or do you use your own? The one they sent out doesn't seem very robust compared to other examples I've seen.
 

csxjohn

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To those folks that have used LT Transfers, do you use their form Sale Agreement or do you use your own? The one they sent out doesn't seem very robust compared to other examples I've seen.

I use theirs.

They suggest to make any changes you want and get both buyer and seller to sign the form you decide on.

Of course when I do a transfer it's only for a few hundred at the most so no need for me to get too fancy.
 
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