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Closing Cost $799 + Resort Transfer $300

P

PeelBoy

TUG Member
Joined
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Location
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I can't believe this ebay item: 190140027508.

The item is a one bedroom at the Quarter House, New Orleans. The selling point is week 10, which is the Mardi Gras week. Not true. The odds is one in three week 10 is the Mardi Gras week. That's fine with me.

There is no bidder. Great. Before I click the button, browsed down to read the details. Closing cost is $799 and resort transfer $300.

The fine print says "Closing costs of $799, which include Escrow, Deed preparation, recording fees, Lawyer Fees and resort notification of transfer of ownership."

Lawyer Fees? Why?

Anyone dealt with the Quarter house resale before? The closing agent is Timeshare Closing Services, Inc.
 
New Orleans used to have a $350-$400 transfer tax .... not sure what it is today.
 
If it doesn't say that it is Mardi Gras week, it will never, ever be Mardi Gras week. Ask the seller. The deed most likely swaps you to another week should Mardi Gras fall on your week. That is very common in New Orleans, and I'm pretty sure Quarter House does this. Louisiana has very specific rules for closing on timeshares. Quarter House has a lawyer they use who will do the closing for you. I don't remember his name off hand. If you decide to purchase, insist that the closing be done by him. He has somebody hand carry the papers to be recorded, and gets them back right away, and he's less expensive than what you were quoted. Also, unless something has changed recently, there is no resort transfer fee. Fern
 
You may be able to save on closing costs if you are willing to accept a Quit Claim Deed instead of a Cash Sale Deed. The filing fees are about $325. less.
 
Fern Modena said:
Quarter House has a lawyer they use who will do the closing for you. I don't remember his name off hand. If you decide to purchase, insist that the closing be done by him. He has somebody hand carry the papers to be recorded, and gets them back right away, and he's less expensive than what you were quoted.
Click to expand...

I recommend the QH's lawyer also if you need a notary while in NOLA. Quick, easy, and low, low cost.

We were away from our home but still in CA and needed a notary for our new purchase. Too much hassle and cost in CA to use a travelling notary. We just waited for NOLA and the rest was the BIG easy!
 
Looks like the seller may be one of VIN Inc.'s drones. That would explain the jacked-up fees.
 
I saw another posting from this same company. I wondered whether they had gotten bitten by the taxes in California. The company guarantees a clear title. After my timeshare transfer, I got a large tax bill... which I immediately forwarded to them.
I thought maybe they were covering their butts for circumstances like this.
 
Who is the Tugger who works for a closing company? He seems to be highly regarded around here.
 
normalrog said:
Who is the Tugger who works for a closing company? He seems to be highly regarded around here.
Click to expand...


There are a couple here who work for or own closing companies. I would highly recommend TTT (who has posted a response in this thread).
 
I was nervous when I saw the original post, since I had been waiting for a week at Quarter House for Feb or March when we like to get away from the snow. I truly thought the attention would draw more bidders and put it out of my price range.

So imagine my surprise when I got it for $1. I emailed the seller regarding the error in the ad (week 10 is in March not Feb) but received no response. I will just have to be surprised when I see what the deed actually says.

While I'm not familiar with unit 315 (and who knows, that may be incorrect as well) this is the location in NOLA which we prefer.

What did I miss? Why $1? I'll risk $1 -and the closing fees are just a profit center for the seller. If I can verify that the resort transfer fee is lower that would be nice, too. TIA

Jana
 
So here is the correct info.

1BR week 10 is in March not Feb and the week 10 is correct. That's okay, especially at this price. I was expecting this to be the case. Anyone know anything about unit 315?

There is currently another 1BR on ebay for week 44. Same seller and high closing costs, but not bad for a buck.

Jana
 
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