Closing cost

[armrecsys]

Can someone tell me what the closing cost for Pueblo Bonito is, and what is the amount of time it takes.
thanks

 

[Passepartout]

There is no 'closing cost' per-se. It's just a fee paid to PB to transfer membership. There is no ownership. I suspect someone has that number, or you can call PB. It's usually an amount equal to several annual fees.

JIm

 

[armrecsys]

Thanks, someone quoted me over 1,904.00. As the closing cost. I ask what does that include.

 

[Karen G]

Look on your certificate of ownership and it should give you a figure to transfer your ownership to someone else. Earlier contracts were $100, then $500, and
some may be higher now. There's a paragraph toward the end and it may be in small print.

You don't need an escrow company to close the sale. The membership dept. handles it all for you. There's no deed like with property in the U.S. It's just a
matter of them changing the owner's name and address in their records.

As for how long it takes, I think when we sold ours in was just a couple of months or so.

 

[Passepartout]

Thanks, someone quoted me over 1,904.00. As the closing cost. I ask what does that include.

Not much. Just registering you as the responsible person to send the bills. 'Foreigners' can't 'own' real property in Mexico. So it takes some legal mumbo-jumbo to set up a 'lease' with a Mexican Bank (which may be close to PB) that actually is the owner and you have the 'Right-To-Use' the property for that week. Everybody involved wants their piece..

 

[pittle]

The transfer fee was $500 in 2019. We checked because we were thinking about transferring ours to our youngest son and his wife or give it to someone who would just pay the transfer fee. Then we decided to use it for them and friends to go on vacation if they reimburse us for the MF and exchange fees for another place.

We currently have this year's week deposited with SFX and will plan an exchange for the fall of 2021. We had deposited it so friends could go to GM in NV this week, but had to cancel the reservation. We gave them their $$$ back and now have it available for an exchange. The "kids" want to go to PB Sunset Beach next year, so they will reimburse me for the 2021 MF and I will make them a reservation.

 

[oldbuyer]

You might pay 1904 if you buy it from a a resell company like you might find on Ebay because their PROFIT is the difference between the actual transfer fee the resort requires ($500) and what you are willing to pay them. In this case they make $1404 less a sellling commision to Ebay on the $1 contract you bid on and won- haha.
If you buy it directly from an owner you pay the owner a few hundred$ and you pay the actual transfer fee of $500 plus the cost of a stamp and an envelope.

 

[Karen G]

Thanks, someone quoted me over 1,904.00. As the closing cost. I ask what does that include.

Are you the buyer or the seller?

 

[armrecsys]

buyer