Closing paperwork questions

[TS Newbie]

I have recently discovered this site and have spent many hours researching the site. This site is fantastic. Maybe someone can assit with a few questions:

I recently purchased a timeshare on eBay and am in the process of closing with a title company in Orlando, FL, Title Outlet, Inc. I would be so greatful if you could provide some insight and advice on the following:

The seller of the timeshare (according to eBay) is Timeshare Group, LLC (Ochoa et al). The title co. sent me the closing paperwork and throughout all of the documents, the seller is reflected correctly, as the Timeshare Group LLC. However, the warranty deed states that the seller is "Bold Ventures LLC", with Thomas Ochoa as President. Per the county recorder's office, I have verified the current deed is held in this name but is this legitimate and legal?

Also, I paid three figures for the unit, plus closing costs and maintenance fees, etc. However, the warranty deed states that "the grantor, for an in consideration for $10.00 and other valuable considerations, receipt whereof is hereby acknowledged, hereby grants, bargains, sells, aliens, remises, releases, conveys and conforms unto the grantee, all that certain land situated in ...........(unit description, parcel ID, etc)."

Does the deed sum make any difference?

Might the resort be more likely to exercise the ROFR if they see luch a low figure?

Also, the closing company requests our Social Security Numbers to give "to the resort for transfer purposes." Is this necessary?

Help!

Thank you to all of you who post!

 

[Talent312]

Maybe someone can assit with a few questions:
...
The seller of the timeshare (according to eBay) is Timeshare Group, LLC (Ochoa et al). The title co. sent me the closing paperwork and throughout all of the documents, the seller is reflected correctly, as the Timeshare Group LLC. However, the warranty deed states that the seller is "Bold Ventures LLC", with Thomas Ochoa as President. Per the county recorder's office, I have verified the current deed is held in this name but is this legitimate and legal?

I suspect that these names are all closely-held family-type corporations which mistakenly do business as each other from time to time. As long as the deed is executed by real officers of the corporation named as "Grantee" in the last deed (or by the officers of a successor corporation), it will be valid.

The person listed as the "Grantor" in your deed must be the same name as the person who was listed as the "Grantee" in the last deed (or identified as its successor corporation, if that's the case). If the name on the deed were to differ in any material way, its authority to sell the property must be well documented.

Also, I paid three figures for the unit, plus closing costs and maintenance fees, etc. However, the warranty deed states that "the grantor, for an in consideration for $10.00 and other valuable considerations..." Does the deed sum make any difference? Might the resort be more likely to exercise the ROFR if they see luch a low figure?

This is boiler-plate language that is used in virtually every deed on the planet and exists merely to comply with old English common law notion that for a property transaction to be valid, you had to receive something of value for what you sold, even if it was only a nominal sum (otherwise, it wasn't a sale).

The phrase has nothing to do with the real amount of the transaction which is stated in the contract and closing statement. Its the amount stated in the contract which is used for the ROFR, but you should have a written Waiver of ROFR long-before you ever close the deal and get your deed.

Also, the closing company requests our Social Security Numbers to give "to the resort for transfer purposes." Is this necessary?

Some businesses use SSN's as an identifying number for their records; however, double check this with the resort. I suspect that, in your case, its more for IRS tax purposes -- they need the tax number of those who pay them MF's, taxes and the like. Just make sure that your SSN's do not show up on any document that is going to be placed in the public records (like the deed).

 

[teepeeca]

Most of the time, the buyer's social security numbers are NOT needed. You could call the closing company to confirm this. (I just purchased more timeshares from entities that use the closing company you are using, and MY ssn was NOT needed --- or given.)

Tony

 

[TS Newbie]

Replies to messages

Thank you both for your quick responses. I appreciate the information.

 

[sfwilshire]

I've had several letters through the years from Vistana wanting my SSN. They state they need it for mortgage and rental purposes. Since I don't have a mortgage and don't rent my units, I have always just ignored the letters. I'm sure they want it for collection purposes should you ever default on the maintenance fees.

Sheila