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Costs associatated with transfer [Wyndham]

RBKearnsJr

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Hello all,

Does anyone know where I can start looking to determine all costs associated with transferring my Pahio Ka-eo Kai TS?


Many thanks.
 

DeniseM

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Minimum cost:
1) Deed preparation (no frills service about $100)
2) Wyndham transfer fee - about $250

Other services like escrow and title search are optional, and there is a charge for them.
 

richardm

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I wish it were that easy! Pahio can be a fairly complicated closing..

First thing to understand is that the state of Hawaii requires that escrow and deed preparation be undertaken by an entity that is properly licensed in the state of Hawaii unless it is the seller who is preparing their own deed.

If the buyer wants an estoppels (a financial verification of your account) there is a non-refundable estoppels fee that will be required by Wyndham. Memory is fuzzy this morning but I believe it is either $75. or $100. that Wyndham will bill to the seller's account when they receive the estoppels request.

A right of first refusal request for any non-family transfer will also be required, so you will need to have some type of written contract for sale and purchase for both parties to execute. If you contact Title and Deeding, they will be able to give you specific information on how to process this part of the closing (or depending on the closing agent- this may be part of the closing process you pay for already).

If they waive the developer right of first refusal, then you proceed to the deeding.

Shop around for estimates on the closing- and be sure to ask for a "complete" estimate of cost.. There are numerous closing agents who will advertise a very low fee, but then charge multiple add on fees for everything from shipping and handling to recording costs that can quickly add up to hundreds more than you originally expected to pay. In the past, Wyndham title and deeding would provide closing agent referrals on a case by case basis.

You'll want to find out if the buyer wants to pay for a title search, or in some cases a title insurance policy (this has become less frequent as purchase prices have fallen). Some closing agents will "require" a form of simple non-formal records search as part of the closing. Always ask if this is the case, as this is another of those possible add on fees that can be dropped in your lap.

Once the deed has been properly prepared, executed, and recorded- a copy of the new deed, a letter or transfer request form with all the buyer's pertinent information, and a transfer fee of $299. payable to Wyndham will have to be delivered to Title and Deeding.

Finally- be prepared that this closing could easily take five months! Sounds ridiculously long, but unfortunately it's been the case recently. The right of first refusal and deeding can easily take two to three months, and then getting Wyndham to actually process the change of ownership can also be very frustrating.

Good luck and congrats on finding a buyer!
 

DeniseM

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If you managed to get a buyer to actually pay you for a Pahio timeshare, you might need additional services, but Pahio timeshares are being given away in today's market, so it is very unlikely that there will be a need for escrow, title search, or anything more than a simple deed transfer. (I have bought 2 Pahio timeshares.)

Also - Escrow has to be held by an escrow company licensed by Hawaii (if any money is involved) but it does not have to be a Hawaiian Title company.

Per Dave H:
And it does not have to be a Hawaiian title/escrow company, only one that holds the funds in a Hawaii escrow company.

So I stand by my original post, except I estimeated the Wyndham fee too low.
Minimum cost:
1) Deed preparation (no frills service about $100)
2) Wyndham transfer fee - about $250 [$299]

Other services like escrow and title search are optional, and there is a charge for them.
 
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