DIY Closing

[obiomach]

What are the specific steps to closing a Wyndham TS if you do it yourself? I'm asking this question for owners that don't want to use LT transfers and deal directly with the buyer. First up we know it takes 5-6 months for a resale to close.

 

[TheHolleys87]

@rickandcindy23 can answer your question!

 

[rickandcindy23]

What are the specific steps to closing a Wyndham TS if you do it yourself? I'm asking this question for owners that don't want to use LT transfers and deal directly with the buyer. First up we know it takes 5-6 months for a resale to close.

You know that I know! Ha!
1. Make sure you have a copy of the current deed. You can call the county for it, and they will email it to you.
2. The person typing the deed must put their name and return address at the top of the deed. The county will mail it back to you.
a. Re-type the deed word-for-word, entering the name of the Grantee as the Grantor.
b. The Grantee (s) will now be the new owner, and you must put tenancy type, mostly Sole Owner or Joint Tenants with Rights of Survivorship, people also use Tenants by the Entirety. I only had one person who wanted that tenancy.
c. Notary pages need to have plenty of room for the notary seal.
3. The new Grantor must have the signature notarized but not by a family member. Very important step.
4. Call the county and ask for any special needs the county has for legal recording and recording fees. Personal check okay? Also ask for the address to send the paperwork. (South Carolina returned our deed for more information.)
5. Be sure to send a Self-addressed, Stamped envelope with the deed copy to return to the person who typed the deed.
6. Mail a copy of the deed (not the original) with a check to Wyndham for $399 (robbery) for transfer. Put the contract number on the check. Believe me, Wyndham will cash that check as soon as they get it, and you need to have a copy of the check, in case they say "You didn't pay the $399 yet." That happened to us. Such a disorganized company. We were able to pull the cashed check from our bank and sent Title a copy of it.

Then it's a waiting game.

 

[Fido Chuckwagon]

What are the specific steps to closing a Wyndham TS if you do it yourself? I'm asking this question for owners that don't want to use LT transfers and deal directly with the buyer. First up we know it takes 5-6 months for a resale to close.

Roughly something like this:
Step 1: Prepare and execute a sales contract with the buyer;
Step 2: Wait for the Rescission Period to go by;
Step 3: Prepare and record a deed pay any fees associated with this (this will vary wildly based on jurisdiction, best to call the county clerk/comptroller);
Step 4: Contact Wyndham to get the transfer paperwork, fill out the paperwork including a copy of the deed and sales contract, send to ‘Wyndham with the fee, wait 3-4 months for them to process it.

This is not for the faint f heart and honestly, as an attorney who does some real estate work I would personally not do this myself and instead would pay the few hundred dollars to LT transfers. With that said, I know @rickandcindy23 succesfully pulled this off.

 

[rickandcindy23]

Very important to make sure of the county's requirement for money that exchanges hands. Some counties require that there be a purchase price of at least $50. Also, I have to add that Rick read the deed aloud to me for typing, word for word, each comma, colon, semi-colon, indentation, etc. Very important. Don't try to make the deed fit into a small space. Give lots of room at the top for recording purposes.

 

[chapjim]

Roughly something like this:
Step 1: Prepare and execute a sales contract with the buyer;
Step 2: Wait for the Rescission Period to go by;
Step 3: Prepare and record a deed pay any fees associated with this (this will vary wildly based on jurisdiction, best to call the county clerk/comptroller);
Step 4: Contact Wyndham to get the transfer paperwork, fill out the paperwork including a copy of the deed and sales contract, send to ‘Wyndham with the fee, wait 3-4 months for them to process it.

This is not for the faint f heart and honestly, as an attorney who does some real estate work I would personally not do this myself and instead would pay the few hundred dollars to LT transfers. With that said, I know @rickandcindy23 succesfully pulled this off.

I agree with this to a point. No way would I try to do it myself if I only had one or two transfers. Cindy had quite a few transfers to close and for her, it made sense to do it herself.

 

[Fido Chuckwagon]

I agree with this to a point. No way would I try to do it myself if I only had one or two transfers. Cindy had quite a few transfers to close and for her, it made sense to do it herself.

Yes, I agree with that as well.

 

[obiomach]

This is really good info. Yes, @rickandcindy23 are the VIPs!!! This was a question of curiosity for members who wanted to try it out on their own.

 

[rickandcindy23]

It's pretty easy. It gets to be old hat after doing it about 24 times in two months, lots of different counties, Wyndham arguments about tenancy (yes, that happened), and the rest of the falderal that occurred. It was worthwhile and worked great.

I have been "closing" on Rutherford County, NC, deeds for a while. We sold and gave away a bunch of Foxrun deeds over the years, and I am grateful to know how to do it, but you learn new things daily, and I learned a lot about asking questions of counties. Even had some returned that had to have "consideration" of some amount of $$ on the deed. In other words, you cannot just give away a deed on paper, by showing the consideration of $0, in most counties, even if you did give it away.

 

[dioxide45]

If it is CWA, the process is easier. No deeds or counties to deal with.

 

[Sandy VDH]

Cindy

• Do you have info on Broward, and Orange Counties in FL? Or Cumberland in TN?
• I need to go through the redeeding process myself. Need to add back in all the family members we consolidated 25 years ago. Need to take my exhusband off at the same time.

Everyone

• Think I am going to go the family TS trust route. Making that a seperate and distinct trust from my home and other assets. Any guidance (pros or conss) on going this route and spliting them up like this?

 

[rickandcindy23]

The questions I would ask now of any county:
1. Mailing address for deed recording (some are circuit court, some have a specific department). Attention to a specific person?) This avoids time delays.
2. Amount of money required and per page cost. There tends to be a cost over a certain number of pages.
3. How many people can be on the deed before extra fees kick in and what are the "extra name" fees? We should have been more specific and asked, "If we have six pages including notary pages, 7 total names on the deeds, and $0 compensation for the gift to another person, what would the total recording fees be?"
4. What amount of money must be exchanged to transfer the deed? York County was $500 or we would need to do something special, so we put the selling price as $500. All of the others we put $0-$1.
5.Do we need the GPN #? If so, can you provide it? York County did provide it and was the only one for our six counties.
6. Do we need to add the derivation to the deed and how to word it (when it was deeded and what book/ page # is on our deed is called derivation).

By far the easiest counties are Orange County in FL and Taney County in Branson, MO. Van Buren is pretty easy as well and extremely fast. I think we had our Fairfield Bay deeds back within a week after mailing.

 

[rickandcindy23]

Cindy

• Do you have info on Broward, and Orange Counties in FL? Or Cumberland in TN?
• I need to go through the redeeding process myself. Need to add back in all the family members we consolidated 25 years ago. Need to take my exhusband off at the same time.

Everyone

• Think I am going to go the family TS trust route. Making that a seperate and distinct trust from my home and other assets. Any guidance (pros or conss) on going this route and spliting them up like this?

We had to get witnesses for our signature, along with the notary for Broward County. I am looking at the deed. We had to put consideration of $10.00 (ten dollars). We also had to have two witnesses, along with the notary, not with the same last name, and we grabbed people from inside the bank to witness. Some were hesitant.

Send me your email, and I will send a copy of the deed before recording, so you can see the way we did it.

Again, phone calls to the county are so important. We called every county, but still we neglected to ask questions and had some returned.

 

[dioxide45]

Two witnesses are required on all deeds in Florida.

 

[rickandcindy23]

I also have to say that because LT Transfers is so wonderful and inexpensive to use, I would still use it for 1-2 deeds. I wouldn't bother going to all of this trouble, but for 24, it was worth the $5-7K savings for us.

County fees vary, surprisingly. I was shocked at how different the fees were from one to another.

I also have to say that I was able to copy some of the deeds LT Transfers did for some of our counties, before I did mine. So for Orange County, they already did one deed, I did the second by making sure I did everything they did. Same for Van Buren County. LT already did some deeds, so I made sure I followed the same format. LT Transfers is incredible at what they do, and they get backed up, but sometimes they will rush something through, if you ask them to.

 

[rickandcindy23]

Two witnesses are required on all deeds in Florida.

Well, there you go, so the Orange County will need that one as well.

Thanks, Jeremy.

 

[Sandy VDH]

I've got 5 deeds to do for Wyndham. 3 in Broward, 1 in Orange, and 1 in Cumberland.