Do ALL HI timeshare purchases require escrow, or do only purchases choosing to use escrow need to be based out of HI

[VAlegacy]

I understand that to use escrow in HI, the title company needs to be based out of HI.
However, I am looking at making a $300 purchase at a HI timeshare, which is driving old republican, who charges approx $1k to close.

I have used 2 other closing companies for HI purchases, neither based out of HI. One instance, they didn't ask and neither did I.
The other instance, I worded the contract to state that "The purchase price will be $0, but buyer will compensate seller X for MF, notarization fees, and document fees during the closing process"

Any help?

 

[CalGalTraveler]

We purchased on Maui a few years ago using an out of state processor. We were not required to use escrow. We even needed to conduct a refiling with the county to correct an error and no questions were asked as long as we paid the filing fee...

 

[vacationtime1]

The Hawaii escrow law applies only when money is held in escrow; in such cases the escrow holder must be in Hawaii.

I have no idea how they enforce this provision (how would they know?).

 

[VAlegacy]

The Hawaii escrow law applies only when money is held in escrow; in such cases the escrow holder must be in Hawaii.

I have no idea how they enforce this provision (how would they know?).

Yes, but I wonder if all timeshare sales in Hawaii have to be held in escrow.

 

[vacationtime1]

"Timeshare sales" are not held in escrow; it is money and deeds that are held in escrow -- until the escrow officer has matching instructions and can close the deal.

If you are willing to send the seller $300 against his promise to provide a recordable deed, no escrow is necessary. Of course, if the seller gets paid and then refuses to provide a deed, the buyer has no easy remedy.