Grand Vista Closing

[capjak]

I purchased Grand Vista 3 bdroom for 6500,

Questions:

1. If Married, what is the best way to hold title: joint tenancy etc..
2. title insurance policy or a quick search on your new property, the policy or quick search will ensure that there are no liens, loans or mortgages against the property. The policy will cost $235.00 and the quick search will be $99.00 extra cost.

Should I get the additional insurance for $235 ro "quick search" $99 or neither.

I am already paying $475 for:This closing includes:

Document Preparation
We professionally draft the documents necessary to transfer ownership (typically a deed)


Perform an Account Search
We contact the resort and get a signed letter verifying the seller's ownership.
(This is extremely important, you do not want to buy a timeshare with unpaid maintenance fees or buy the wrong size unit, etc.)


Property Tax Verification
We contact the county where the ownership documents are recorded and verify that the property taxes have been paid.


Provide Purchase Contract and/or Settlement Statement
These inform each party what exactly they are buying and what their financial responsibilities are at the closing.


Collection of funds
We collect all the funds necessary to transfer ownership and hold that money in a secure escrow account until the transfer is complete.


Ownership Document Processing and Resort Notification
We process transfer documents and/or record the deed and forward a copy to the Resort and the Buyer (sales tax and recording fees not included).


Attorney Reviewed Closings
All closings are reviewed by our in-house Attorney to assure accuracy.

 

[dioxide45]

We purchased a MGV TS last year and did not purchase any title insurance. I was able to search the Orlando County recorders website to see how the chain of title was and if any liens were outstanding. While not a fail-safe it is a good start. I personally feel that title insurance for a TS is really just a way for these companies to milk more money from you, but only you can make the ultimate decision.

Account search: By this I think they are referring to the estoppel. Ask to see it yourself. Don't go on their word of what they say it is. It is like letting the wolf watch the hen house if the company is doing its own closing.

As for property taxes, for MGV these are included in the MF so they are not providing any service there.

Contract is a good idea.

Collection of funds. Once again letting the wolf watch the hen house if they are doing in house closings. Ask if they are licensed in the state of Florida to hold escrow.

Attorney reviewed closings means nothing if the attorney can not practice law in the state of FL.

All of this said, if this was an E-Bay purchase and the seller has a good feedback rating, you really shouldn't have many problems other than them being slow to close. Be sure to look over all documents you receive to make sure there are no errors.

 

[LawrenzoY]

my case, not an answer

1. I purchased it from a couple owner and transferred it to myself and my wife names. In fact, I do not see any big difference except co-owner signature when you sale it.

2. I did not want to spend extra money on it.


Hope this helps.

 

[icydog]

When I read your title I thought you meant that the Marriott Grand Vista was closing, as in closing their doors... I stopped breathing for a moment. :ignore: