JudyS
TUG Member
I am in the process of buying a Marriott Mountainside week from another TUG member, and would like some advice on closing.
The seller of the timeshare suggested we use First American Title, but First American Title charges a fee of $600 (plus Marriott's ROFR and transfer fees). I am more used to timeshare closings costing around $300. First American Title includes title insurance on all closings, which is probably the reason why they charge more. I can see why someone would want title insurance on a Platinum week, but the week I am buying is not Platinum and the purchase cost is low, so I don't know if title insurance really adds much.
I have done a number of timeshare closings in the past, but this one looks more complicated. I looked up the deed on the Summitt County website, and it seems that three deeds were initially issued: a Trust Deed, a Reconveyance, and a Special Warranty deed, all within a few days of each other. So, unless it turns out that only one deed is needed, I should probably use a closing company.
Do you think I need to use First American Title, or would another closing company work? Is there any advantage of title insurance on a low-cost week? (I assume if something was wrong with the title, I'd just get the purchase price back, which isn't much in this case.) Any suggestions for another closing company to use? Also, if I find another closing company and they want me to submit the paperwork myself to ROFR, what is the process for that?
Thanks in advance!
The seller of the timeshare suggested we use First American Title, but First American Title charges a fee of $600 (plus Marriott's ROFR and transfer fees). I am more used to timeshare closings costing around $300. First American Title includes title insurance on all closings, which is probably the reason why they charge more. I can see why someone would want title insurance on a Platinum week, but the week I am buying is not Platinum and the purchase cost is low, so I don't know if title insurance really adds much.
I have done a number of timeshare closings in the past, but this one looks more complicated. I looked up the deed on the Summitt County website, and it seems that three deeds were initially issued: a Trust Deed, a Reconveyance, and a Special Warranty deed, all within a few days of each other. So, unless it turns out that only one deed is needed, I should probably use a closing company.
Do you think I need to use First American Title, or would another closing company work? Is there any advantage of title insurance on a low-cost week? (I assume if something was wrong with the title, I'd just get the purchase price back, which isn't much in this case.) Any suggestions for another closing company to use? Also, if I find another closing company and they want me to submit the paperwork myself to ROFR, what is the process for that?
Thanks in advance!
