Is Escrow Needed?

[Sn0wbird]

I'm getting ready to purchase a timeshare. Do I need escrow services at closing?

 

[dioxide45]

Depends on the dollar amount and your comfort level...

 

[Sn0wbird]

What are the pros and cons for having escrow?

 

[VacationForever]

Pros - protect the buyer's money. Cons - cost maybe an additional $100+.

 

[TheTimeTraveler]

I'm getting ready to purchase a timeshare. Do I need escrow services at closing?

Use LT Transfers and let them handle the entire transaction for you. Trusted and well known. Website below:

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www.LTTransfers.com
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[dioxide45]

Use LT Transfers and let them handle the entire transaction for you. Trusted and well known. Website below:

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www.LTTransfers.com
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Even with LT you can choose to have escrow or no escrow.

 

[BJRSanDiego]

Previously I used LT's "soft escrow". I sent them my cashier's check and they just held it until closing was complete and then forwarded it to the seller. I think that they may also offer regular escrow but in that case they deposit the check into their escrow account (perhaps interest bearing - - IDK) and disburse a check when closing is complete.

I don't recall if their "soft escrow" had a fee or not. But I don't think that it did.

With Hawaii escrow, by law, a Hawaiian based escrow company must be used.

 

[dioxide45]

Previously I used LT's "soft escrow". I sent them my cashier's check and they just held it until closing was complete and then forwarded it to the seller. I think that they may also offer regular escrow but in that case they deposit the check into their escrow account (perhaps interest bearing - - IDK) and disburse a check when closing is complete.

I don't recall if their "soft escrow" had a fee or not. But I don't think that it did.

With Hawaii escrow, by law, a Hawaiian based escrow company must be used.

I don't think they do the "soft escrow" anymore. They have an escrow agent and there is an additional fee (I think it was $50 the last time we did it) for escrow.

 

[DeniseM]

Clarification:

Escrow means that you are paying an licensed escrow company to hold the funds during the title transfer.

Title Transfer means that you are paying a title transfer company to do the paperwork to legally transfer the deed and make sure everything is done completely and legally. (Title = Deed)

Whether you need escrow depends on how much you are paying and what you and the seller agree to. If you buy from a reseller, rather than a private seller, they will already have a policy for holding escrow.

In my opinion you definitely need to use a title transfer company to protect your interests and make sure it's done legally. However, if you buy from a resale company, rather than a private seller, they will probably require you to use their affiliated transfer company, because it's a source of additional profit for them.

 

[VacationForever]

I read on Tug that LTT's escrow fee was $100 recently.

 

[Sn0wbird]

Clarification:

Escrow means that you are paying an licensed escrow company to hold the funds during the title transfer.

Title Transfer means that you are paying a title transfer company to do the paperwork to legally transfer the deed and make sure everything is done completely and legally. (Title = Deed)

Whether you need escrow depends on how much you are paying and what you and the seller agree to. If you buy from a reseller, rather than a private seller, they will already have a policy for holding escrow.

In my opinion you definitely need to use a title transfer company to protect your interests and make sure it's done legally. However, if you buy from a resale company, rather than a private seller, they will probably require you to use their affiliated transfer company, because it's a source of additional profit for them.

Thank you. The total is not that much so I will I will pass on the escrow.

 

[Al Savage]

Use LT Transfers and let them handle the entire transaction for you. Trusted and well known. Website below:

www.LTTransfers.com

Unfortunately, that site is not available to me today:

 

[DeniseM]

I communicated with them this week, so I'm sure this is just a temporary glitch.

 

[TheTimeTraveler]

Use LT Transfers and let them handle the entire transaction for you. Trusted and well known. Website below:

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www.LTTransfers.com
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LT Transfers website appears to be up and operating as it should be (at least at the time of this posting). www.LTTransfers.com



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[Al Savage]

Indeed, it is. I'd checked at 9am PDT today, and it was still 502 then.

Wow, is that page slow to load, but at least it's up. At the suggestion of their entry-point web page, I've sent (emailed) an inquiry about an anticipated upcoming RTU week purchase at Marriott Aruba Ocean Club (their page says to contact them about Aruba TSs, etc.).

 

[LTT]

Hi Everyone! Our https://www.lttransfers.com/website is in the process of migration to a new host site and they have run into a few upsets/hiccups. We apologize for any delay in loading times and hope they will have it fully operational by the end of today. Thanks for everyone's patience!

The LT Transfers Team

 

[Al Savage]

Hmm. An email I sent to readylegal@gmail.com on Monday has not generated a reply. That's a lot of business days that have flown past

 

[drucifer]

Hi Everyone! Our https://www.lttransfers.com/website is in the process of migration to a new host site and they have run into a few upsets/hiccups. We apologize for any delay in loading times and hope they will have it fully operational by the end of today. Thanks for everyone's patience!

The LT Transfers Team

Love that y'all addressed that right here. And since you're kind of localish (I was in ATL and now in Charlotte, but rode motorcycles through Cleveland all the time back in ATL), you will hear from me when I find something and I'm ready.

 

[dayooper]

I read on Tug that LTT's escrow fee was $100 recently.

That’s what it was last summer when I used them.