LT Transfers (July 2021)

[dayooper]

I know there’s so many positive comments on LT Transfers, but I’d like to add mine. They were great! We purchased an HGVC deed from a private owner (not a broker). We had previously purchased resale, but had very little updates and the seller purchased their deeds from HGVC. Very little experience on the required steps. LT Transfers came very highly recommended by Tug members so we suggested we use them.

We signed the purchase contract on June 17 and the deed was recorded on July 19. Just over a month to complete the process. Not only were they fast, but they helped both the buyer (us) and the seller through the process. They were very responsive with questions and gave updates as the process moved to the next step. We always knew where we stood in the process. All for the low price of $300 + $100 for escrow. This included the HGVC estoppel fee and any county recording fees.

I highly recommend LT Transfers to complete your deed transfer needs. We most definitely would use LT Transfers again!

 

[DaveNV]

+1 They are a class act. Rare in this world.

Dave

 

[dayooper]

+1 They are a class act. Rare in this world.

Dave

Especially in the Timeshare Universe. So many predators looking to take advantage of people. LT Transfers is a professional group who does it the right way.

 

[dioxide45]

Just realize that the deeds indicate they were prepared by the seller (not LT Transfers), so if there is an issue there is no title insurance company there to back up the closing. They are simply a deed prep service and don't do insured closings. While I would expect them to be there if something comes up, if at some point they are no longer in business there is no one there to help clear up issues or problems like you would have with an insured closing.

If this is an incorrect statement, someone please clarify and I will retract. Just want everyone to be aware of the problems that can arise with uninsured closings. This is also coming from someone who has used LT Transfers in the past.

 

[WVBaker]

Just realize that the deeds indicate they were prepared by the seller (not LT Transfers), so if there is an issue there is no title insurance company there to back up the closing. They are simply a deed prep service and don't do insured closings. While I would expect them to be there if something comes up, if at some point they are no longer in business there is no one there to help clear up issues or problems like you would have with an insured closing.

If this is an incorrect statement, someone please clarify and I will retract. Just want everyone to be aware of the problems that can arise with uninsured closings. This is also coming from someone who has used LT Transfers in the past.

I've used them several times and never prepared the Deed.

 

[dioxide45]

I've used them several times and never prepared the Deed.

I know you didn't, they did. But if you were the seller, look at the top of the deed. It will have your name and return to on it.

 

[WVBaker]

I know you didn't, they did. But if you were the seller, look at the top of the deed. It will have your name and return to on it.

Good point however, when purchasing or selling a time share, have you or do you request title insurance? I can see doing it for a home or other expensive purchase.

 

[dioxide45]

Good point however, when purchasing or selling a time share, have you or do you request title insurance? I can see doing it for a home or other expensive purchase.

There is a difference between title insurance and an insured closing. You don't necessarily need these, but there are risks without either one. There are similar risks with do it yourself deed prep. With an insured closing, if a mistake is made on the deed an the insurance company should step in to help fix what could be an expensive thing to correct. We have seen a number of reports recently where a name was wrong, or not everyone signed the deed and someone had to go back to the original seller before the timeshare could be sold/transferred. LT Transfers (as well as a number of other options) are the equivalent to a DIY deed prep but there are also insured timeshare closing services out there. People just need to understand the risks involved and that LT is cheap for a reason. You always get what you pay for. We take risks by paying a cheaper price.

 

[sjsharkie]

Just realize that the deeds indicate they were prepared by the seller (not LT Transfers), so if there is an issue there is no title insurance company there to back up the closing. They are simply a deed prep service and don't do insured closings. While I would expect them to be there if something comes up, if at some point they are no longer in business there is no one there to help clear up issues or problems like you would have with an insured closing.

If this is an incorrect statement, someone please clarify and I will retract. Just want everyone to be aware of the problems that can arise with uninsured closings. This is also coming from someone who has used LT Transfers in the past.

There is a difference between title insurance and an insured closing.

I think this is inaccurate, but I could be wrong as well.

As you point out, LT does not do insured closings -- this is because with insured closings, an underlying title insurance is usually required. In the case you point out above, if at some point the closing company goes out of business (e.g. LT Transfers or any other closing company), who is doing the insuring? With an insured closing (and letter certifying coverage), the underwriter is responsible for paying any costs related to a defect in said closing. That is why title insurance is required AFAIK to get said letter, because the title insurance company has to set aside premium reserves to pay out in the event there is a defect in title (or closing if insured closing letter is paid for).

Unless you are paying for title insurance, there is no one to bail you out if there is a failure in the closing process. If you are talking about the closing company insuring their own work, then maybe but that is not the use case presented above and I wouldn't call it an insured closing.

 

[AwayWeGo]

The dollar value of my timeshare is roughly zippity-doodah, more or less.

There is no point in laying out money for a title insurance premium guaranteeing the title to a piece of property that isn't worth anything.

The insurance could cost more than the timeshare.

Why bother ?

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[dioxide45]

The dollar value of my timeshare is roughly zippity-doodah, more or less.

There is no point in laying out money for a title insurance premium guaranteeing the title to a piece of property that isn't worth anything.

The insurance could cost more than the timeshare.

Why bother ?

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

It isn't always about the value of the timeshare but the cost associated with fixing clouded title. Which could cost thousands of dollars.

 

[echino]

It isn't always about the value of the timeshare but the cost associated with fixing clouded title. Which could cost thousands of dollars.

Title insurance will only cover the costs up to the insured value. If you paid $1 for a timeshare, bought title insurance, and then discover a defect in title that costs a few thousands to fix, the maximum the insurance company will pay is $1.

 

[dioxide45]

Title insurance will only cover the costs up to the insured value. If you paid $1 for a timeshare, bought title insurance, and then discover a defect in title that costs a few thousands to fix, the maximum the insurance company will pay is $1.

They still have to remedy the defect in title. They pay you $1, but what happens to the clouded title? I see this touted a lot, but don't think it is really correct.

 

[dioxide45]

I think this is inaccurate, but I could be wrong as well.

As you point out, LT does not do insured closings -- this is because with insured closings, an underlying title insurance is usually required. In the case you point out above, if at some point the closing company goes out of business (e.g. LT Transfers or any other closing company), who is doing the insuring? With an insured closing (and letter certifying coverage), the underwriter is responsible for paying any costs related to a defect in said closing. That is why title insurance is required AFAIK to get said letter, because the title insurance company has to set aside premium reserves to pay out in the event there is a defect in title (or closing if insured closing letter is paid for).

Unless you are paying for title insurance, there is no one to bail you out if there is a failure in the closing process. If you are talking about the closing company insuring their own work, then maybe but that is not the use case presented above and I wouldn't call it an insured closing.

You don't always buy title insurance when purchasing a home but as long as the closing is done through an insured title company or one of their closing agents, the closing is still insured.

 

[echino]

They still have to remedy the defect in title.

I don't think so. All that title insurance does is reimburse the costs, up to a limit, in case an insured even happens. Insurance company will not do any work to remedy a title defect.

 

[dioxide45]

I don't think so. All that title insurance does is reimburse the costs, up to a limit, in case an insured even happens. Insurance company will not do any work to remedy a title defect.

Title companies step in all the time to force their agents to cure defects or they do the work themselves (in the event their agent is no longer in business) to cure defects in chain of title.

 

[AwayWeGo]

I suppose the people vexed worst over clouded timeshare deeds are the timeshare resorts & timeshare companies trying to untangle the web of viking ship abandonments & other orphan units whose title deeds are in limbo.

Owner's title insurance does no good in those situations, & if there are major serious costs involved in clearing the titles to orphan timeshare units, then you just know that 1 way or another the bills for that will ending up adding to the maintenance fees paid by the responsible fee-paying timeshare owners.

So it goes.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[echino]

Title companies step in all the time to force their agents to cure defects or they do the work to cure defects in chain of title.

They don't have to. They may do this if the limit is high enough, like a few hundred thousand dollars, when buying a home for example. Then it makes sense for the insurance company to have the work done so that they don't have to pay out a six-figure amount. If the timeshare is worth $1 or so, that's all the insurance company will pay.

 

[dioxide45]

They don't have to. They may do this if the limit is high enough, like a few hundred thousand dollars, when buying a home for example. Then it makes sense for the insurance company to have the work done so that they don't have to pay out a six-figure amount. If the timeshare is worth $1 or so, that's all the insurance company will pay.

Generally with most loss due to title issues it is because of a claim to property from a prior owner. Perhaps through divorce or death/inheritance title wasn't passed on correctly. With traditional real estate property someone is very likely to come forward if they feel they have a claim or partial claim to property. The loss doesn't occur until a payout happens to that other party making the claim on title. WIth clouded title where perhaps an old deed isn't executed correctly, the loss isn't simply the $1 paid for the timeshare because no one is making claim on title. The loss is the cost to correct the problem. Very few people ever buy title insurance on a timeshare, perhaps for good reason, but it doesn't prevent issues from coming up and protecting you in that event. In many cases title insurance would have also necessitated a property records search which would turn up clouded title that can prevent a clean transfer in the future. So title insurance can often find the problem before it becomes a problem.

All that said, there is a difference between using an insured and licensed closing agent and a deed prep company. An insured closing agent will be there to help make right if something was done wrong when they closed on the timeshare. With a deed prep company, you are the one showing on the recorded deed as the one that prepared it. Even if you didn't.

As a buyer, using LT Transfers would be great. The seller is the one showing as preparing the deed. However, going forward I would be hesitant to use them when selling my timeshare because they will list me as the one who prepared the deed.

 

[Italag5]

Just realize that the deeds indicate they were prepared by the seller (not LT Transfers), so if there is an issue there is no title insurance company there to back up the closing. They are simply a deed prep service and don't do insured closings. While I would expect them to be there if something comes up, if at some point they are no longer in business there is no one there to help clear up issues or problems like you would have with an insured closing.

If this is an incorrect statement, someone please clarify and I will retract. Just want everyone to be aware of the problems that can arise with uninsured closings. This is also coming from someone who has used LT Transfers in the past.

When buying at less then $100 why pay for title insurance? Cost to risk not worth the additional expense of title insurance. IMHO.

 

[dioxide45]

When buying at less then $100 why pay for title insurance? Cost to risk not worth the additional expense of title insurance. IMHO.

I guess you didn't read the entire thread? This is about more than just title insurance. Clouded title can be far more expensive to fix than what you paid for your timeshare.

 

[pacman777]

I guess you didn't read the entire thread? This is about more than just title insurance. Clouded title can be far more expensive to fix than what you paid for your timeshare.

Interesting point of view. Not being a smart ass or trying to be nefarious but if there is clouded title issue, could you just do a quit claim deed when selling it to another willing buyer and not deal with the cost of correcting title? We’re talking about timeshares that have relatively little value and doubt prior sellers are going to come after you to reclaim what they sold.

 

[Patri]

Interesting point of view. Not being a smart ass or trying to be nefarious but if there is clouded title issue, could you just do a quit claim deed when selling it to another willing buyer and not deal with the cost of correcting title? We’re talking about timeshares that have relatively little value and doubt prior sellers are going to come after you to reclaim what they sold.

Or just stop paying mf and let it go back to the resort. The majority of timeshares are not worth spending thousands to correct a title, regardless of how good a trader it is.

 

[dioxide45]

Interesting point of view. Not being a smart ass or trying to be nefarious but if there is clouded title issue, could you just do a quit claim deed when selling it to another willing buyer and not deal with the cost of correcting title? We’re talking about timeshares that have relatively little value and doubt prior sellers are going to come after you to reclaim what they sold.

The resort is unlikely to recognize the transfer since a prior transfer is clouding the title. So a quit claim deed won't really get you out of the obligation. Also, I would hope the other willing buyer is doing due diligence and not buying a timeshare with clouded title. Passing a known problem onto someone else could also be fraudulent.

 

[burvi]

I know there’s so many positive comments on LT Transfers, but I’d like to add mine. They were great! We purchased an HGVC deed from a private owner (not a broker). We had previously purchased resale, but had very little updates and the seller purchased their deeds from HGVC. Very little experience on the required steps. LT Transfers came very highly recommended by Tug members so we suggested we use them.

We signed the purchase contract on June 17 and the deed was recorded on July 19. Just over a month to complete the process. Not only were they fast, but they helped both the buyer (us) and the seller through the process. They were very responsive with questions and gave updates as the process moved to the next step. We always knew where we stood in the process. All for the low price of $300 + $100 for escrow. This included the HGVC estoppel fee and any county recording fees.

I highly recommend LT Transfers to complete your deed transfer needs. We most definitely would use LT Transfers again!

I know there’s so many positive comments on LT Transfers, but I’d like to add mine. They were great! We purchased an HGVC deed from a private owner (not a broker). We had previously purchased resale, but had very little updates and the seller purchased their deeds from HGVC. Very little experience on the required steps. LT Transfers came very highly recommended by Tug members so we suggested we use them.

We signed the purchase contract on June 17 and the deed was recorded on July 19. Just over a month to complete the process. Not only were they fast, but they helped both the buyer (us) and the seller through the process. They were very responsive with questions and gave updates as the process moved to the next step. We always knew where we stood in the process. All for the low price of $300 + $100 for escrow. This included the HGVC estoppel fee and any county recording fees.

I highly recommend LT Transfers to complete your deed transfer needs. We most definitely would use LT Transfers again!