New Law: Escrow for Hawaii TS's must be held in Hawaii

[teshiachris]

so in situations where no signature is required what keeps a dishonest company/person from selling something they don't even own?

 

[JudyS]

so in situations where no signature is required what keeps a dishonest company/person from selling something they don't even own?

The seller's signature is always required. It's only the buyer's signature that is sometimes not required.

I suppose in theory, if the buyer doesn't need to sign the deed, an owner of a "dog" timeshare could try to transfer the timeshare to someone else, without the recipient's permission. But, I've never heard of that happening. I suspect the recipient would not actually be liable for the MFs, so the original owner would still be on the hook for the fees and there would be no real incentive to do this.

Looking at the Hawaii law, it looks like a person could sell a Hawaii timeshare (not just give one away) and do the closing themselves, as long as no escrow was involved and the seller didn't claim the funds were escrowed.

 

[learnalot]

Recs for closing companies and Hawaii escrow?

I know this thread is a from a year ago. Wondering if anyone has a positive recommendation for a closing company set up to do the escrow in Hawaii since this law took effect.

 

[smmatrix]

Recs for closing companies and Hawaii escrow?

I know this thread is a from a year ago. Wondering if anyone has a positive recommendation for a closing company set up to do the escrow in Hawaii since this law took effect.

Yup, I just closed on a Oahu $21k Disney timeshare and used this gal below. Everything went smooth. She's a pro.

First American Title Company
Maia Rossiello, escrow officer
1177 Kapiolani Blvd, Honolulu, HI 96814
(808) 539-7504 office
Email: mrossiello@firstam.com
Direct line: 808-539-5089

 

[DeniseM]

Just to be clear - this rule only applies to ESCROW - not the title company you use.

 

[flindberg]

Yes - Only escrow (money) has to be held in Hawaii. No money = no escrow.

So unless there is a 'mortgage' there is no escrow, correct? If MF's are up to date escrow should not be a factor?
Thx

 

[SmithOp]

So unless there is a 'mortgage' there is no escrow, correct? If MF's are up to date escrow should not be a factor?
Thx

Escrow protects the buyer, the funds to purchase are not released to the seller until the title is transferred and the developer recognizes the new owner. Its not related to a mortgage. So if you are paying $1 then you wouldn’t need escrow, if you are paying $5K you need escrow.

I purchased one a few years ago and used Old Republic in Honolulu. Smooth transaction with a Hawaii broker Syed Sarmad. If you use a reptable broker he/she will arrange all the necessary protocols.


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[hangloose]

Yup, I just closed on a Oahu $21k Disney timeshare and used this gal below. Everything went smooth. She's a pro.

First American Title Company
Maia Rossiello, escrow officer
1177 Kapiolani Blvd, Honolulu, HI 96814
(808) 539-7504 office
Email: mrossiello@firstam.com
Direct line: 808-539-5089

I will second Maia. We closed on a HI timeshare with her also recently, and she was EXCELLENT!!

 

[macmanrider]

No - if there is no money, there is no escrow.

Is it the same in Californian if there is no money there is no escrow

 

[DeniseM]

It's the same everywhere: Escrow is the process in which the payment for the timeshare is held in a secure account while the title is transferred.

 

[CalGalTraveler]

Deleted

 

[BJRSanDiego]

So, first, if a person gives away a Hawaiian timeshare and there is no payment, then they could use a US based closing company (like LT Transfer) ? That is my understanding.

But what if the a person gives away a Hawaiian timeshare for free, but requires the acquiree to pay the resort transfer fee plus closing costs? Is an on-island escrow company required?

 

[DeniseM]

Here's the deal: I wouldn't lose any sleep over it, because there is no mechanism in place to enforce this law. When a timeshare is transferred, the county in Hawaii records the new deed. That is Hawaii's only contact with the process.

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[MOXJO7282]

What if there is a cost but buyer and seller deal directly so no escrow? I'm closing a deal with another TUGGER as the buyer so I'm not worried about escrow and I'd like to use LT Transfer. LT is saying if we deal direct with funds and don't need escrow they can do the work.

Is that the consensus and anyone do it that way recently?

 

[DeniseM]

Yes - see my post directly above. I have done multiple Hawaii transfers with LTT.

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[MOXJO7282]

Yes - see my post directly above. I have done multiple Hawaii transfers with LTT.

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Excellent that is what I wanted to confirm. Thank you.

 

[Robin G]

Looking up TTT Services and can’t find them. I know this is an old thread , are they still around?

 

[TXTortoise]

https://www.lttransfers.com/

 

[Robin G]

Thanks, I just stared the process with them.

 

[bendadin]

How does one ascertain where their escrow account is held?

Nevermind. I asked the closing company and my escrow account is not in Hawaii.

 

[bendadin]

LT cannot do Hawaii closings if escrow is involved.

 

[cali-gal]

I have done two private sales with no escrow, so no Hawaii escrow company was necessary. One I sold to my sister, and the other I purchased for under $2000 and had a signed contract in hand. Yes, that was more risky, but I had met the people since they have family the next city over. I wasn't actively trying to NOT use a Hawaiian escrow company, I just didn't need an escrow company at all. So that's another consideration.