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bailey

TUG Review Crew
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I purchased a timeshare week on eBay that had no closing costs. Got it dirt cheap so didn't give it much thought as far as what exactly closing meant. I got a copy of the deed that was recorded and am in the process of transferring to my name...that's when it hit me.
Does closing costs mean transfer fees?
How do I know if there is a Lien on the property? Back taxes ...whatever?
I assume the resort can tell me if the m/ fees are current?
Should I be worried?
 
Which re-seller did you buy it from? Did you look at the feedback? To be sure, you would need what is called an estoppel from the resort. Also, did the listing tell you what would be due at closing? Usually, resort transfer fees are not included in closing costs, though they can be. Check the listing again...
 
It was a private reseller where proceeds went to the American cancer society. His feedback rating is 100%. Listing just stated free closing.
 
bailey said:
It was a private reseller where proceeds went to the American cancer society. His feedback rating is 100%. Listing just stated free closing.
Click to expand...

At this point, get a copy of the recorded deed and send it in. Hope nothing is owed. When they get a copy of the recorded deed they should be able to answer your questions.
 
bailey said:
I purchased a timeshare week on eBay that had no closing costs. Got it dirt cheap so didn't give it much thought as far as what exactly closing meant. I got a copy of the deed that was recorded and am in the process of transferring to my name...that's when it hit me.
Does closing costs mean transfer fees?
How do I know if there is a Lien on the property? Back taxes ...whatever?
I assume the resort can tell me if the m/ fees are current?
Should I be worried?
Click to expand...

If you didn't pay out any money I wouldn't worry too much about liens - since the worst that is likely is a lien could rear up and cloud the deed transferring it to you (making it useless). If you are really worried you could get title insurance - but they will only cover the amount you paid for it.

Just call the Resort and ask them if the MF's are up to date. Once you are the owner of record with the resort and make reservations - just enjoy :p
 
Thanks for everyone's replies. Much appreciated :)
 
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