question for selling timeshare

[yumdrey]

Hi all,
I am selling one of my TS and got contact from closing company (buyer chose this company) yesterday. Closing company sent me couple forms I need to sign, but I have a question before I fax them to closing co.
They sent me,
1) Purchase and Sale Agreement
2) Resort Release and Attorney Permission to Prepare form

I am wondering if attorney permission is same as power of attorney? In TUG BBS, I have read many thread about pcc and their power of attorney form, so I am afraid that if this attorney permission is the same one.
Thank you in advance!

 

[aliikai2]

Not being able to see the form

My guess it is the authorization for an estopple letter to the resort to verify your ownership etc.

What does it say?

Greg

Hi all,
I am selling one of my TS and got contact from closing company (buyer chose this company) yesterday. Closing company sent me couple forms I need to sign, but I have a question before I fax them to closing co.
They sent me,
1) Purchase and Sale Agreement
2) Resort Release and Attorney Permission to Prepare form

I am wondering if attorney permission is same as power of attorney? In TUG BBS, I have read many thread about pcc and their power of attorney form, so I am afraid that if this attorney permission is the same one.
Thank you in advance!

 

[yumdrey]

It says :
"Request to Represent
Please be advised that during the process of closing your purchase or transfer certain legal issues may be arise. (closing company's name) is not authorized to practice law, therefore, it has retained the firm of Mxxx, Exxx & Sxxx, PLLC to handle and resolve any legal issues which need to be resolved relative to your closing, including preparation of your Deed. This may generate fees to you from Mxxx, Exxx & Sxxx if their legal services are required to complete your sale/purchase/transfer."

Does this look like power of attorney? It is the first time selling for me, so I want to make sure if it is safe to sign and fax. Thanks!

 

[Bill4728]

It doesn't look like a POA to me.

It looks to me that the closing companies want you to know that the fee you will be charged could change if they need the advice of the attorney.

 

[Talent312]

I agree that its merely a "we may need legal asistance" acknowledgement and not terribly significant. However, I might insert a clause to this effect: "Any such fees shall be limited to ordinary, reasonable and necessary closing services, unless otherwise agreed in writing."

 

[richardm]

A few closing agents use local attorneys for deed prep..

There are many closing agents that simply charge a standard escrow fee, then farm out the deed prep and recording to a local attorney. Normally they will have already negotiated a standard fee for attorney's service, which is included in their quote to you.

This document most likely refers to additional seller related costs that may apply such as the preparation of an affidavit of death, lien releases, etc.

Talk to your closing agent and get an idea of what documents may specifically may be required for your sale.. The "reasonable" clause recommendation sounds a bit soft to me, as no definition of "reasonable" would be attached to the document so I would assume it would be deemed too vague to hold much legal weight. If it makes you feel more comfortable- then by all means go ahead.

It worries me a little that your closing company is the one sending you the purchase and sale agreement, however? It seems a little inconsistent that they worry about the illegal practice of law as it relates to deed prep- but are comfortable with creating a legal contract between two parties...

If you find you are truly uncomfortable with the choice of closing agent, you can always offer to pay the costs and use your own choice if your buyer agrees.

Good luck and congrats on your sale!

 

[yumdrey]

Thank you!

I checked the contract and it says all the closing cost should be paid by buyer. It made me feel better
So I signed and faxed it.
Thank you all for sharing your thoughts!