Quick claim deed

[sbfrench]

I just called my resort and asked them if they handled the closing cost on the sale when and if I sell my resort, they said if I sell it privately I just need to do a quick claim deed and send it to them with a $75 title transfer fee. I'm just wondering if that's the case why so many people seem to be paying closing cost. I just want to make sure my timeshare management company is not leading me wrong.

 

[DeniseM]

Closing costs usually include title search which gives the buyer some protection from mistakes and fraud.

 

[johnmfaeth]

Hi,

It is a "Quit Claim" deed. Here is why one uses a transfer company:

1) A Quit Claim deed may eliminate the ability for a subsequent buyer to obtain title insurance.
2) If the deed is worded defectively, the transfer may be voided down the road. Not a pleasant thing to get your unit back two years later when the buyer hasn't paid any fees for that period and now your stuck.
3) The deed would have to get recorded with the local recorder of deeds. That can be "fun" and may require additional forms.
4) Do the buyer and seller trust each other fully or would the use of a third party escrow service offer peace of mind and financial safety to the transaction.
5) Does the buyer want independent verification of any loans, MF's or assessments which may be owed to the developer.
6) Do you want to spend considerable time doing the deed creation, recording, and resort notification?

The buyer tranditionally pays the closing costs.

Hopes this helps!

John Faeth
Faeth Closing Services Inc.
A New Jersey Corporation

 

[sbfrench]

So, I would just go to a local real estate company near me and have them handle the whole transaction, is that what you're saying.

 

[DeniseM]

You actually need a timeshare closing company. A real estate office is not a closing company. If you ask for recommendations for closing companies, you will get a lot of recommendations from Tuggers. When you purchased your home, you probably went to a title company that did the title search and handled all the paperwork - a timeshare closing company does the same thing.

 

[tonyg]

In that foreign ownership in Mexico (that seems to be the forum this is in) is regulated, the resorts usually have their own paperwork for membership transfers. You don't need a professional to transfer ownership and a title search is certainly not needed.