Starting escrow- how to know if lock-off/unit/week

[travelmom11]

Im starting escrow on a Koolina property. When do I know if the unit is indeed a lock off, what view and week (if that matters). As I stated we are just starting the process and the week and view are left blank but does have a interval number. Where can I find out what it is? I have the advertisement and I have asked and am sure it is the same, but just in case. I think I have read some where on this forum that I need to make sure everything is correct in the deed. When will that be? after they do a title search?

 

[BJRSanDiego]

Suggestions on checking up

Last year I bought another Marriott (Desert Springs II). I called up owner services and explained that I was buying and I gave them the unit ID number (in my case it was a number along the lines of DS*9876*15*B (this isn't the real number). The "15" was the week number (for recording purposes - - but it confirmed to me that it was a "gold" week). "B" signified (IIRC) "Both" years rather than an even year or an odd year. "DS" stood for Desert Springs. The people at the other end of the phone were pretty cooperative and confirmed to me that it was the season that it was represented to be, an annual, and a lockoff.

On Tug, I read advice about Estoppel. Apparently an owner can request an Estoppel letter which identifies the unit, liens, etc. I recall from reading on TUG also that if you have the seller and buyer on the phone with Marriott Owner services that you might get reasonable info over the phone.

I didn't research my unit with a lot of scrutiny because I was buying on eBay from a seller who had sold TONS of TS and had a near perfect rating. But if I was buying from someone with only a few TS sales (check this), then I would have been more concerned. I was only paying a few hundred bucks and my strategy was that if it turned out to be something other than advertised that I was going raise "Holy H..." and make them refund my $. But it was a good seller and that wasn't necessary.

I suspect that there are LOTS of other people out there that have more insight than I do and who will offer additional or different advice.

 

[dioxide45]

The estoppel will provide the view detail, but you don't need to worry about lock off or not. Even if the unit you are deeded is a dedicated 2BR unit, you still have the ability to lock off. There are many resorts where only some of the units are lock off capable, but all owners have the ability to lock off, based on availability first come first serve.

 

[travelmom11]

thank you. Is title insurance and an estoppel letter the same thing? Dont they both check to make sure all liens are cleared, etc?

 

[jhac007]

Im starting escrow on a Koolina property. When do I know if the unit is indeed a lock off, what view and week (if that matters). As I stated we are just starting the process and the week and view are left blank but does have a interval number. Where can I find out what it is? I have the advertisement and I have asked and am sure it is the same, but just in case. I think I have read some where on this forum that I need to make sure everything is correct in the deed. When will that be? after they do a title search?

Considering the other comments....and if you really want to know call the resort (Ko Olina) and give them the info you have (assuming you have a unit number) and they should tell you exactly, at least that's what I did with my Ko Olina purchase earlier this year.

 

[dioxide45]

thank you. Is title insurance and an estoppel letter the same thing? Dont they both check to make sure all liens are cleared, etc?

They are not the same thing. Title insurance will insure against title defects against your ownership to the property. They will run a property check to verify that there are no liens. Title insurance won't be concerned with the size or view of the unit. Marriott's estoppel will tell you about any lien that Marriott holds and will provide view and unit size verification.

 

[travelmom11]

thank you. I have called owner services a few times and they will not tell me anything. I think I will just wait for the estoppel letter.