Timeline for Redweek closing through Fidelity Hawaii Timeshares

[rickandcindy23]

Cost of closing $1,250 with escrow and title insurance.

Signed contracts and sent on 9/25/2024.

Finally received the closing documents via email today.

Now we are really in a waiting game with Marriott. 12 weeks, and here I thought the transfer paperwork already went to Marriott.

That company RW uses really is way too slow and way too expensive:

 

[dioxide45]

This is the cost of doing business with a licensed title company. That $1,250 does also include an owner's title insurance policy. Based on what you are paying, the fees for closing seem perfectly reasonable.

 

[montygz]

I don't know about the speed, but the title & escrow charges and the administrative and doc fees look like bargains to me.

 

[rickandcindy23]

I guess when it's not your money, it looks reasonable. The escrow fee is ridiculous. They are just holding the money and disbursing funds. Goes into one account, comes back out in the form of a payment to the seller.

Since I have closed timeshares many times in the last few years and know that recording fees are miniscule amounts, I get a little annoyed at fees. I also generally have a document written, printed, sent to recording and returned, all within a week. So does LT Timeshares. The timeline here is slow.

This is why LT Timeshares, Legal Timeshare Transfers, needs to get set up to hold escrow in HI. It would save us for sure.

 

[dioxide45]

I guess when it's not your money, it looks reasonable. The escrow fee is ridiculous. They are just holding the money and disbursing funds. Goes into one account, comes back out in the form of a payment to the seller.

I looked at escrow fees for Hawaii real estate transactions, and the fee seems in line with traditional real estate. Your comment shows a lack of understanding in what is really involved with licensed and insured real estate closings. There is more to it than just money in and money out. Disclosures, auditing, required reporting, bonds or insurance in the event fraud.

I would think when we are talking about a $35,000 timeshare transaction, you would want to make sure your money is safe?

 

[rickandcindy23]

I looked at escrow fees for Hawaii real estate transactions, and the fee seems in line with traditional real estate. Your comment shows a lack of understanding in what is really involved with licensed and insured real estate closings. There is more to it than just money in and money out. Disclosures, auditing, required reporting, bonds or insurance in the event fraud.

I would think when we are talking about a $35,000 timeshare transaction, you would want to make sure your money is safe?

I was a real estate broker for years. This is just a timeshare. I am used to paying lower fees on timeshare closings. In Colorado, we don't pay this percentage for title insurance. It's a flat fee and apparently not based on a percentage of the purchase price. It's a minor expense in Colorado.

I am frustrated that it will take 3-4 months for transfer as well. They did put our name on the 3/8 week, but I am unsure if I will have the ability to add a guest name, since we are already at Hono Koa that week. Maybe I can get one of the kids to use it.

 

[dioxide45]

I was a real estate broker for 20 years. This is just a timeshare. I am used to paying lower fees on timeshare closings. In Colorado, we don't pay this percentage for title insurance. It's a flat fee and apparently not based on a percentage of the purchase price. It's a minor expense in Colorado.

It's because you are used to working with companies like LT which is a completely different operating model than a fully licensed and insured real estate title company. You could probably decline the owner title insurance policy and save about $500.

 

[rickandcindy23]

It's because you are used to working with companies like LT which is a completely different operating model than a fully licensed and insured real estate title company. You could probably decline the owner title insurance policy and save about $500.

Agree. I know that title insurance for a purchase this large is a good idea.

 

[davidvel]

It's because you are used to working with companies like LT which is a completely different operating model than a fully licensed and insured real estate title company. You could probably decline the owner title insurance policy and save about $500.

To add to this, title insurance is a complete separate cost from closing or escrow. It is not a "cost of closing."

LT transfers charges $315 in HI for "document preparation and recording services," but this is not a true escrow. Fidelity here is charging about $650, including doc prep by a HI attorney it appears, and they also are acting as a licensed and bonded escrow. The comparison of LT to Fidelity is apples to oranges.

A true, licensed escrow is the most important thing for a transaction of this amount. So it is costing OP about $325 more than LT's service which she has no objection to, but getting much more. If this amount is troubling, spending almost $40,000 for a resale timeshare does not seem advisable.

 

[rickandcindy23]

To add to this, title insurance is a complete separate cost from closing or escrow. It is not a "cost of closing."

LT transfers charges $315 in HI for "document preparation and recording services," but this is not a true escrow. Fidelity here is charging about $650, including doc prep by a HI attorney it appears, and they also are acting as a licensed and bonded escrow. The comparison of LT to Fidelity is apples to oranges.

A true, licensed escrow is the most important thing for a transaction of this amount. So it is costing OP about $325 more than LT's service which she has no objection to, but getting much more. If this amount is troubling, spending almost $40,000 for a resale timeshare does not seem advisable.

Depends on the timeshare.

 

[davidvel]

Depends on the timeshare.

Not sure what part you are referring to. I was using your example.

 

[rickandcindy23]

Not sure what part you are referring to. I was using your example.

It's a great timeshare and I deem it worthy. Just sayin'. It does include fees for 2025.

 

[davidvel]

It's a great timeshare and I deem it worthy. Just sayin'. It does include fees for 2025.

View attachment 101770

I didn't say anything about what you were buying, as you never said what you bought so no one knows if it was a good deal. My point was if you are so bent about paying a few hundred bucks more than LT transfers for full transfer AND licensed escrow, a $40,000 purchase (for anything) seems odd.

 

[rickandcindy23]

I didn't say anything about what you were buying, as you never said what you bought so no one knows if it was a good deal. My point was if you are so bent about paying a few hundred bucks more than LT transfers for full transfer AND licensed escrow, a $40,000 purchase (for anything) seems odd.

That makes sense. I get it.