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Title Insurance & Licensed Closing company recommendation

win555

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Hello,

I'm thinking of purchasing a deeded week in Florida and possibly, California. Does anyone have recommendation for a title insurance company? The broker I'm working with on Redweek requires the closing to be done by a licensed closing company. They won't accept LT Transfers. What do you recommend for a licensed closing company. I'm assuming a licensed closing company will also do escrow.

Thanks.
 

jabberwocky

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I’ve used Timeshare Escrow and Title for two closings now and been quite pleased with the service (I’ve also used LT in the past as well but you are correct that they are not licensed). Closing was prompt and accurate and wasn’t outrageously expensive even with title insurance and escrow included.

Dave Heine runs an first class shop and has also been on TUG for many years.
 

echino

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Is license required to provide timeshare closing services?
 

win555

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Is license required to provide timeshare closing services?

I have no idea. I'm not sure why Redweek doesn't accept LT Transfers. I might have to walk away from this transaction and find someone who doesn't impose unnecessary requirements that add costs.

Sadly the seller is the real loser here: there is a buyer but Redweek is adding too much friction to the transaction with slow responses and unnecessary costs.
 

TUGBrian

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both these here are licensed, support TUG, and have been regularly utilized by our members for many many years.
 

BJRSanDiego

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Hello,

I'm thinking of purchasing a deeded week in Florida and possibly, California. Does anyone have recommendation for a title insurance company? The broker I'm working with on Redweek requires the closing to be done by a licensed closing company. They won't accept LT Transfers. What do you recommend for a licensed closing company. I'm assuming a licensed closing company will also do escrow.

Thanks.
Title insurance? Not really worth it in most cases. I believe (others will correct me if I am wrong) - - title insurance is only responsible monetarily up to the amount of the purchase. In most cases, it is easy enough to get an Estoppel and to check with the timeshare company (e.g., Marriott Desert Springs, Newport Coast, etc.) to confirm that the unit you're buying is the right season, that the unit size (bedrooms and lock-off) is what you expect, that the first year of usage is as expected, etc.

Also, I think that if you are buying a week with a major "player" (e.g., Marriott, Hyatt, etc.) that there is some added security in regards to clear title.

I suspect that Redweek wants to keep the closing in their control because it means more money and commission in someone's pocket (not yours!). I bought 2 timeshares off of ebay and was charged $500 each for closing. They had their own in-house closers, so that was a profit center for them. I bought one from a fellow Tugger and we used LT Transfer. IIRC, my out-of-pocket closing cost was under $200. I was impressed with LT Transfer.
 

jabberwocky

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I have no idea. I'm not sure why Redweek doesn't accept LT Transfers. I might have to walk away from this transaction and find someone who doesn't impose unnecessary requirements that add costs.

Sadly the seller is the real loser here: there is a buyer but Redweek is adding too much friction to the transaction with slow responses and unnecessary costs.
The cost difference for closing is probably around $100. If you’re happy with the price on the week and will be using it for many years is your time worth so little that you want to go back to square one and start new negotiations etc?
 

win555

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The cost difference for closing is probably around $100. If you’re happy with the price on the week and will be using it for many years is your time worth so little that you want to go back to square one and start new negotiations etc?

The bigger problem to me is I don't know if the company they recommend will do a good job and do the transfer on time. LT Transfers seems to be a known entity here.

The Redweek broker assigned to this listing is very slow with responses (3-4 days after every question) and doesn't seem to understand the basics of timeshares. So it just doesn't give me a lot of confidence in proceeding with the purchase.
 

TheTimeTraveler

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The bigger problem to me is I don't know if the company they recommend will do a good job and do the transfer on time. LT Transfers seems to be a known entity here.

The Redweek broker assigned to this listing is very slow with responses (3-4 days after every question) and doesn't seem to understand the basics of timeshares. So it just doesn't give me a lot of confidence in proceeding with the purchase.



Doesn't sound like the Redweek Broker is on the ball. With that said, I would walk and find another week with someone else instead.

I have used LT Transfers and they are always have been on top of things. I would always use them for their competence and speed.



.
 

win555

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Doesn't sound like the Redweek Broker is on the ball. With that said, I would walk and find another week with someone else instead.
I have used LT Transfers and they are always have been on top of things. I would always use them for their competence and speed.
Yes. For the commodity week, I will find another listing.

They do have one week that is not available on other channels, so I might have to put up with them.
 

jabberwocky

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The bigger problem to me is I don't know if the company they recommend will do a good job and do the transfer on time. LT Transfers seems to be a known entity here.

The Redweek broker assigned to this listing is very slow with responses (3-4 days after every question) and doesn't seem to understand the basics of timeshares. So it just doesn't give me a lot of confidence in proceeding with the purchase.
Which closing company are they recommending? I’ve bought three timeshares from RedWeek - all three were RE agent sales with one being a RedWeek full service listing.

Here has been my experience with resale purchases:

- The first one was with LT transfers and it took 35 days from my offer to the deed being recorded. (No ROFR)

- The second was handled by the company I’ve mentioned previously (which is also TUG recommended). It was a Hawaii Westin week (Hawaii purchases have a few issues so take a bit longer.) That one took 48 days between my offer being accepted and deed recording. This time includes a ROFR and a delay on my part since we had to go to a US Consulate to to sign the deed transfer documents (required an appointment and 3 hour drive).

-My most recent HGVC purchase was completed by this same closing company. Offer accepted May 21, deed recorded on June 29. A total of 39 days including waiting for ROFR. This was a full service RedWeek listing.

Is there a noticeable difference between the two closing companies - for me probably not. Both provided excellent service and were responsive. Note that once you’ve actually made the offer and signed the contract is when the closing company takes over. RedWeek really isn’t involved after that point.

I know it’s a big decision and you’ve been diligent in doing your homework. If you know what you want and are ready to take the plunge then make the offer (state your contingencies such as the licensed closing company you’ve chosen). My guess is that will get the RedWeek agents attention. After that, sit back and relax while the professionals do their thing.
 

win555

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For a Florida listing with Redweek Full Service, the broker mentioned: Timeshare Escrow and Title out of Orlando, FL. This one looks good based on reviews on TUG. I contacted this company for the CA week but they don't do closings for CA weeks.

Redweek full service wants to use closemytimeshare.com for California. The website doesn't even work. :bawl:
I did some searches and Chicago title provides title insurance for deeds in CA. I will reach out to them.

Another listing is not through Redweek full service but they want to use Sterling Title:

I start feeling that there might be a kickback type of arrangement between these companies. I would prefer an independent outfit even if their fees were slightly higher.
 

TUGBrian

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not that im sure it doesnt happen somewhere, but there are fairly strict laws against kickbacks for closing companies etc in florida at least!
 

TXTortoise

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FWIW, I've had great luck with Paul Larkin at https://www.timeshareclosinggroup.com. While not relevant to your situation, he was a great resource for Hawaii closings, that LT Transfers can't handle due to escrow requirements. Worth a call or email. PM for phone/email, if interested.
 
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