Using Starwood recommended law firm to handle closing

[Stefa]

Hi folks

Well, we got a buyer for our timeshare. I suggested several closing companies that have been mentioned here on TUG, but they decided to ask Starwood who they would recommend. Starwood recommended a (very large) law firm and for some reason I'm not completely comfortable with this.

I guess part of it is just that I feel a little intimidated dealing with big-wig lawyers. Also, I don't have any way of knowing how fast they work or how experienced they are. Okay, I also just don't trust Starwood all that much.

What do you guys think? Am I overreacting? I have someone else who is interested, so I'm considering just telling this guy, "no thanks."

Thoughts...?

 

[Kildahl]

Under your sales agreement with the buyers, who pays for the closing?

 

[Scott & Laura]

Starwood Suggestion

Hello;

There is know way of knowing by size an ability of law firms.

Some 1 or 2 man law firms are specialists and are fabulous at what they do.

Other 1 0r 2 man firms may milk a file and drag it out because if they don't bill they don't eat. Also they may be local practitioners and do everything, i.e. they get an education at your expense - taking hours todo what others take minutes to do.

Some large law firms bill 3 -4 hundred an hour because they have so much experience they bill at that rate, because they only take a small amount of time. i.e. they are efficient and experienced.

Other large law firms are like bureaucrats that have several people involved and handle a file. They are expensive and slow because of their processes.

Find out how many closings they have done for Starwood. If its a lot, they know the routine and may be cheaper.
If they have only done a few, dig deeper.

Check at the County office and ask the recorder - off the cuff - who would he use for his closing. He may have ideas, and he may be able to tell you who has done the most closings for starwood.

Scott

 

[Stefa]

Under your sales agreement with the buyers, who pays for the closing?

We don't have a formal agreement. They have offered to pay the closing costs, but that doesn't make me any more comfortable with their choice.

 

[DeniseM]

We don't have a formal agreement. They have offered to pay the closing costs, but that doesn't make me any more comfortable with their choice.

Traditionally, if the buyer pays for it, it's their choice, but of course, like anything, it's negotiable.

 

[Kildahl]

We don't have a formal agreement. They have offered to pay the closing costs, but that doesn't make me any more comfortable with their choice.

The timeshare closings I have had that were attorney controled closed in days. The one I had with a closing company took MONTHS.

FWIW, I would not proceed without a written agreement setting forth the terms you have agreed upon.

 

[Stefa]

The timeshare closings I have had that were attorney controled closed in days. The one I had with a closing company took MONTHS.

Thanks. I'm feeling a lot better about the situation. My first reaction was that someone at Starwood had just pulled a name out of their hat, but now I believe that this particular group does a lot of business with Starwood.

 

[richardm]

Resort recommended closing agents....

Starwood has a great track record of sharing information about recommended closing agents for their properties.. You will still want to pay attention throughout the process- but you should feel confident they will be very competent.

Also, a larger firm is actually a very good thing to employ.... There have been a number of recent incidents reported with small, private closing firms having issues with either escrow theft or mismanagement- or having a serious illness or death effect the closing in a negative manner. A large firm may increase your ability to hold someone accountable if a problem occurs.

Finally, if you are dealing with a resort such as Harborside- there are very limited choices as to attorneys that will work a resale transaction. You'll also want to ensure that the attorney tells you how to request an apostile for the notary on the deed. It can be a little frustrating to secure one and will add abut 30 days to your closing- but there is talk that the government may start cracking down on recordings that do not include this documentation.

One of the closing agents currently accepting Harborside transactions will simply have you sign two sets of documents (you'll be asked to notarize one but not the other) and then the closing agent actually notarizes your signature as a Bahamian notary on the second set.. These deeds have never been rejected to my knowledge, but the concern is that they'll be declared invalid due to the notary violation (unless you can prove you signed them in the Bahamian notary's presence by providing travel receipts)..

Good luck and congrats!

 

[RLG]

There have been a number of recent incidents reported with small, private closing firms having issues with either escrow theft or mismanagement

I've been concerned about this as a potential issue. I haven't seen any discussion on TUG of this happening. Can you provide more detail on these incidents.

or having a serious illness or death effect the closing in a negative manner.

Don't need any detail on this possibility since there was an example discussed right here on TUG.

 

[richardm]

No... Documenting specific company names in this type of forum would not be wise.. I do believe that Timesharing Today may be working on an article about this situation. If that is published soon- I'm sure members will see that info gets distributed.

Sorry.