Westin St John Closing Question

[Beaglemom3]

Hello,
I hope this question wasn't answered elsewhere as I have read over most of the abundant & informative SVO/WSJ postings on the WSJ from this site. If so, apologies all around.

I have two options:
1. A full closing
2. A deed closing

I have a strong legal background, however, as it pertains to SVO ownership at the WSJ, what have other buyers/owners done ?

Thanking you in advance,
Beags

 

[DeniseM]

Hmmm.....All Starwood timeshare are deeded, so I'm wondering if by "deeded closing" they mean you can have a title search for an extra fee.

 

[DavidnRobin]

Need the definition of 'full' closing - does this mean it comes w/ title search and/or insurance? {since the deed is necessary for transfer...}

I did get title insurance for mine (but not needed) - it depends on the trust you have of the seller. I didn't - it was thru Donate-for-a-Cause/Go Vacations/Resort Closings (Tarpey Bros.)

btw, be aware that property tax bills were last paid for in 2005 - make sure you have accounted for this. The tax for a 2Bd has been about $140/yr (2005)... and there are going up soon due to a proposed tax change for the USVI - where they are screwing TS owners (of course) and STJers

 

[tomandrobin]

Hello,
I hope this question wasn't answered elsewhere as I have read over most of the abundant & informative SVO/WSJ postings on the WSJ from this site. If so, apologies all around.

I have two options:
1. A full closing
2. A deed closing

I have a strong legal background, however, as it pertains to SVO ownership at the WSJ, what have other buyers/owners done ?

Thanking you in advance,
Beags

Sounds like the deed closing would be just a simple transfer of the deed from one party to the next.

The full closing is self explanatory.

 

[richardm]

Ok.. Here goes....

We have to be very careful here about terminology- since many brokers and resellers use the same terms for different things... I can't tell you how many times I've seen a reseller offer a "full closing" or a "complete closing" but is only referring to a deed, escrow, estoppels, and resort notification..

In my opinion, based on this situation- you should expect that the full closing is a closing process that will provide you with a warranty deed, a title search or opinion, and a title insurance policy.

The deed closing option will most likely only provide you with a warranty deed (be sure to clarify that you won't be getting a quit claim deed or that the closing is being performed through a POA template)..

I always strongly recommend a full closing with title search and policy anytime it is available. You've saved money on your purchase by buying resale- don't cheat yourself by taking risks on the closing to save a few hundred!

Good luck and enjoy your resale! You've made a great resort choice!

 

[Beaglemom3]

Thank you one and all.

I am working with the broker to better understand my options, but I am now a bit more enlightened from your responses.

B

 

[Beaglemom3]

I was told by TimesharesOnly that in the USVI, a full closing with a title search is required. Is this true ?

This would add another $1500 to the price.

Please, anyone with any information, kindly respond. What was your experience ?

Do you know of a company that can do it less expensively ? I don't care how slow they are, as long as they can get it done.

Thank you,
Beags

 

[tomandrobin]

When we closed on our St. John unit this year, it was half of that cost.

 

[Beaglemom3]

When we closed on our St. John unit this year, it was half of that cost.

May I ask who/whom you used ?
Thank you.

 

[DavidnRobin]

I was told by TimesharesOnly that in the USVI, a full closing with a title search is required. Is this true ?

This would add another $1500 to the price.

Please, anyone with any information, kindly respond. What was your experience ?

Do you know of a company that can do it less expensively ? I don't care how slow they are, as long as they can get it done.

Thank you,
Beags

Still do not understand the definition of a 'full' closing', but I closed using Resort Closings (forced to) and the cost was around $475. That included a title search and insurance.

Why TimesharesOnly?
Why not use one of the recommended closing companies here on TUG?

To bad JohnF has passed - he could give you advice. I believe there is a another Tugger that runs a Title Services Co that does closings in the USVI. Perhaps post on the Buying/Renting/Selling forum - and ask the question.

 

[tomandrobin]

Sent you a PM.

 

[Beaglemom3]

Tom & Robin and David & Robin,
I bought my resale fromTimesharesonly and this is what I was quoted for the full closing.

You asked "Why TimesharesOnly?
Why not use one of the recommended closing companies here on TUG?"
- this is the reason why I'm asking here. I know that by asking the WSJ experts here, I can do better and it is appreciated.

Tom & Robin - thank you for the PM. Understood and appreciated.
Jeanne

P.S. The loss of John Faeth is felt on many levels. He was special.

 

[DavidnRobin]

Post on the main TUG forum - you will be sure to get help. I think the person at JRA may be able to help you.

Are you forced to use TimesharesOnly for the closing? If not, then find another. If you are, then I would ask for the exact services they are supplying for the outrageous amount and why.

If it were me - I would threaten to cancel the contract due the closing cost being so great. btw, do not forget that there is a USVI Tax (something like ~2% of purchase price) upon transfer, and (as mentioned) property taxes have not been paid since billed in 2005.

 

[Beaglemom3]

Well, all's better.

TimeshareTitles is doing the closing for $425+ a few itemized costs.
Atty. Kathryn Depree was willing to represent me, the buyer, but had the added burden of gathering up what the seller should be presenting - I know, I know, stuff that should be done already, but isn't.

I have always had great luck with Jena at Timeshare Titles. Why didn't I think of them ? Well, better late than never.

Thank you for your PMs and posts.

Inching my way to WSJ,
Beags

 

[tomandrobin]

Glad to read that you we able to get a more realistic price for closing your unit.

The process takes time, but its not that bad. Our HRA resale took only 30 days to close and that is suppose to one of the hardest units to close.

 

[Beaglemom3]

Glad to read that you we able to get a more realistic price for closing your unit.

The process takes time, but its not that bad. Our HRA resale took only 30 days to close and that is suppose to one of the hardest units to close.

Thank you for all of your help.

My Hyatt Hacienda del Mar (Puerto Rico) took a year+ to close, so patient, I can be.

 

[richardm]

Sorry I missed this one before- better late than never!

I was told by TimesharesOnly that in the USVI, a full closing with a title search is required. Is this true ?

This would add another $1500 to the price.

Please, anyone with any information, kindly respond. What was your experience ?

Do you know of a company that can do it less expensively ? I don't care how slow they are, as long as they can get it done.

Thank you,
Beags

A closing with title search and title insurance is not required, but is always recommended by the TimesharesOnly affiliated brokerages if it is available to a buyer.. You may have simply misunderstood your contract..

Also, you will have the right to request your preferred closing agent unless the seller is paying the closing or chooses to decline your purchase offer because of your closing choice (not something that happens very often!)...

 

[Beaglemom3]

A closing with title search and title insurance is not required, but is always recommended by the TimesharesOnly affiliated brokerages if it is available to a buyer.. You may have simply misunderstood your contract..

Also, you will have the right to request your preferred closing agent unless the seller is paying the closing or chooses to decline your purchase offer because of your closing choice (not something that happens very often!)...

Thank you Richard, all's well now.

Lesson learned, yes, by shopping around for another title company, you can save there as well (like buying resale !).

I'm a third year law (older) student, obviously not R.E. law, but do read contracts, however, have learned to "question authority" and glad I did in regards to not just rolling over for the title companies selected by the broker @ $1,500. I did call around, but then it dawned on me to use a company that I had good experience with in the past. Duh-uh.

The advice given on TUG has been the voice of experience.