Timeshare Platinum Ads &
No Closing Cost Program
Whether you are selling or buying, our Real Estate Attorney will handle the closing for you. We absorb usual attorney fees if the timeshare is a Platinum Ad.
Some documents, such as the deed, contract (if needed), and closing statement should be prepared by a lawyer. Our in-house lawyer supervises the preparation of all such documents.
The Platinum (no closing costs) option includes:
- preparing transfer tax forms,
- escrow service,
- notifying the resort of the closing,
- filing an IRS 1099-S property sale report,
- optional waiver of the resort’s first right of refusal,
- attorney supervised preparation of contract (if needed), deed or other transfer, closing statement,
- obtaining and analyzing an estoppel (account status) report from the resort,
- recording or properly filing the instrument(s) of transfer (usually a deed),
- releasing escrowed funds to seller, resort,
mortgage holder, et cetera.
The Platinum Ad no closing costs option does not include paying recording fees, resort transfer fees, taking curative action to clear title, a title search or title insurance, courier fees, or other third party charges or fees. The attorney charges an administrative fee of $25.00. In order to qualify for this option, a seller must be able to produce a legible (scanable) copy of a recorded deed showing title in his name. Otherwise, the attorney will attempt to obtain a copy for a fee of $100.00 plus the attorney's out of pocket costs (usually less than $25.00).
For purchases of properties listed in our Gold Ad category, our attorney will provide the same closing services included in a Platinum Ad for a fee of $595.00. Our lawyer can also provide closings involving only the preparation of a deed or other transfer documents for substantially less where all the services associated with a Platinum Ad closing are not required, such as a transfer between family members, to a family trust, or where the parties are willing to waive certain protective services.
Some jurisdictions including Canada, the Bahamas, and Puerto Rico require that local practitioners conduct closings or at least prepare the documents. In those cases our attorney will locate properly licensed professionals and assist them in the process at the buyers and/or sellers expense.
Other jurisdictions, including Hawaii and New York City, precipitate additional expenses because of peculiarities of local real estate laws.
Contact our closing department at closings @ timeshareadventures.com for details.