Timeshare closing question

TRVL · #1 (**permalink**) March 5th, 2009, 04:15 PM

Hey...is transfer of title the same thing as a closing?

TAI_Staff · #2 (**permalink**) March 18th, 2009, 11:15 AM

Quote:

Originally Posted by TRVL

Hey...is transfer of title the same thing as a closing?

For the most part, yes. With a timeshare resale the transfer of title is one aspect of the closing process, which may also include other actions such as:

The preparation of a contract (if appropriate), other transfer documents, timeshare closing statement, obtaining and analyzing an estoppel (account status) report from the timeshare resort, obtaining a waiver of the resort’s first right of refusal, if applicable, escrow service, preparing transfer tax forms, recording or properly filing the instrument(s) of transfer (usually a deed), notifying the resort of the closing, releasing escrowed funds to seller, resort, mortgage holder, et cetera, and filing an IRS 1099-S property sale report.

NOTE: all italicized closing actions are covered for buyer and seller with our PLATINUM AD LISTING

Samantha · #3 (**permalink**) July 29th, 2009, 02:56 PM

Since we have been hit by this economic depression or recession or whatever, has there been any changes (up or down) to costs on closing a timeshare resale? Has competition for business come into effect on costs or charges of closing services?

TAI_Staff · #4 (**permalink**) July 29th, 2009, 03:29 PM

Quote:

Since we have been hit by this economic depression or recession or whatever, has there been any changes (up or down) to costs on closing a timeshare resale?

I don't think there has been any significant increase/decrease in recording fees, etc. when closing on a timeshare. These are paid to the county in which the timeshare exists/is deeded.

Resort Transfer fees? Not that I've heard or read about.

Legal Fees paid to an attorney or title company to perform the timeshare closing/transfer? Perhaps, I could see a reduction in what they charge to stay competitive in todays economy.