I have two questions regarding closing costs.

1. Is there a standard market rate for closing costs or does it differ from state to state or timeshare to timeshare?

2. Should I, the seller, pay the closing costs or should the buyer pay it?

Could someone explain?

Thanks.

As far as I know, there is no standard closing costs for timeshares. It differs from state to state and it also depends on your developer. Closing cost is actually a collective term. It includes things like the deed, contract, title search, title insurance, etc.

As far as the question of who pays the closing costs is concerned, I'd say it depends. If you paid the closing costs when you bought your timeshare from your developer, then you can expect the person who buys your timeshare to pay it as well. If the seller paid the closing costs for your timeshare when you bought it from him, then you'll have to take care of it this time when you sell it to someone else.

Hope that's helpful.

Great answer, TforTravel.

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is title insurance a good idea when selling or buying a timeshare?

It depends. If you're buying a timeshare property from your close friend or relative or basically someone you can trust, you might not need one. Also, if you're dealing with a good closing company, you need not opt for title insurance, as the company will take care of verifying the authenticity of the information provided on the timeshare.

Title insurance is nothing but an insurance policy issued by the title company after verifying the details of the timeshare property that is about to be sold. The title company usually verifies the following things.

1. if the seller is actually the owner of the timeshare or not
2. if he has paid all the fees and taxes related to timeshare
3. the size and usage of the timeshare

After verifying these things, the title company will tell you about any liens on the property that their title search has uncovered and will insure against any liens they did not find.

In general, people do not tend to go for title insurance if the cost of the timeshare is very less. They opt for title insurance only if they pay a good amount for the timeshare. However, it would be a judgment call.

At the end of the day, if you can trust your closing company, you need not go for title insurance. A reputable closing company will usually thoroughly research the use and account status of this timeshare.

Hope that helps.

That was very informative, Tfortravel. Thanks.