What’s involved in a timeshare closing?
We take these steps for every timeshare closing:
1. The deed is prepared and our attorney examines the document for accuracy and completeness.
2. The deed is sent to the Seller for execution with a copy to the Buyer requesting closing funds (to be held in escrow).
3. The Deed is received from the Seller and reviewed by our attorney for proper execution.
4. The deed is sent for recording in the State and County with required recording fees and transfer taxes.
5. Funds are disbursed from escrow to the Seller.
6. We receive the deed from Recording, and a copy is sent to the Resort with the Ownership Change Notification Letter.
7. Finally, the original recorded deed is sent to the new owner for safekeeping.
How long does it take?
There are two answers to this question:
1. Once we have a copy of the Seller’s deed, we prepare the new deed for attorney examination within 24 – 48 hours. The deed is then sent to the Seller for execution, and a copy is sent to the Buyer requesting escrow funds. This process should only take (with mail and signature time) approximately 10 days.
2. The second part of the question is a function of how long the County in the State where the property is located takes to record a deed. Some counties have a turnaround time of 1 week – others can be months in processing. We know these counties, and submit special recording instructions so that your closing can move forward in spite of these timelines.
I'm the Seller. When will I get paid?
When we have in hand, and after attorney examination, the following:
* Your properly executed deed transferring ownership; and
* The Buyer's purchase funds that have been held in our Escrow Account
I'm the Buyer. How are my purchase funds held?
We request your Official Bank check to be made payable to our Timeshare Transfer Escrow Account. This account holds your funds safely in escrow. No disbursement of your purchase funds will be made to the Seller unless our attorney is satisfied that the documentation transferring ownership to you is in proper order and recordable under the requirements of the State and County where the property is located.
Do I have to pay recording fees and transfer taxes?
No. Our service includes payment of all State and County recording fees and transfer taxes (up to $50.00).
I think my Resort charges a Transfer fee. Who is responsible for paying this fee?
Some resorts do charge a transfer fee to process the paperwork. This fee is negotiable between Buyer and Seller. Just let us know who's responsible. We'll collect the fee and send it to the Resort along with our documentation of transfer.
