Things You Should Know About Your Timeshare Closing

Things You Should Know About Your Timeshare Closing

When there is a need to transfer a timeshare property, the title company/broker go to great lengths to ensure a quick and smooth closing. We hire only the best closing agencies with expertise in the location of the timeshare to be transferred. One of the key things we do is to explain the typical process up front, so that you will feel comfortable that all the bases are being covered on your behalf

The first thing they do is order a Title Search. This will ensure that the buyer is receiving a title that is free and clear. Most searches are back in a week to ten days, but depending on the area the resort is located in, the title search may take up to three weeks to arrive.. A qualified agent examines the search to determine special requirements that will have to be met that will ensure a clear conveyance.

While the search is underway, they order Estoppel information from the resort. This is the current owners account status. They are checking on many things with this request to the resort. They must know if the Maintenance and Taxes are paid and when they are payable again. If an owner is behind on Maintenance and Taxes, they simply clear the account at closing by taking the funds from the Seller’s proceeds. Some resorts charge transfer fees to change the ownership over, however most do not. This is discovered when they receive the Estoppel. Also included is the Mortgage info. Again, if a mortgage exists, it is paid from the Seller’s proceeds at closing. The Estoppel request also asks for the status and availability of the week, as we need to know if weeks have been space banked with exchange companies so that arrangements can be made for the first year occupancy with the unit.

When all this info has been collected, they organize it into a Closing Instructions Package. It includes an itemized statement of the charges based on the contract or purchase agreement and the search. All appropriate paperwork is included in this package as it is the final instructions to prepare for closing.

The packages are usually due back in the offices a week later for closing as indicated again on the Closing Instruction Letter. Executed deeds and all monies remain in escrow until all conditions of closing are met. For example: the Seller’s executed deed will not be sent to be recorded until the Buyer’s money is received, and the Buyer’s money will not be disbursed until the Deed and all paperwork is received.

This is for your protection, and is an important function of an escrow agent.

Upon Closing, they disburse monies and send the Warranty Deed to be recorded in the Official Records in the resort’s county. The county usually takes about 2-3 weeks for their recording process before it arrives back in our office. At that time, we forward a copy of the recorded deed to the resort along with the new owner information so that the resort can update their records. We also forward the new deed to the new owner within 60-90 days.

From start to the point of closing, it takes approximately 30 days or less. From start to the point of resort acknowledgement, it takes approximately 45-60 days. If for some reason, you need to have this process expedited, they can put a Special Priority to speed things up by about 2-3 weeks. Due to the extra expense involved with additional overnight fees and recording fees, they will be required to charge an additional small fee for this service which will be accounted for on the closing statement. .

800-555-1353

Ask for Mark Nayman

570-688-9220 Int'l - 570-504-2603 (Fax)

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tsresale@ptd.net

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All information presented is deemed accurate but cannot be guaranteed until all official resort and owner documents are reviewed. The information on this site is provided by individual property owners, marketing and ad agencies or owners associations through the Timeshare Resale Division of: Andrew Hunter Real Estate licensed Real Estate Brokerage # RB046454-L Suite #8 Merchants Plaza, Tannersville, PA 18372 USA Andrew D. Hunter, Broker, Mark L. Nayman, Associate Broker # AB 065991

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