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Closing Resources |
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Closing Process |
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So, how does it work?
Buyer or seller will contact us, either via telephone, email or the Buyer can submit our Buyer Form, and the seller can submit our Seller Form, along with the requested information. A written contract is not required. If you would like us to provide you with a contract, we can provide that to you.
Once we have confirmed all of the details of the transaction with each party, we will request a 20% deposit of the agreed upon purchase price, from the Buyer, in order to open a file for you. The Buyer’s deposit is securely held in our closing trust account, and the amount of that deposit is credited to the Buyer on the final closing statement.
We will need for the Seller to send us a copy of their recorded deed, or if the property is not deeded property, then their Membership Certificate, or whatever document they were provided with when they purchase the timeshare, that proves their ownership. If you do not have a copy of your recorded deed, we can help you to obtain a copy yourself, or we can order a copy for you for a nominal fee (link to fees).
We verify all account information with the resort and/or management company, including, but not limited to, maintenance fee information, special assessment information and transfer fee information.
If you have requested a title insurance policy (Florida properties only), we will order a title search for you. Title insurance is not required.
We prepare all necessary transfer documents including, but not limited to, a Deed (assuming the timeshare is deeded property), Closing Statement, etc., and send the documents out to the prospective parties with very specific instructions regarding how to execute the documents. You receive the documents, execute them, and return them to our office. At that time, the balance of the funds would be requested from the Buyer, as detailed on the Buyer’s closing statement.
The Buyer’s funds are securely placed in our closing account and the documents are reviewed. Assuming the documents have been executed completely and correctly, the Deed is then sent to the appropriate County and State recording department. If the property is not deeded property, then all required transfer documentation is then sent to the resort for final processing.
When the recorded Deed is returned to our office, the original recorded deed is mailed to the new owner, and we send a copy of the recorded deed to the resort and/or management company, to advise them that there has been a change in ownership.
HOW LONG DOES IT TAKE?
Normally, and there is no guarantee, the closing process will take thirty to sixty days, but can take up to ninety days. It depends how quickly the parties execute and return the documents to our office, and depends on which recording agency the Deed is being sent to, and how quickly or slowly they are getting the documents recorded and returned. We will process your transfer as quickly as we possibly can.
Timeshare Closing Process
What happens at Timeshare Closing Online when a timeshare closing takes place?
- Title search is ordered.
This will assure the buyer that the seller is conveying good title to the property. Title insurance assures the buyer that there are no liens or encumbrances on the property. Title insurance will insure the buyer that the seller is the true titleholder to the property. Title insurance will also insure the buyer that the seller has not conveyed interest in the timeshare to anyone else. This process usually takes 7 days to complete.
- Estoppel letter is ordered from the resort.
This is the current owners account status, insuring full payment of maintenance fees, taxes and mortgages. The estoppel letter confirms the size of unit, type of unit, status and availability of the week or points the buyer is purchasing.
- Closing documents are sent to the buyer and seller.
After the closing package is organized the documents are sent to the buyer and seller with instructions. Upon return of documents from buyer and seller the executed deed is processed for recording and the sellers monies released to sellers.
- Delivery of Deed to Clerk of Court
We will deliver your deed to the appropriate county clerk of court for recording; along with any state or local documents that may be required.
- Closing of Purchase Money Funds
As a neutral third party in the closing process, we will act as an escrow agent holding the purchase funds and disbursing them to the Seller at the completion of the closing.
- Resort Notification of Transfer
he final step of the closing process is a written notification of the transfer and a copy of the recorded deed delivered to the resort.
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Other Resources |
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