We Now Offer Complete Timeshare Closing Services
We know how difficult it can be to handle a timeshare transfer on your own. From document preparation to acquiring the right forms and consulting with lawyers, the entire process can feel daunting and prohibitive.
At Timeshare Broker Sales, we’re always looking for new ways to simplify the timeshare resale process, and as experienced and licensed brokers, we handle timeshare closings every day. We understand the often confusing ins and outs of transferring a timeshare deed; and we only work with licensed and bonded escrow companies.
Now, in conjunction with our preferred reputable closing companies, TBS offers complete timeshare closing services for everyone – TBS client or not. For a low, one-time flat rate (to be added to transfer costs), we’ll handle all aspects your resale timeshare transfer; even if you bought or sold with someone else.
Our innovative timeshare closing services include:
- Title Search and Examination (aka Account and Usage Research) – This phase includes a thorough search of relevant public records including: deeds, mortgages, liens, wills, divorce settlements and other documents potentially affecting a property’s title.
- All ‘Purchase and Sales’ Documents Preparation – After the initial research phase, we’ll then review legal and loan documents, parse out lender instructions and requirements, assemble charges and prepare closing documents. These documents will outline for each party exactly what they are buying or selling and what their financial responsibilities will be at the time of closing.
- Mailing and Collection of all Documents and Contracts
- Mailing of Contracts to Selected Closing Company
- Follow Closing to Completion (including overseeing the dispersion of escrow funds) – Once both parties are aware of their financial obligations the collection of funds can begin. A reputable closing company will collect all the funds necessary to transfer timeshare ownership and hold the money in a secure escrow account until the timeshare transfer is complete.
- Transferring of the Deed – During this phase the seller will sign the deed and the buyer will sign their new mortgage. The old loan will be paid off and a new mortgage signed. The seller, real-estate professionals (timeshare brokers), attorneys and closing companies then collect their payments.
- Recording of the Deed with Local Authorities – Official documents are then recorded in the county in which the property is located.
Are you looking to close a timeshare resale but aren’t sure how to make it happen? Even if you didn’t buy or sell your property with us, we’re here to help. Contact us today to ask about our timeshare closing services. We look forward to helping you transfer your timeshare safely and securely.
Buy a Timeshare for a Dollar?
Stop by almost any timeshare forum and you’ll find discussion about purchasing a timeshare for $1 on for-sale-by-owner websites like eBay and Craigslist. These days, you’ll even find sellers advertising their property on personal Facebook pages! So what’s the deal? Why are there timeshares available for $1, and is it a good idea to buy timeshare from owners on FSBO sites?
The primary reason you’ll find timeshares for sale at such drastic discounts (often listed for $1 – $100) is because the current owners are no longer able to afford their maintenance fees and simply want the property off their hands. Sounds great, right? Well, that depends.
The truth is, there are some great timeshares available on FSBO websites; but there are almost always strings attached. The trick is to research carefully and ask the right questions. Knowing which questions to ask comes from knowing the challenges associated with buying and selling timeshares this way. Here are a few key questions to ask FSBO owners, along with a brief explanation of why they’re important.
Is the deed paid in full? This one’s important. If the deed isn’t paid in full, you’re not getting a timeshare for $1, you’re inheriting a debt. If the amount owed is still acceptable to you as a purchase price for a timeshare – great! But, if it’s more than you were looking to pay, or if there are any penalties associated with late or missed payments, you might want to consider purchasing a timeshare whose deed is paid in full.
Are there any maintenance fees or penalties owed? This one is in line with the previous question. If the owner is selling their timeshare for $1, chances are he or she is having trouble making their maintenance fees. Find out from the seller if there are any maintenance fees or penalties for non-payment associated with the account. If there is remaining debt, who is responsible? Will the seller take care of the remaining balance, or will you inherit that deficit?
Who’s paying the closing costs? Just like traditional real-estate, when a timeshare deed is transferred from one owner to another, there are administrative costs associated with everything from document preparation to taxes. Closing costs may comprise origination fees, title search and title insurance fees, discount fees, survey fees, appraisal fees, attorney’s fees, credit report fees and prepaid expenses such as insurance and taxes. As a buyer in an FSBO transaction, it’s important to discuss who’ll be covering these costs, and how much they’ll amount to.
What is the escrow process? If you and the seller determine that you’ll be responsible for the closing costs, who will conduct your closing and where will the money be held?
Is the contract of sale valid? Finally, be sure the owner actually has the right to sell their timeshare. Ask to see their contract. In some cases, an owner is not legally entitled to conduct the sale of their timeshare property, so any contract you sign may be invalid. It’s a good idea to hire a lawyer to take a look at all associated contracts and paperwork.
The above questions might sound like a lot, but it’s extremely important to have all the facts before purchasing any kind of vacation ownership from a previous owner. If all this sounds too complicated, or if you’re looking for a way to streamline the buying process, you may want to work with a licensed timeshare broker like Timeshare Broker Sales, who can help you though every step of the process.
BBB and FTC Offer New Advice to Timeshare Sellers
Last week, the Better Business Bureau began an investigation into the legitimacy of an Iowa-based “vacation ownership closing company” going by the name of Wade Capital Management.
According to iowa.bbb.org, “the company purports to be located at 668 19th Street in Des Moines, Iowa; however, mail sent to this address has been returned as undeliverable. The address is a 7 unit apartment building. The owner of the building states that there is no business known as Wade Capital Management operating from such location.”
Unfortunately, this story sounds all too familiar. In addition to fake resale companies and upfront-fee agencies, phony closing or escrow companies are just another way that timeshare sellers can get scammed. Looking to sell your timeshare? We can’t say it enough – do your research! Want a crash course?
The BBB and the FTC offer the following advice for those wishing to sell their timeshare:
- Don’t agree to anything on the phone or online until you’ve had a chance to check out the reseller. Contact the BBB and the state Attorney General where the reseller is located.
- Ask the salesperson for all information in writing.
- Ask if the reseller’s agents are licensed to sell real estate where your timeshare is located. If so, verify it with the state Real Estate Commission. Deal only with licensed real estate brokers and agents, and ask for references from satisfied clients.
- Ask about fees and timing. It’s preferable to do business with a reseller that takes its fee after the timeshare is sold. If you must pay a fee in advance, ask about refunds. Get refund policies and promises in writing.
- Don’t assume you’ll recoup your purchase price for your timeshare, especially if you’ve owned it for less than five years and the location is less than well-known.
If you have any questions about selling your timeshare, please feel free to contact us. Timeshare Broker Sales is a licensed timeshare broker and BBB accredited business.
SOURCE: BBB Warns Consumers of Phony Timeshare Escrow Service: 04/04/12. Retrieved from: http://iowa.bbb.org/article/BBB-Warns-Consumers-of-Phony-Timeshare-Escrow-Service-33650
