Step 1: The buyer and the seller complete a brief application, which includes the details of the sale. The seller then completes a seller release document that allows us to verify that all fees are up to date. It is the buyer's responsibility to verify the unit's view and location within the resort.
Step 2: Both the buyer and the seller are sent a closing statement, which details the total cost of the timeshare transfer. The timeshare transfer costs will include a deed recording fee, any transfer taxes required at the county recorders office and any transfer fees that the resort may charge. These fees will vary based on the resort and the location of the property.
Step 3: A new timeshare deed will be sent to the seller within 24 hours of our receiving the required documents. Some states and counties require specific forms attesting to the value of the property being sold. At Timeshare Closings For Less, Inc., we make sure that these forms are completed properly and submitted along with the new timeshare deed. There is no extra charge for this service. If the original deed is misplaced, we can order a copy from the county in which the timeshare deed was recorded. The fee for this service will not exceed that of the actual cost of recovering a new deed.
Step 4: Once we have received funds from the buyer, the new timeshare deed is sent in for recording. This process usually takes 2-4 weeks, depending on the county in which the property is located.
Step 5: After we receive the recorded timeshare deed at our office, it is then sent to the resort to complete the timeshare transfer. We will coordinate any additional paperwork the resort may require to complete the transfer as part of our service.
Step 6: Any funds due to the seller are now released, and the transfer is complete!
Generally the Buyer pays the timeshare closing costs, but this can be negotiated between the buyer and the seller.
Some resorts require that they be given the right to repurchase the timeshare for the same price as other potential buyers. (This clause should be in the original sales documents the seller received when purchasing the unit.)
A timeshare quit claim deed makes no warranties or guarantees in regards to the quality of the seller's interest in the property; whether or not there are any liens against the property; or whether or not anyone else claims any interest in the property. The timeshare quit claim deed can be used if there is no consideration given for the property and/or if it is given as a gift.
A warranty deed is a deed that transfers all of the rights of the seller to the buyer. The seller also makes certain warranties, or promises, to the buyer. The seller is guaranteeing that they have a legal right to sell the property and that the property is, or will be, free of any liens or claims by third parties.
Joint Tenants (joint tenants with right of survivorship) means that if there are two or more owners on the deed and one owner dies, then the surviving owner will continue to own the property, and the estate and heirs at law of the deceased owner will receive absolutely nothing. All that the surviving owner will need to do to remove the deceased owner's name from the asset is to show a death certificate.
Tenancy by the Entirety: Allows spouses to own property together as a single legal entity. Under tenancy by the entirety, a creditor of an individual spouse may not attach and sell the interest of the other spouse; only creditors of both may attach the interest.
Tenancy in Common: If property is owned by two or more people, as tenants in common, each owner will hold a percentage of ownership interest in the property. The percentages don't have to be equal and are determined by how much each owner contributes to the purchase of the property.
Title insurance is a policy issued by an insurance company guaranteeing that the title to a parcel of real property is clear and properly in the name of the title owner and that the owner has the right to deed, convey or sell the property to another person. Should a problem later arise with the title (such as an inaccurate description), the insurance company will pay the damages to the new titleholder, or secured lender, or take steps to correct the problem.
The cost for title insurance depends on the state in which your timeshare is located. Give us a call for an exact quote.
