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Timeshare Closing Companies
Like the ownership transfer of any type of property, the timeshare closing process is a necessary part of the timeshare sales process. By the time an owner gets to this stage, they have already found a buyer for their timeshare, have agreed to a price and secured the deal with a purchase and sale agreement. The deal is in the final stages when you start looking for a timeshare closing company.
What sets the timeshare closing process apart from a traditional real estate closing are the intricacies of the documents involved. Title searches, estoppel requests and existing mortgages are just a few of the areas that can delay the timeshare closing process, which can take between 30-180 days depending on the resort and the status of the documents.
If you are ready to send your timeshare sale to closing, a few items you should have ready will help expedite the process:
- Have a copy of your purchase and sale agreement, signed by both parties.
- If your timeshare is clear of any liens and all mortgages have been paid, have documentation ready to prove it.
- Have a copy of your deed in hand and ready to provide upon request.
- Obtain the necessary contact details of the buyer and have all information ready to be provided.
- Find out if a legal review is required by the state which has jurisdiction over your timeshare. Some closings require a legal review, some don’t, and a legal review generally increases the closing costs.
Remember that in the majority of cases the buyer pays the timeshare closing costs so, while that is more good news for the seller, it can sometimes come as a surprise to the buyer.
Finding a Closing Company
These are just some of the reasons why you will want to find an experienced, reputable closing company with which to do business. Two of the companies we can recommend with confidence are First American Title and Chicago Title.
- Title search
- Escrow services
- Disbursement of funds
- Document preparation
- Estoppel work to confirm the ownership details with the resort
- Transfer and recording of deed
Once a closing company has been chosen, they will open an escrow account and hold all deposits and payments until the timeshare closing process has been completed. Once the sale is closed, the money will be released to the seller.
A traditional real estate closing takes 30 days, after which the seller and buyer typically goes to an office to sign all of the paperwork and the transaction is closed. Not so with a timeshare closing.
Because of the evolving nature of the timeshare industry, some resorts and timeshare developers have changed ownership over the years. Original deeds and ownership information can be confusing, especially the longer the ownership has been held. Chances are that you were originally sold your timeshare by a developer that no longer is involved in the resort, having turned over control of your ownership to the resort HOA which now manages the resort. All of these factors play a part in the time it takes to close the sale of a time.
If it takes a little time to close your timeshare sale, be patient. As long as the information is all correct, it is only a matter of time before you get that check in hand.