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Timeshare Closing Costs
BuyATimeshare.com recommends using a reputable closing company to ensure a safe and legal transfer of the ownership of a timeshare. It is important to utilize an experienced firm that can prepare the documentation and facilitate the closing of the sale quickly and correctly. In an industry that has witnessed a lot of scrutiny, it is important that your vacation property ownership is transferred right the first time.
Timeshare closing costs typically range from $300 to $500 for a comprehensive transfer of time share ownership and associated closing actvity. These fees cover the services of the closing company, but do not include additional recording fees or taxes. The recording fees are set by the state and are based on the state and county in which the property is located and on the sale price of the property.
Preparation of Deed - along with any necessary state tax forms regarding the transfer of the timeshare. Important to ensure that all taxes are paid and that no hidden fees will appear later in the transaction.
Delivery of Deed - to the Clerk of Court for recording along with state and/or local documents that may be required. They are submitted to the buyer and seller for signing.
Escrow Services - the closing company will act as an escrow agent, holding the purchase funds and disbursing them to the seller at the end of the closing process.
Obtain the Estoppel Certificate - verification from the resort stating any outstanding maintenance fees, taxes, or additional assessments.
Disbursement of funds to seller - usually takes place after closing following the completion of the transfer, when the purchase funds are distributed to the seller.
Notify resort of deed transfer - a written notification of the transfer, and a copy of the recorded deed, are delivered to the resort.
A reliable closing company will make certain that the transaction and time share fees are handled properly and by knowledgeable professionals. We take every step to help you be proactive in understanding the sale or purchase of your next timeshare, so contact Buy A Timeshare if you have any questions.