Timeshare Transfer - 87
Timeshare Transfer for Membership Ownership is different than your typical residential real estate closings. First of all they are done via the US mail, (mail away closings) or completed via electronic closings (via the internet). The buyer or seller never meets at a closing. You can close on a home much faster than you can close on a timeshare.
At the start of the timeshare transfer our closing coordinator gathers key information from both parties such as names, address information, identifications, and confirms what is written on the Purchase and Sales Agreement. We then give you an approximate time for closing based on the resort. Many more people are involved to complete the timeshare transfer.
Before we begin your timeshare transfer process we do ask for a Document Prep fee up front before we start working with various people who must be involved with the timeshare closing. This fee is typically paid by the buyer and is non refundable. This timeshare transfer closing fee is not part of your closing cost. It is a separate fee which is paid to the closing company. This document prep fee covers the closing company’s cost to prepare the documents, work with the resorts. This involves many calls and emails to complete the process.
Once the fee has been received we send out for an Estoppel to the resort. This document we can take a few days up to a few weeks. We then verify if the resort has a first right of refusal. Some resorts do opt to buy back the timeshare. If this is the case, we do refund you the Document Prep Fee. This step determines the transfer fee, and confirms the resort unit information. Both Buyer and Seller are asked to sign this as part of the closing.
The next step in the process is the Timeshare Transfer Documents will be prepared. For the membership timeshare transfer, we prepare documents which require all parties to sign with a Notary. This must be done via US mail which is mailed to the seller(s) and then mailed to the buyer(s), then returned to Transferatimesharetitle.com to review.
Once we have the Estoppel, the First Right of Refusal, and the completed timeshare transfer documents returned, the paralegal verifies that the Notary has completed the timeshare transfer docs correctly. The settlement statement is then prepared listing all the fees involved with the purchase and sale of your timeshare. The paralegal or the closing coordinator then sends the documents out to review and will make changes if necessary and go over all the figures to both parties.
Buyer and seller must approve the settlement statement. Then we request funds to close. The funds are held in escrow until the timeshare transfer is complete. The resort must approve and process all received documents in their system before the file is fully complete, both parties will be notified once the resort transfers ownership to the buyer.
This is a very different step then your residential real estate. They do not recognize you as an owner until they do their own paperwork. This last process of the timeshare transfer closing is where we as a timeshare closing company have no control, and can only follow-up with emails and calls until we get confirmation of the transfer.