Post reply

Re: Closing costs (by Carrie S.):

christines79 wrote:

Who usually pays all closing and escrow costs after the sale? - The Seller or the Buyer.

If I am ready to attempt to sell my timeshare on redweek am I correct that I just have to post it, wait for an interested buyer and THEN contact the closing company through redweek OR contact a private lawyer who would do the closing. I am ready to do this but just feel a little insecure. Thanks

It's OK to be nervous. However, it looks like you plan to hire serious professionals to do the heavy lifting. What you are paying for is for them to be nervous, so you can relax. It's kind of like hiring a surgeon. If you get a good one, you pay him to worry while you just sleep through the whole thing.

I am not you, but if I were you, I would go ahead and check out those companies now. Read up on them, call and chat them up, and find out just exactly what they do and don't do, and any recommendations they'd have about which kind of company to hire.

In home sales, the closing costs are usually paid by the buyer, since they are the handmaiden of greedy lenders. However, in a buyer's market, an owner may offer to pay the closing costs if it will attract a buyer. As a buyer, I don't want property taxes figured on closing costs, so any freebees should come right off the price, which sets the tax.

For example, the seller pays $200 closing costs for a $2000 sale. The property tax is figured on the $2000, not on the $1800 the buyer really paid. As seller, this is a pont you might want to make to your buyer, depending on the price and the closing costs.

C.

p.s. I think you're cool, jayjay.