Post reply

Re: Need for escrow (by Kari K.):

I might be out of touch, but I thought Title and Escrow companies charge $500-$1000 to close a timeshare transaction, plus title insurance if you want it, and often other fees are charged as well. Timeshare closing companies usually charge $250-$500

YEAH, IT CAN BE THAT MUCH OR NOT---TITLE POLICIES ARE NOT MANDATORY AND IS USUALLY BUNDLED IN THE OVERALL ESTIMATED COSTS. COSTS ARE ESTIMATED AND NEVER ABSOLUTE BECAUSE WHO KNOWS WHAT MAY POP UP IN THE SEARCH THAT WILL REQUIRE MORE WORK. TITLE POLICIES WILL GUARANTEE ANY UNDISCOVERED LIENS, ENCUMBRANCES OR TITLE PROBLEMS. A CLOSING COMPANY CAN'T DO THIS. TITLE POLICIES WILL ALSO PROTECT AGAINST FUTURE PROBLEMS DISCOVERED WITH THE DEED........FOR INSTANCE, I RECENTLY DID A TRIPLE TIMESHARE TRANSFER FOR A CLIENT---EACH UNIT WAS GOING TO SOMEONE DIFFERENT. THE CLIENT BOUGHT ALL THREE AT THE SAME TIME AND HAD PURCHASED A TITLE POLICY. WELL, I DISCOVERED THAT THE 3 DEEDS WERE COMINGLED......SO NOTHING COULD BE TRANSFERED UNTIL CORRECTION DEEDS WERE DONE AND IT WAS THE TITLE COMPANY WHO ISSUED THE POLICY WHO DID THE CORRECTION DEEDS ON THEIR OWN DOLLAR.......HAD THIS BEEN DONE BY A CLOSING COMANY, WITH NO GUARANTEES, THE CLIENT WOULD HAVE BEEN OUT OF LUCK AND WOULD HAVE HAD TO PAY TWICE FOR THE THREE TRANSFERS---ONCE FOR THE CORRECTIONS AND ONCE TO THE 3 RECEIVORS.

notorious for resisting clarification on fees charged BECAUSE WJHO KNOWS WHAT WILL BE DISCOVERED AFTER THE RESEARCH

An individual can often look title info up on county recorder websites and often can view/download a copy of the document PROVIDING THE SOURCE IS CURRENT- PLUS, COUNTY RECORD DATA BASES OFTEN MISPELL A NAME THEREFORE A SEARCH MAY NOT PULL UP A GIVEN DOCUMENT---THIS HAPPENS ALL THE TIME---I HAVE AN ONGOING RELATIONSHIP WITH OUR BUREAU; WHENEVER I FIND A MISSPELLED NAME, I SEND IN A REQUEST FOR CORRECTION---MISSPELLED NAMES CAN CAUSE MAY PROBLEMS IN SEARCHES.

The same goes for contacting the resort BUT THE RESORT WON'T HAVE "OTHER' LIENS OR ENCUMBRANCE INFORMATION THAT AREN'T RELEVENT TO THE RESORT

Closing companies are not magical, they merely provide a service. TRUE, THEY PROVIDE A SERVICE BUT NOT A GUARANTEED SERVICE AND DEFINITLY NOT THOROUGH ENOUGH WHICH IS WHY THERE ARE SO MANY ERROR ON DEEDS DONE BY CLOSING COMPANIES.....

I'm better off doing this myself. MOST PEOPLE AREN'T AS SAAVY-----BUT, STILL, CAN YOU PROVIDE GUARANTEES FOR ERRORS DISCOVERED IN THE FUTURE?