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Who does escrow protect, the buyer, the seller, or both? (by Beck):

mike1536 wrote:

The OP said he/she had a buyer, but the buyer did not want to pay the escrow fees. So after reading all these posts on escrow and closing companies, I ask this question. If the seller gets the money, the new deed is properly recorded, and the resort is notified of the ownership transfer, then does it matter if the buyer used an escrow company? Doesn't escrow, title searches, etc protect the buyer from an unscrupulous seller or a faulty title? IF the buyer wants to accept these risks, then that’s his prerogative.

I agree, and as long as I was paid for my timeshare before I signed the deed and mailed it to the buyer I almost agree 100%.

For most sellers though, I wouldn't recommend signing the deed until after a 14 day period past when the certified check was deposited is over. And before depositing the check I'd call the issuing bank to verify funds.

This part is probably a bit advanced for most people, but I've done a form of this for a few sales which I was not certain about the buyer. A seller might also be best protected by having the buyer sign a contract giving seller power of attorney to transfer the ownership back without the new owner's signature (current seller with POA signs on new owner's behalf) in the event the deed is not recorded within 90 days and/or the timeshare is still in the seller's name when annual maintenance is due and the buyer fails to pay it.