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Re: Need for escrow (by R P.):

karik27 wrote:

Hmmmm. Are closing companies capable of discovering tax liens? I came across 2 of those this week while doing a couple of deeds for a client.

A prospective buyer can check themselves with the county and/or the resort to see if there are any liens. Again, this is call performing due diligence.

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RE: reasons to get, at the least, a Preliminary Title Report (no insured policy) is to make sure that the person you're giving money to 1) owns the timeshare; and, 2) to make sure there are no liens or encumbrances of record.

See my paragraph above. I learned to do my own due diligence due to my timeshare education via Tug (Timeshare Users Group). It has been discussed on that board many times over the years.

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In Hawaii, however, much of our business is from attorneys in the states who don't want to tackle Hawaii property transfers because of our multiple recording systems. I often get calls from people who are at their ends wit with trying to do their own transfer--and have had multiple rejections.

This may be true in Hawaii but on the mainland people can perform their own due diligence for reassurance.

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Do timeshare closing companies know everything about each state's requirements? I think not, because we're often left cleaning up messes.

The timeshare closing company that I use has been in business many years ..... they know what they're doing and what all states require. They have a list of states that they can't do closings (ie: S. Carolina requires a licensed attorney do all timeshare closings as well as some other states and they are aware of any restrictions that may be in place).

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Either you want to pay a reputable company and sleep well or not. As busy as we are, I think alot of people choose to sleep well.

We're in agreement here, but you don't have to pay a timeshare closing company the same fees that you pay for other real estate closings since you can perform your due diligence yourself.