ellensue wrote:How long does all the paper work take to close on a timeshare?
The answer varies and depends on many factors including but not limited to:
--- the current workload of the closing company --- whether a copy of the current recorded deed is readily available (and whether that deed is both accurate and lawfully valid in the first place...) --- satisfaction of any liens, mortgages, or other unpaid bills --- prompt submission of buyer's payment --- prompt notarization and return of new deed by seller back to the closing company after seller receives it for notarized signature --- recording time of the county of the timeshare --- resort acknowledgement of change of ownership
In general, 6-8 weeks from start to finish would certainly constitute a VERY smooth transaction. If any surprises, complications or misrepresentations of any kind arise to the closing company however, it will obviously take much longer. It's generally even longer still for "chain" associated closings (e.g., Marriott, Wyndham, etc.).
November marks the time of year when maintenance fee bills start going out (I've already received three of mine). Since 2009 mf bills will likely be issued while a closing at this time of year is actually in progress, the closing company will require signature agreement from BOTH buyer and seller regarding responsibility for that particular bill, as well as buyer and seller signed identification and agreement regarding the date of the next available usage for the buyer after closing. Seller will also have to sign a statement indicating that future weeks have not been rented out or deposited with any exchange company.
KC
