Closing costs for deeded timeshares in Hawaii, Puerto Rico, and US Virgin Islands...

[rikkis_playpen]

Closing costs for deeded timeshares in Hawaii, Puerto Rico, and the US Virgin Islands.. ..

The following are estimates I routinely use for independent third-party closings. I use a sliding scale with the base cost determined for a sales price up to $5,000. For each additional $1,000 in sales price- I'll add an additional $10. to cover stamps.

If you've recently been in a transaction which is now closed- (unfortunately some closing agents estimates and their final costs don't always match up!) and were charged less than I've shown, please share your resort and what you paid!

These estimates do not include any credit card processing fees, broker fees, courier fees, resort estoppel fees, or resort transfer fees which can add significantly to a Buyer or Seller realized cost.

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Hawaii: approx 10 to 12 weeks closing duration
Deed only estimated @ $400
Full closing with title insurance estimated @ $725


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Puerto Rico: approx 32 to 42 weeks closing duration
Deed only estimated @ $1,350
Full closing with title insurance- varies greatly per closing agent. Often, a firm will provide you with an opinion of title rather than a title policy.

(Recommended that Sellers contact their HOA or developer for possible attorney recommendations to perform the closing.. Often, these resorts will have an established relationship with a local firm that can make the closing process a little easier.)


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US Virgin Islands: approx 18 to 24 weeks closing duration
Deed only estimated @ $1,100
Full closing with title insurance- varies greatly per closing agent.

(Again, recommended that Sellers contact their HOA or developer for possible attorney recommendations to perform the closing.. Often, these resorts will have an established relationship with a local firm that can make the closing process a little easier. Also, several resorts will provide step by step assistance throughout the closing process which can result in substantial savings in costs.)

[rikkis_playpen]

Update on Hawaii closings....

There have been recent reports of significant delays for deeds that have been sent for recording by mail of between 2 to 4 months before the recorded copy is finally returned to the closing agent.

I recommend you check with your choice of closing agent to determine if an expedited courier and walk-in service is available to you, as this can drastically reduce the wait time.. Since most resorts require a copy of the recorded deed, this delay can cause havoc with reservation windows and availability for next years usage.

[Dave H]

Originally Posted by rikkis_playpen

Update on Hawaii closings....

There have been recent reports of significant delays for deeds that have been sent for recording by mail of between 2 to 4 months before the recorded copy is finally returned to the closing agent.

I recommend you check with your choice of closing agent to determine if an expedited courier and walk-in service is available to you, as this can drastically reduce the wait time.. Since most resorts require a copy of the recorded deed, this delay can cause havoc with reservation windows and availability for next years usage.

Rich:

That is one of the advantages I have with using a local Hawaii attorney for my deeds. I get the service of her clerk walking the deed in and notifing the resort the same day of the recording.

Hawaii tends to make up new rules as they go along and changing long standing rules on a moments notice. Often times, since the attorney is local she can get them to bend a little.

They are taking 4 to 6 months to get them back and they are not online with images and right now they are running about 3 weeks behind on whats available on the web versus real life. Thats a huge gap period to deal with.

Dave

[djyamyam]

Originally Posted by rikkis_playpen

Update on Hawaii closings....

There have been recent reports of significant delays for deeds that have been sent for recording by mail of between 2 to 4 months before the recorded copy is finally returned to the closing agent.

I recommend you check with your choice of closing agent to determine if an expedited courier and walk-in service is available to you, as this can drastically reduce the wait time.. Since most resorts require a copy of the recorded deed, this delay can cause havoc with reservation windows and availability for next years usage.

We're in the process of transfering a Maui timeshare. We've just found out that Cdns purchasing require the paperwork signed in a US consulate or a Cdn notary approved by a US consulate. Talk about hoops to jump through.

We're heading down to Las Vegas in a few weeks for a holiday. Can we just bring the paperwork with us and have a US notary witness the paperwork for us?

I find this somewhat laughable as in Canada, you have to be a practicing lawyer to be a notary whereas a US notary can be found in a bank, library, etc.

[Dave H]

Originally Posted by djyamyam

We're in the process of transfering a Maui timeshare. We've just found out that Cdns purchasing require the paperwork signed in a US consulate or a Cdn notary approved by a US consulate. Talk about hoops to jump through.

We're heading down to Las Vegas in a few weeks for a holiday. Can we just bring the paperwork with us and have a US notary witness the paperwork for us?

I find this somewhat laughable as in Canada, you have to be a practicing lawyer to be a notary whereas a US notary can be found in a bank, library, etc.

That requirement is fairly new and it is based on som elaw that was passed in Hawaii. They have really changed some things there. I had a deed from my attorney that had a typo we discovered just prior to foling, said can you slip sheet in a new page and was told not any more, it is now a felony to to that after it has been signed. Kinda of makes sense, but then the client did not see it that way and was upset that they had to go back to the notary and start all over again.

On your question, yes, if it is signed and notaized on U.S. soil you will be ok.

Dave

[rikkis_playpen]

Thanks, Dave!

As a reference for those not aware, Dave H owns a title company in Orlando (PCS TITLE - Precision Closing Services - Real Estate Title Insurance) and handles numerous timeshare closings. His input and thoughts in this forum are very appreciated!

[djyamyam]

Originally Posted by Dave H

That requirement is fairly new and it is based on some law that was passed in Hawaii. They have really changed some things there.

On your question, yes, if it is signed and notaized on U.S. soil you will be ok.

Dave

Thanks, Dave.

[rikkis_playpen]

Update on closings for properties located in the US Virgin Islands.. Currently there is ongoing legal action regarding tax billing.

Virgin Islands, Virgin Islands Newspaper, A Pulitzer Prize Winning Newspaper, Virgin Islands Guide, Virgin Islands Info .. This link takes you to a recent article about the situation. The government recently tried to send out the 2006 tax statements (yes- 2006) and the courts ruled that those tax bills are not valid.

Many timeshare resorts have advised owners to not pay any tax bills that they have received. This is causing major difficulties with ownership transfer, since the closing agents are unable to obtain tax clearance letters from the government showing that there are no unpaid taxes due for the property.

If you are involved in a transaction, you will need to continue to address this issue with your legal counsel or closing agent to determine how to proceed.

[rikkis_playpen]

Effective July 1, 2009 - a new law increases recording fees by $5. for all documents recorded in the regular system of the Bureau of Conveyances. There will be no increase to documents recorded in the Land Court System. (In other words- it's $30. per document up to 20 pages in the Regular System and $25. per document up to 20 pages in Land Court)...

If you are involved in a current closing for Hawaii, you will want to notify your closing agent of this change to avoid possible recording delays in your transaction.

[Tia]

Virgin Islands, Virgin Islands Newspaper, A Pulitzer Prize Winning Newspaper, Virgin Islands Guide, Virgin Islands Info is an article mentioning 2 ts owners that have filed suit re the USVI property taxes. Another of our STT ts board members thinks ARDA is going to help owners or that is what he is telling people, while I think ARDA is interested in helping developers only.