Closing costs for deeded timeshares in Florida, Georgia, South Carolina, and Alabama

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

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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Florida: approx 6 to 8 weeks closing duration
Deed only estimated @ $325
Full closing with title insurance estimated @ $525

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Georgia: approx 10 to 12 weeks closing duration
Deed only estimated @ $350
Full closing with title insurance estimated @ $650

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South Carolina: approx 14 to 16 weeks closing duration
Deed only estimated @ $425
Full closing with title insurance estimated @ $775

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Alabama: approx 10 to 12 weeks closing duration
Deed only estimated @ $350
Full closing with title insurance estimated @ $650

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

IMHO, anything over $250 is overpriced. One reseller that was charging $350, did mine for $200.

I can do it myself for less than $30, and I do. Same deed to the same Recorder and on to the same transfer person at the same resort.

Oh yeah, timewise, mine will take whatever the Recorder takes, and if I take it to the Recorder myself and get a certified copy, that would be one day, plus the time to mail it to the resort.

&, mine never get lost in the mail, a euphemism actually meaning it's around here somewhere and we'll get to it when we find it.

[Dave H Member Find all posts View Profile Close Dave H]

Closing Fees

Your closing fees are reasonable, the time frames may be a little high, but workable.

Several of the states like SC, GA require an attorney to prepare the deeds and in some cases supervise the recording of the documents.

JLB, if you want a professional closing company, properly licensed, insured etc, your $250 is way low. Anyone can copy a deed from an old deed, but if it was wrong to start with, you copied it wrong. A good closing company is going to know the legals and catch those errors.

Dave

[Mybobalong Member Find all posts View Profile Close Mybobalong]

In July I went thru Transaction Realty and paid $495 inc title insurance for ts in California.Took about 3 months and I was told I'll be getting all documents soon.So far I have only a sales contract and a tax bill :-)

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

Performing your own closings....

IMHO, anything over $250 is overpriced. One reseller that was charging $350, did mine for $200......I can do it myself for less than $30, and I do. Same deed to the same Recorder and on to the same transfer person at the same resort.
[/I]

Performing your own closings is a great way to save money for a Buyer if you have the expertise and confidence to do so.. However, this is an offer term I would recommend a Seller never accept! (Sorry JLB...). An independent third party closing agent protects both parties, and is one of the most important aspects of any arm's length transaction!

The concept is similar to a person deciding to build their own house to save on the contractor mark up- if they have the expertise to do so, fantastic! If they are just an average guy with a fancy tool belt- it may not be such a good idea!

[jslo Junior Member Find all posts View Profile Close jslo]

Duncan Realty & Escrow

We are trying to buy a Marriott resale. The broker uses Duncan Realty & Escrow. Has anyone else used them and can comment on their services? Thank you.......Jan

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

Susan Duncan is licensed as a real estate broker in the state of Missouri. Because of the unique laws of that state, she is able to provide closing services.

With any closing agent, you should always request a copy of the estoppels, as well as any right of first refusal documentation.

Good luck with your closing!

[jslo Junior Member Find all posts View Profile Close jslo]

closing company

Thank you for your reply. It's a lot to keep a handle on......we are buying a property at Hilton Head, the broker is in Virginia, the closing company is based in Missouri. After reading the shared info on this website, I've learned that I need to be careful when buying a resale and appreciate everyone's input.

[shirleyj62 Junior Member Find all posts View Profile Close shirleyj62]

What's the diff between deed only and full closing?

In the OP comment, he posted two fees: one for deed only and another for full closing? What's the difference? I'm trying to buy a resale for minimal cost, would I need full closing or just the deed? If I have an estoppel letter from the resort would I need to have Title Insurance?

Thanks,
Shirley

[Dave H Member Find all posts View Profile Close Dave H]

In the OP comment, he posted two fees: one for deed only and another for full closing? What's the difference? I'm trying to buy a resale for minimal cost, would I need full closing or just the deed? If I have an estoppel letter from the resort would I need to have Title Insurance?

Thanks,
Shirley

Shirley:

The difference is in a deed only, the closing company orders an estoppel, handles transfer of funds, deed prep and recording and notifing the resort when the deed is recorded.

The Full Closing is all of the above plus a full title search and title insurance.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Just for the fun of it, since I now see some old posts, let's say the title company copied the old deed wrong over to the new deed, or the LD on the old deed was wrong.

As the buyer, 2 years later, what now?

[Dave H Member Find all posts View Profile Close Dave H]

Just for the fun of it, since I now see some old posts, let's say the title company copied the old deed wrong over to the new deed, or the LD on the old deed was wrong.

As the buyer, 2 years later, what now?

It would depend on many things, first what was the error? Did you buy title insurance, is the closing company still in business.

The simple I will play along solution is record a corrective deed. But it depends on what is wrong with the 2 deeds.

Also, if you did not pay to have a title search done nor title insurance, the closing company may not do it for free as they were never originally contracted to research the title.

There is a good reason for title insurance.

[Carolinian Super Moderator Find all posts View Profile Close Carolinian]

And odds are, yours will be more accurate, and more likely to legally pass title than those prepared by the jackleg multi-state timeshare closing companies (only one multi-state timeshare closing company I am aware of complies with state laws and uses properly qualified deed preparers).

IMHO, anything over $250 is overpriced. One reseller that was charging $350, did mine for $200.

I can do it myself for less than $30, and I do. Same deed to the same Recorder and on to the same transfer person at the same resort.

Oh yeah, timewise, mine will take whatever the Recorder takes, and if I take it to the Recorder myself and get a certified copy, that would be one day, plus the time to mail it to the resort.

&, mine never get lost in the mail, a euphemism actually meaning it's around here somewhere and we'll get to it when we find it.

[Carolinian Super Moderator Find all posts View Profile Close Carolinian]

It would depend on many things, first what was the error? Did you buy title insurance, is the closing company still in business.

The simple I will play along solution is record a corrective deed. But it depends on what is wrong with the 2 deeds.

Also, if you did not pay to have a title search done nor title insurance, the closing company may not do it for free as they were never originally contracted to research the title.

There is a good reason for title insurance.

The most common defect I see from many of the multi-state timeshare closing companies is defects in their deed form, often fatal defects that prevent passage of title even though the ''deed'' gets recorded. That is a defect in the closers draftsmanship, not something resulting from lack of a title search. If you are using an out of state timeshare closing company, it is important to use one that uses attorneys located where the timeshare is located to prepare the deeds, and there is only one to my knowledge that does that. Otherwise use an attorney local to where the timeshare is located, and the resort can probably advise you of who would do that.

[Carolinian Super Moderator Find all posts View Profile Close Carolinian]

Susan Duncan is licensed as a real estate broker in the state of Missouri. Because of the unique laws of that state, she is able to provide closing services.

With any closing agent, you should always request a copy of the estoppels, as well as any right of first refusal documentation.

Good luck with your closing!

Missouri laws may be all well and good for closing a Missouri timeshare, but they aren't worth a flip for a timeshare in another state.

For example, many states have criminal laws prohibiting the unauthorized practice of law, and most of those states define preparing a deed as pracitice of law. Anyone other than a party to the transaction (buyer or seller) or an attorney duly licensed in that state (where the timeshare is located) who prepares a deed is committing a criminal offense. The North Carolina State Bar has issued cease and desist warning letters to a number of multi-state timeshare closing companies.

Also, the real estate brokerage laws may prohibit a broker not licensed in the state where the timeshare is located from handling the transaction. North Carolina law, for example, does that, and the North Carolina Real Estate Commission has been known to go after timeshare brokers in other states handling NC timeshares, like Triple Crown Finance in Nevada some years ago.