Reasonable Closing Costs?

[pmore99 Junior Member Find all posts View Profile Close pmore99]

I am just about to purchase a marriott timeshare (Palm Springs) through [link removed-who it was bought through is of little importance] and I was hoping for some guidance.

According to the broker, I am responsible for $550 of closing costs and $125 of transfer fees. Does this sound reasonable and is there any power to negotiate these fees down?

Also, any other tips would be greatly appreciated. This is my first time through this process and I would love to hear other people's experiences.

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

Traditionally with resales, the Buyer will pay the closing costs and transfer fees. By paying the closing costs, you then get the right to choose the closing agent. Find out who the closing agent will be, and make sure that they are familiar with the resort and current closing process. You might also want to try calling them directly to see if you can get a discounted price! It never hurts to try..... (A $400. quote not including stamps on the deed would be a good deal!).

Considering the quote you received, that amount seems to be pretty standard for a closing without a title search or title insurance policy. You may want to strongly consider asking for these additional services at your cost (approx $150 on top) as California resorts always bill taxes separately from the maintenance fees, and just the standard estoppels won't tell you if there are back taxes still owed, or if the history of title is in fact clean.

Many savvy buyers feel that a title search and policy is not needed with a timeshare purchase- but as I've stated before- I'm just a nervious nellie and prefer the "better safe than sorry" approach!

The $125 quoted for resort transfer fees will actually end up being $120. ($95 for Marriott's waiver request fee and $25 for the transfer fee).

Good luck on your purchase!

Rich