So, you’re trying to sell your timeshare, but you still have an outstanding mortgage balance. What do you do? The truth of the matter is,
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Closing on your timeshare is probably a new process for you. Luckily, we have done this hundreds of times. We’re here to help you every step of the way with timeshare closing services. The most commonly asked question we get is, “how long does the timeshare closing process take?” If you’re in the middle of closing on a timeshare you might be curious about what exactly is taking place. We want to be transparent with you, and let you know you’re not alone in the process.
Your Fidelity Real Estate Agent can recommend a licensed title company to assist in the final steps of the closing process with timeshare closing services. The title company is responsible for holding the buyer’s funds in escrow and sending all closing documents to the appropriate parties. They will also record the sale with the appropriate county records offices, notify the resort and/ or HOA, transfer ownership into the new owner’s name and then disperse all funds to appropriate parties.
Once the title company has your file, they will begin the title transfer process. If you have any questions during this stage, you can reach out to your Fidelity Agent and they can contact the title company for you, or you can contact the title company on your own. Your Fidelity Agent is here to help you with any questions you may have and they are a great resource during the entire closing process.
Once they have your file, the title company then performs a title check and prepares the paperwork to transfer the title out of the seller’s name(s) and into the buyers name(s).
At Fidelity, all of our agents are licensed and knowledgeable about the entire closing process and will help facilitate from start to finish. Should you ever have any questions, feel free to contact us.
Fidelity does not receive any payment directly from the buyer or seller. With a trusted title insurance company, all funds and escrow monies are protected and secured.
All closing documents have to be carefully reviewed by both the buyer and seller, checking for even the tiniest mistake. A simple typo could void the agreement and cause the title company to have to redraft the paperwork.
Both buyer and seller must sign and return the documents. One thing that can add time to timeshare closing is the speed at which both parties deliver on their end of the deal.
One of the main timeshare closing services you’ll encounter is disbursing funds. After all documents have been signed and executed, the title insurance company disperses funds. This includes the timeshare sale price, closing fees, and commissions.
Once the docs are signed by both parties, they are then sent to the county clerk’s office in the county the timeshare is located. Additionally, in specific states, it is required that the documents are sent to an attorney’s office. This is simply because these states require a lawyer to be present during real estate closings (if you have any questions about this, ask your Fidelity Agent). If it is a deeded timeshare, the county clerk will change the record on file. Sometimes this step can take a while, but your agent will keep you updated during the entire process.
Once the title is transferred to the new owners name, you are no longer the owner of your timeshare. However, this does not mean you can stop paying your maintenance fees. You must check with your resort to make sure they have changed the owner on record to the new owner.
To put it simply, the Right of First Refusal is the resort’s “right” to step in as the buyer in the sale of any timeshare property at their resort. Every timeshare resale must go through the ROFR process, giving the resort the option to recollect their timeshare units.
We have close ties with the title companies we refer to. This makes the closing process smooth and convenient for both the buyer and seller. You can use a title company you trust if you choose to, but make sure they are accredited by the BBB with experience in timeshare resales.
The title company assists in many things. Once the contracts are signed and we get through the Right of First Refusal, the title company ties all the remaining loose ends. They also securely hold and protect all funds in escrow, protecting both buyers and sellers.
A title company will run a title check, disburse funds, transfer ownership, and deliver documents to the county and resort.
Generally, timeshare closing costs are covered by the buyer. This is agreed on during the drawing up of contracts however and can differ based on the agreements you made.
Even though the contracts and purchase funds may be signed, sealed and delivered, the owner on record at the resort will still be in your name until the resort and/or HOA change your name on the account. Once the resort removes your name from the account, then you can stop paying your maintenance fees. But don’t do so until then! You will have to call them directly for confirmation.
Timeshare closing services include all the steps it takes to close on a timeshare. From title transfer to disbursement of funds. It’s best to use a licensed title company in addition to working with a real estate agent to complete the closing services.
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Our licensed real estate agents pride themselves on providing outstanding service and support. We’re here to guide you through every step of the process.