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Timeshare Closing Process
Timeshare Broker Associates is here to help ensure a smooth closing process.
Why the Timeshare Closing Process Matters
The timeshare closing process is a vital element of any timeshare transaction. It ensures a legal transfer of ownership from the seller to the buyer. Additionally, it protects the buyer and seller by verifying the unit’s details, handling the funds through escrow, and guaranteeing that the title property is clear.
Furthermore, at BuyAtimeshare.com, we work with Timeshare Broker Associates and recommend Vacation Club Title & Escrow to help ensure a smooth closing process.
How to Complete the Sale of My Timeshare
The timeshare closing process can be complex, so we are committed to helping provide a smooth and thorough closing process at Timeshare Broker Associates. Learn about the closing process below!
Work with a Title Company
We will recommend a trusted title company to verify ownership details. The title agency is responsible for holding the buyer's funds in escrow and sending all closing documents to each party.
Prepare Closing Statements
A title check is run, and transfer paperwork is prepared. Timeshare Broker Associates agents are timeshare experts and are on standby to answer all questions you may have.
Manage Funds and Coordinate with Buyer
The title company protects all funds and escrow monies. Further, all closing documents must be reviewed by the buyer and seller, and if the information is correct, both buyer and seller must sign and return the documents.
Disbursing Funds and Delivering Documents
The title insurance company disperses funds after all documents have been signed and executed. Once both parties sign the docs, they are sent to the county clerk’s office where the timeshare is located.
Transferring Ownership
Once the title has officially transferred over, the buyer is now the new owner! You should verify with your resort that the ownership details have been updated to reflect the new owner.
What Title Company Do You Recommend?
We highly recommend Vacation Club Title & Escrow for your timeshare needs. They manage every intricate detail of timeshare ownership, including closing documents, title examinations, obtaining right of first refusal waivers, and much more. Here’s why they stand out:
A Proven Track Record
With over 150,000 timeshare and residential closings completed, Vacation Club Title & Escrow has the experience and reliability you deserve from a title company.
Expertise in Vacation Ownership
Specializing in both deeded and non-deeded vacation ownership programs, they handle the unique complexities of all types of timeshare transactions.
Licensed Professionals
As licensed title and escrow agents, they ensure every transaction is handled with legal precision and industry compliance.
Fast and Flexible Closings
Known for the fastest closings in the vacation club space, Vacation Club Title and Escrow offers flexible payment options to fit your needs.
Timeshare Closing Services FAQ
Need more information on closing? No problem! Here are some frequently asked questions about the closing process.
Even after all the documents have been signed and the title has been transferred, this does not mean you should stop paying your maintenance fees. You should always contact your resort to verify they have changed the owner on record to the new one. Once your resort has been confirmed, you can say goodbye to the annual fees!
Typically, the buyer is responsible for covering timeshare closing costs. However, this responsibility is agreed upon when contracts are drawn up and may vary based on your specific agreements.
The time it takes a timeshare to close depends on the developer and whether or not it has to waive the right of first refusal (ROFR). What is ROFR? Well, contracts typically state that the developer has the right to step in as the buyer in the event of a timeshare sale transaction. In fact, every timeshare resale goes through the ROFR process to allow the resort to get back its timeshare units.
If the ROFR has been dismissed, the timeshare transaction can continue. Typically, on average, the timeshare closing process can take 35 days (more or less) once a purchase agreement is signed and the deposit is collected.
Title companies are a vital part of the timeshare closing process. The title company files the transaction once the contracts are signed and the seller has completed the ROFR process. The title company secures and protects all funds in escrow, which protects both the buyer and seller.
Furthermore, a title company runs title checks, disburses funds, transfers ownership, and delivers documents to the county and resort.
Ready to Get Started?
Whether you’re looking to buy or sell a timeshare resale, our licensed agents are here to help you every step of the way from introduction to the closing process.
Insights from Our Blog
To learn more about timeshares, how to sell, and how to buy, check out our latest blogs today!
