No Closing Costs for Selling Your Timeshare
Our Premier Listing, which covers the $595 for “No Closing Costs”, includes the following items that are performed by a Licensed Real Estate attorney:
- Purchase contract preparation.
- Deed or other transfer document preparation.
- Account status search (estoppel request).
- Property tax verification.
- Ownership verification.
- Resort financing mortgage status.
- Closing statement preparation.
- Escrow collection and disbursement of funds.
- Recording tax return preparation.
- Deed recording or transfer document registration.
- Resort notification.
- Supervision of all document execution.
- Filing 1099-S forms (report of real property sale) with IRS.
The “No Closing Costs” that are not covered might include:
- Recording and transfer fees, typically in the $40 to $100 range.
- Resort transfer fees, typically $25 to $100, but certain resorts charge as high as $750.
- Federal Express charges (required by some Mexican resorts and recommended for all Mexican and Caribbean resorts not having offices in the US), usually $50 for International Economy (four days to 1 week).
- Expenses involved in curing title defects or conducting deed searches.
- Fees for preparing and filing capital gain withholding tax returns (up to $100 for Hawaii, California, New York City, Canada and perhaps other jurisdictions as they are adopted).
- Fees and costs to local counsel in jurisdictions which require locally licensed attorneys to conduct closings (Canada, Bahamas, Puerto Rico, Virgin islands, and maybe others).
The items above in bold italic are customarily paid by the seller. Others are usually paid by the buyer. All are negotiable between the parties.
Some jurisdictions are particularly difficult to work on (or with). For those, a surcharge of $100 for Hawaii, divided between the parties and $500 in New York City where the only timeshare is the Manhattan Club, paid by the buyer. Others may arise, either thru changes in jurisdictions as they arise.
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