Hi everyone, I'd like to know something about the closing costs associated with selling a timeshare? Is there a standard market rate or does it differ according to your timeshare? As a seller, should I pay the closing costs or does the buyer pay for it? I'd appreciate any feedback from you guys. Thanks.
Here's my two cents.
When it comes to closing costs, who you get it done from matters a lot. I've seen people do it for around $200 and I've seen people do it for more than $600. Also, like Vacationguy mentioned, it depends on the things you and your buyer mutually agree upon. The more you go for, (title search, insurance, etc), the more closing costs you will have to deal with.
Closing cost includes a number of things. To begin with, the deed. It's very important and if you get in touch with a professional to prepare a deed, it will cost you around $100. This apart, you may have to deal with a contract, title search, title insurance et al. All these things cost money and closing cost is a collective term for all these costs. So, your closing cost may go up or come down depending on these things. For example, if you don't go for title search and title insurance, then the closing cost could be a little less. However, it depends on the mutual agreement between the buyer and seller regarding what they want and what they don't want.
There is no standard market rate for any timeshare. It differs from state to state. Also, it depends on the developer from whom you bought your timeshare. If you, as a buyer, paid the closing costs when you bought your timeshare, then you don't have to worry, the person who buys your timeshare will pay the closing costs. If your seller paid the closing costs when you bought it, then obviously you have to pay while you sell it to someone. You can get in touch with your developer to know in detail about the closing costs involved.