What are the closing costs on a timeshare sale?

The timeshare closing costs vary by resort and by the sales price and whether you buy a deeded or leasehold timeshare.  All timeshares that are sold with a warranty deed through a timeshare closing company have fees associated with document preparation, an abstract or title search, title insurance policy, recording fees and document stamp taxes.  Also, most timeshare resorts are now charging a transfer fee and/or an estoppels fee to the timeshare resale buyer which averages $150.00.  The average closing costs for a warranty deed and a title policy on a Florida timeshare that has a purchase price of $7,000 is about $450. The transfer of a leasehold timeshare also has costs associated with document preparation, the resort transfer and/or estoppels fees.  If you use an independent third-party escrow agent you will also have escrow and administrative fees. You can expect to pay an average of $400 for closing costs associated with a leasehold timeshare. 

How long does a timeshare closing take? 

Timeshare closings vary by resort and the location of the timeshare resort.  In the state of Florida, deeded timeshare weeks can expect to close in as little as 2 weeks to as long as two months.  Other states, such as New York, it can take as long as 6 months to close a timeshare. Leasehold timeshare weeks can close much quicker because title searches are not required, but you are at the mercy of the resort to transfer the ownership and timeframes can vary greatly.  You should expect at least a two month closing timeframe.

How will I know if there are unpaid timeshare maintenance fees on the ownership? 

Dealing with our licensed real estate agents will give you the assurances that you need to address the issue of unpaid timeshare maintenance fees.  We ensure that an estoppels request is sent to the resort management company, which requires the resort to indicate whether the timeshare maintenance fees are paid or are in arrears.  The timeshare title company may also send estoppels to the resort to double check the timeshare is Free and Clear of any unpaid balance. 

Can I be assured I will get clear title on my timeshare? 

If you elect as the buyer to get a full closing which includes title insurance then yes, you would be guaranteed free and clear title. Just like purchasing residential real estate, the closing agent can search the chain of title to ensure that your timeshare ownership is protected from any liens or encumbrances.

Will the resort treat me differently if I buy timeshare resale?

For many timeshare resorts, there is no difference in rights or privileges for a buyer who purchases from the developer or from an existing timeshare owner. Remember, the ability to sell or transfer your timeshare is an important part of almost every developer sales pitch!  For a select few resorts, there may be some ancillary benefits that do not convey to a buyer on the resale market. However, buyers generally feel that the incredible savings of a resale purchase far exceeds the value of any such ancillary benefits! Your licensed real estate agent will be able to provide you with specific details about your timeshare, to ensure you have all the information you need to make an educated decision to purchase.