Closing Costs Definition – Timeshare Terminology

The costs for employing a closing company for holding escrow, performing title search, rewriting the deed, recording the deed and executing resort specific transfer documents. It’s recommended to use a Licensed, Bonded, and Insured closing company.

At Selling Timeshares, Inc. we use a closing company on every transaction to ensure your protection. The closing company will ensure the property’s loan is truly paid off, the account is in good standing regarding maintenance fees, and the attributes of the account match what the buyer is contracted for. Once the account has been verified, the buyer is responsible to submit a $1,000.00 to the closing company as an earnest money deposit. As soon as the money clears in the escrow account, the transfer is ready to be started.

As you can see, any honest broker will take multiple precautions to prevent risk at the expense of their clients. Legally, it is not required to use a closing company for many transactions, but our brokerage will only do business when a third-party closing company is involved to ensure a smooth, unbiased transfer of the funds and property.

Feel free to contact one of our agents for the amount of closing costs applicable to your transaction, as different properties may require additional transfer steps which leads to a high closing cost.

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