Vacation world title?

suebeelin

DIS Veteran
Joined
Jan 24, 2011
Has anyone heard of this place?

My SIL had an offer accepted MONTHS ago, but closing docs haven't been "signed/notarized" because both owners live in different international countries (purportedly).

SIL went through a legit broker that many people have used on this site (and I've used them twice). She's been communicating with vacation world title, NOT the broker (the broker is the one that used to bè preferred, but has recently lost that status- they told her to talk to vacation world title).

She passed rofr MONTHS ago. Her price was agreed upon JUST before the crazy escalation of prices. On the plus side, there's no points until June 2016. She refuses to give up hope because prices have gone up quite a bit since (and my brother won't agree to another contract). She feels married to this one, which is stuck in limbo.

Any advice?!

My brothers trying to find a reason to NOT buy into dvc.
Should she still hope, or give up the dream?
 
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Vacation World Title is one of the common title companies for DVC resale purchases. They handled one of my contracts last year.
 
Ok. Thx. I guess they are legit and telling the truth. I'll tell my SIL to keep hanging on... Because the price is 20% higher now!

Seriously, it's been since March or April. Rofr was in may. It's been THAT long.
 
I just had a closing through them (a Fidelity Resale DVC contract). Complete and total nightmare! Never again would I use them. First, they were SO incredibly slow, which was really frustrating because the contract had banked points. I finally threatened to report the attorney to the bar association if she did not complete the closing. That was the only thing that seemed to get their attention at all. Good luck ever getting through to them on the phone! Then, to add insult to injury, I just received a notice and bill from the IRS because the seller was international so VWT was supposed to withhold a 10% tax from the seller and send it to the IRS. Well, apparently they did not do that (at least not within the allotted timeframe) so now the IRS is coming after me for the taxes that the seller owed and that Vacation World Title did not pay! I would never ever work with them again even if you gave me the contract for free!
 
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I just had a closing through them (a Fidelity Resale DVC contract).
You post that you just had a bad experience with VWT ("Vacation World Title") but at the end of the post you mention "Magic Vacation Title". Was your bad experience with Vacation World Title or Magic Vacation Title? I would appreciate it if you could clarify, thanks!
 
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You post that you just had a bad experience with VWT ("Vacation World Title") but at the end of the post you mention "Magic Vacation Title". Was your bad experience with Vacation World Title or Magic Vacation Title? I would appreciate it if you could clarify, thanks!
Sorry- typo! I fixed my post. The bad experience was with Vacation World Title. So sorry for my typo. I have used Magic Vacation Title before with excellent results. I am so sorry for that mistake. I want to clarify that I have never had a problem with Magic Vacation Title. I have used them, and Nancy was great! It was Vacation World Title that dropped the ball and didn't pay the taxes to the IRS.
 
Emilysmom: Thanks for clarifying. I'm researching closing companies so I wanted to be sure which company you meant. I edited my post to remove the text with the typo. And thanks for the comments about your experience with Magic Vacation Title.
 


Dear LisaS: Thank you for your concern regarding Vacation World Title. Your client is more than welcome to contact our office or the broker for more detailed information, particularly the disclosure of the location of the seller. By way of clarification, its important to note that when a seller is located outside of the U.S. the execution of the Grant Deed to convey the real property interest in the timeshare must follow strict formalities. This often requires a seller to find a U.S. Embassy or Consulate. Without the formalities fulfilled the deed transfer will not be legally valid.

Unfortunately, often times these formalities are not known by the real estate offices and are only disclosed to the parties once the title company is involved and there is an urgency to close the sale.

Please feel free to contact our office if you would like more details on international transfers.
 
Dear Emilys Mom:

We at Vacation World Title appreciate your comments and criticism as it affords our office the opportunity to improve our service, our communication and the timeshare closing process within the industry. Our office is in no way perfect and we will continue to strive to perfect our service so post and commentary will be detailed with positive sentiment.

As to your specific concerns we will continue to address them with you outside the public forum.

However as a general comment related to international sellers. Most parties are unaware that the IRS requires the withholding of 10% of the "gross" sale price which is to be submitted to the IRS as pre-payment for any taxes that may be owed as a result of the sale. While the forms are generally completed by the title company and the payment is delivered through the title company; the obligation is that of the buyer (not the seller) to deliver funds to the IRS. The IRS requires payment within 21 days of transfer and when late, there is a penalty, as you have noted. The international seller is afforded the opportunity to file 1040NR to obtain a refund of the payment. Another opportunity to avoid the tax altogether is have the international seller request (prior to sale) a certificate from the IRS that reduces the tax liability. This option is generally overlooked. There is a third option for residents of citizens of countries that have a tax treaty with the U.S. Unfortunately, several title companies overlook this obligation and assume the payment is not required and fully fund the seller. Please note, the IRS will seek the tax payment from the buyer, not the seller.

Again, thank you for the opportunity to take note of your concerns and criticism affording the opportunity for improvement.

Best of Luck
Vacation World Title
 

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