Closing Cost Question on HHI purchase

[missymouse]

We have just received the closing papers for our HHI 100 Point resale contract. We were quoted closing costs of approx. $425 for the contract when we began the process. We now notice that the actual closing costs are $600 which is $175 difference. When I asked the agent handling our sale she said that closing in South Carolina is a bit more and that there is some extra paperwork for the title company to do and that is the difference. Just wondering if anyone else has had a similar experience or if anyone who has bought Hilton Head points fairly recently could let me know what they paid for closing costs and the breakdown if possible.

 

[JohnBJr]

We closed in June 06 on a 200 pt HHI contract. Our actual closing costs were, from our closing statement:

Settlement or closing fee to Timeshare Closing Services, Inc. $350.00
Deed Recording Fees $ 10.00
Deed City/County Tax Stamps $ 35.00
Deed State Tax/ Stamps $ 51.80

Total $ 446.80

But we did have another almost $500 for pro-rata share of 2006 annual dues and taxes (maintenance fee or MF). Are you sure that is not included in the estimate of costs to you?

The Timeshare Closing Services fee seemed very fair and the South Carolina state and local tax stamps are certainly in line with my experience in purchasing real estate in Florida and North Carolina.

 

[missymouse]

We have

Settlement or Closing Fee $125.00
Document Preparation $207.00
Title Insurance $150.00
Recording Fees $11.00
City/Count Tax/Stamps $18.75
State tax/stamps $27.75
Record of Waiver or ROFR $10.00
TOTAL $600.00

Does this look fair to what others have paid?

 

[Monkey Bum]

Both look the same with the difference of $150 in title insurance.

 

[JohnBJr]

The difference looks to be primarily in the Title Insurance. We did not buy any nor, come to think of it, were we offered any. However, The Timeshare Closing folks use a Compliance Agreement that is signed by the seller that says they are transferring the title free of encumbrances and as represented. We felt comfortable with this as we believed that Disney also verifies the accuracy of the contract. As you can see, Title Insurance is relatively expensive.

 

[missymouse]

No we are not using Timeshare Closing. We are using Timeshare Title & More, LLC.

We were given the option of a Full closing with Title Search and Title Insurance (Recommended) or a Deed Only Closing.

The contract state Full closing is available for the purchase with an estimated cost of $425

I guess we thought the $425 covered the Title Insurance also.

 

[SCDisneyholics]

Definitely sounds like the TI has upped your costs. SC is an attorney-required closing state, but getting you to pay for a title insurance policy on such a small interest in property is highway robbery.

 

[hoopsrob]

We purchased this summer through Disney. No closing costs and title insurance was included.