Closing Costs On Resale from the Timeshare Store

[billsfan]

Does any one know what the closing costs on a resale contract through the Timeshare store are? Are the closing costs based on number of points bought or the total cost of the resale? I'm thinking of buying between 100 - 150 points early next year and was just wondering.

Also has anyone ever heard of asking the seller to pay the closing costs and paying more per point to make up the diffrence so Disney would not exercise ROFR on the contract?

Thanks
Steve

 

[jel0511]

Closing costs are based on the total amount of the purchase. For a 100 - 150 contract I was quoted $450.

 

[CRobin]

Actually, closing costs are pretty much fixed at around that $400-$450 number, regardless the size of the contract.

The commission that the seller pays to the broker is a % of the sales price; I believe I read it was around 12%

 

[JimC]

If you are seller I believe they are approximately 12% plus a $100 fee to DVC to transfer.

If you are buyer, then plan on $2.00 per point with a minimum $450.

Of course these are negotiable as to who ultimately pays and there are alternative services that charge less and do less for you.

 

[TheRustyScupper]

1) Timeshare Store uses a closing company at about $450.
2) However, rates do vary among closing companies.
3) We recently paid $250 to close.
4) There was an optional $200 title insurance (we did not buy).
5) You CAN request any closing company YOU want.

 

[billsfan]

Thanks for the information

Steve

 

[Devonjohn]

1) Timeshare Store uses a closing company at about $450.
2) However, rates do vary among closing companies.
3) We recently paid $250 to close.
4) There was an optional $200 title insurance (we did not buy).
5) You CAN request any closing company YOU want.

What closing company did you use for $250?

 

[T.E. Yeary]

A purchaser, or whomever is paying the closing costs, as stated in the contract, certainly does have the option of choosing the title company.

Board members opinions are as varied on this issue as they are on what Resale Broker they want to use.

At TTS, if the person paying the closing costs, doesn't have a preference, we do suggest Timeshare Closing Services, Inc. They have closed more deals with DVC members than all the other title companies combined. Experience does count when issues arise as they sometimes do. They have made mistakes in the past, as we all have the human error to contend with, but far fewer than some other closing agencies.

Timeshare Closing Services, Inc., costs do include a title insurance policy, which in my own personal opinion is in everyones best interest. This is another issue that has been debated on this board.

But keep this in mind, when you do business with TTS, no matter which title company you want to use and whether you want a title insurance policy or not, makes absolutely NO difference to us. We will proceed with business as usual and do our best to see you begin to start the "magic" as soon as possible.

Sincerely,
Thomas E. Yeary (Tom)
Owner/Broker