Escrow for resale DVC...

[anbouk]

My broker wants $1000 to be held in escrow for a resale...is this the norm. If I understand correctly these funds go for a title search? This is A LOT of $ for this, no? Also, I will be credited the difference towards the selling price? If anyone has gone thru this recently, I would appreciate your expertise. I am feeling so overwhelmed at the moment! Trying to absorb everything! TIA!!!

 

[RobDoc]

Escrow is an account held by the broker to protect funds intended for the sale. If something happens where the sale wil not go thru, like ROFR, the escrow amount you pay will be refunded. Basically, you are sending money to be applied towards the total purchase of the resale - including closing costs.

If you were to back out at a later time for a reason not included in your offer, your escrow amount might be forfeited.

 

[mgilmer]

On our recent purchase, the escrow (or good faith deposit) was only $100. When you want to buy directly from DVC, the deposit is $500. How much is your total contract? Generally the more the contract is worth, the greater the escrow amount.

 

[SandrainNC]

We recently purchased (closed last week) and our escrow was also $1,000.

Sandra

 

[Deb & Bill]

On a contract I was selling, the buyer backed out after ROFR and I split the escrow with the real estate agent working the sale. There was $800 escrow on that one. I got $400.

It's a good faith deposit on the purchase.

 

[Belle & Ariel]

That is what we paid. Some resale companies collect a larger deposit. It is not your closing fee but the down payment, such as you would pay earnest money on a house.
If you do not pass ROFR, it is refunded to you or applied to another contract if you do so.

 

[anbouk]

Hi...thanks for all the replies. Sounds about right I guess, as I was a bit nervous initially. We are purchasing 200 pts at BCV....yippeeee....so excited DVC at last!