HH resale - no title insurance?

luckytso

DIS Veteran<br><a href="http://www.wdwinfo.com/dis
Joined
Mar 29, 2002
I am in the process of purchasing a HH resale, still waiting for Disney's approval.

However, I was told by the resale broker that the closing service only includes a title search, but not a title insurance since the broker/closing service is in FL while the property is in SC. For all other DVC properties, you get the title insurance since the property is in FL.

I don't want to pay any extra for the closing. Is there anything that I can do to insure the title is tranferred free and clear?

Thanks for any advice you can offer.
 

Dean

DIS Veteran<br><a href="http://www.wdwinfo.com/dis
Joined
Aug 19, 1999
Have the Attorney transfer the closing to one in SC, that should complete the deal. I've bought or had in escrow, 3 timeshares where the broker and original closing agent were not in the state of the timeshare. In every case the closing agent originally contracted by the broker transferred the closing to one within the state in question and title insurance was forthcoming for the 2 that actually closed. The other was a DVC contract that DVC ended up buying out from under us. That meant the closing agent got nothing and did have some expenses.
 

luckytso

DIS Veteran<br><a href="http://www.wdwinfo.com/dis
Joined
Mar 29, 2002
Dean,

Thanks for the reply. I don't have an attorney, and the closing fee is paid by the seller.

Do you mean I can still contact my broker and transfer the closing service to SC at this point? The cotract has already been processed by the Timeshare Closing Services and been sent up for Disney's approval.

It seems that Timeshare Closing Services would demand some $ since they have already done some work.

I don't want to do anything with the closing services yet because I got it at a really good price and I am not sure if Disney will let it go. However, if Disney does approve it, would it be too late to transfer it to SC?

Thanks
 

Dean

DIS Veteran<br><a href="http://www.wdwinfo.com/dis
Joined
Aug 19, 1999
A closing service comes under an attorney. They should transfer the closing to the state in question for the same price. It should be irrelevant who is "paying" for the service as long as the price is the same and/or agreed upon. I'd demand title insurance but be willing to pay the $150 yourself.
 

luckytso

DIS Veteran<br><a href="http://www.wdwinfo.com/dis
Joined
Mar 29, 2002
Dean,

Thanks again. Do you have a closing service you can recommend in SC?
 

WebmasterDoc

Administrator
Administrator
Joined
Aug 14, 1998
For our HH resale thru The Timeshare Store, we were directed to McCutchen, Mumford & Vaught Attorney at Law in Myrtle Beach, SC. They handled the closing including title insurance.
Tel# 843-449-3411

The actual closing service was USA Timeshare Services, INC- also in Myrtle Beach. 843 497-1191 .

SC has some peculiarities and we were told that the closing should be handled by a SC law firm.

Good Luck!
 

luckytso

DIS Veteran<br><a href="http://www.wdwinfo.com/dis
Joined
Mar 29, 2002
Doc,

Thanks a lot. I will look into it. At least, now I know I am not the only one who would like to have title insurance.

When I brought this up with the broker, I was given an answer as if this was not important. However, I don't feel comfortable if I don't have one. Overall, this is still a real estate transaction. Thanks again.
 










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