HHI closing cost higher than others?

[MagicJourney]

I made an offer for a 150pt HHI contract, and was quoted $750 for full closing including title insurance. I remember the closing cost for other WDW resorts is around $500. Why it is much higher @ HHI?
ps. I am buying from a big 3 Disney resale store.

 

[Cboyfanjoe]

I'm Closing on 150 VB points after ROFR through the timeshare store and closing costs are $430, so I would look into it, it's a little high.

 

[bkny]

I think it is because it includes full title insurance. It may be less expensive without it.

 

[MagicJourney]

I'm Closing on 150 VB points after ROFR through the timeshare store and closing costs are $430, so I would look into it, it's a little high.

Do your closing costs include title insurance? I was told the closing alone is about $350, but title insurance costs $400.

 

[chalee94]

the state of SC has different requirements for real estate closings, IIRC. you can do a search to confirm but it's always been at least a little more expensive than for the FL properties.

 

[disneynutz]

I made an offer for a 150pt HHI contract, and was quoted $750 for full closing including title insurance. I remember the closing cost for other WDW resorts is around $500. Why it is much higher @ HHI?
ps. I am buying from a big 3 Disney resale store.

Doesn't SC require an attorney which would add to the cost?

I would contact your agent and ask them.

Bill

 

[ProudMommyof2]

I have been watching some HHI contracts for a while. All agencies quote higher costs for closing.

 

[Syndrome]

Yes, HHI is more expensive to close.
By law, all closings within SC , must go through a SC based attorney / law office. The go to office for HHI DVC properties is Wilson Law Firm, located in Hilton Head SC.
Some other title companys (based in FLA.). "sneak" by and are able to close the HHI properties and could potentially cost a little less $$$, than through Wilson Law.
If you need anything other than a BASIC closing (like a title search and insurance) it must go through Wilson and will cost a bit more.
We just purchased 220 HHI points (for $50 per point ) and the closing costs, including title search and title insurance was $660.20 for everything. That included, title search, attorneys fees ($350. fee) , title insurance, recording fees, city/county tax / stamps , Hilton head transfer tax, and recording of the waiver.



BTW, Vero is different than an HHI closing, since Vero is in FLA.
$750. does sound high for 150. points, I would check in to that !


Hope that helps !

 

[MagicJourney]

Yes, HHI is more expensive to close.
By law, all closings within SC , must go through a SC based attorney / law office. The go to office for HHI DVC properties is Wilson Law Firm, located in Hilton Head SC.
Some other title companys (based in FLA.). "sneak" by and are able to close the HHI properties and could potentially cost a little less $$$, than through Wilson Law.
If you need anything other than a BASIC closing (like a title search and insurance) it must go through Wilson and will cost a bit more.
We just purchased 220 HHI points (for $50 per point ) and the closing costs, including title search and title insurance was $660.20 for everything. That included, title search, attorneys fees ($350. fee) , title insurance, recording fees, city/county tax / stamps , Hilton head transfer tax, and recording of the waiver.

BTW, Vero is different than an HHI closing, since Vero is in FLA.
$750. does sound high for 150. points, I would check in to that !

Hope that helps !

I guess we purchase from the same company. I will ask them why they charge me $100 more... You got a great deal, our offer was accept yesterday, and we pay approximately $10pp more. Keep fingers crossed.

Many thanks to all who replied! We now got an idea what is going on.

 

[ldo]

my closing thru a SC atty office with title insurance on a non-DVC HHI was around $800 8 years ago. FWIW, when we added on DVC-HHI via DVC in 2011, our closing costs were $32. Since it was a small add on, the difference in closing costs made it worthwhile to jsut buy direct.

 

[Syndrome]

I guess we purchase from the same company. I will ask them why they charge me $100 more... You got a great deal, our offer was accept yesterday, and we pay approximately $10pp more. Keep fingers crossed.

Many thanks to all who replied! We now got an idea what is going on.

Yes, I think we may have used the same co.
They kind of screwed up our deal, and it may have cost them a little bit in the end, so perhaps they are estimating HH closings a little higher now.
They tried having Magic title do the closing on our 220 point contract (because it would have been cheaper) , but that didnt fly with SC, so in the middle of the whole deal (after Magic did a lot of the "work" ) , we had to change closing companies to Wilson Law office (who is the legal channel to do HH closings) . Magic had to transfer the deposit, paperwork, waiver, etc. to Wilson Law to finish the closing. It was a royal PITA, and cost us a few extra weeks on the closing process.

This was through one of the larger brokers selling DVC resales (prob. the biggest). You would think that they know how the process is supposed to work, but were kind of clueless about the HHI closing process. We were kept in the dark for the whole transaction unless we called all the parties involved to get info. on the delays.

I am not going to name the broker, but I will not be using them again for various reasons including the closing screw up.

Good luck with ROFR (I think you should be o.k.) , and just have some patience when going through the process of buying a resale HH property !

 

[MagicJourney]

Yes, I think we may have used the same co.
They kind of screwed up our deal, and it may have cost them a little bit in the end, so perhaps they are estimating HH closings a little higher now.
They tried having Magic title do the closing on our 220 point contract (because it would have been cheaper) , but that didnt fly with SC, so in the middle of the whole deal (after Magic did a lot of the "work" ) , we had to change closing companies to Wilson Law office (who is the legal channel to do HH closings) . Magic had to transfer the deposit, paperwork, waiver, etc. to Wilson Law to finish the closing. It was a royal PITA, and cost us a few extra weeks on the closing process.

This was through one of the larger brokers selling DVC resales (prob. the biggest). You would think that they know how the process is supposed to work, but were kind of clueless about the HHI closing process. We were kept in the dark for the whole transaction unless we called all the parties involved to get info. on the delays.

I am not going to name the broker, but I will not be using them again for various reasons including the closing screw up.

Good luck with ROFR (I think you should be o.k.) , and just have some patience when going through the process of buying a resale HH property !

That's weird. One of the largest brokers, and the most reputable dvc closing company have 0 knowledge on HHI closing? Well, at least you made through. No pain, no gain. Wish I have a smooth closing.

 

[Dean]

I made an offer for a 150pt HHI contract, and was quoted $750 for full closing including title insurance. I remember the closing cost for other WDW resorts is around $500. Why it is much higher @ HHI?
ps. I am buying from a big 3 Disney resale store.

SC requires a lawyer but even so and with title insurance, it's high.

Yes, HHI is more expensive to close.
By law, all closings within SC , must go through a SC based attorney / law office. The go to office for HHI DVC properties is Wilson Law Firm, located in Hilton Head SC.
Some other title companys (based in FLA.). "sneak" by and are able to close the HHI properties and could potentially cost a little less $$$, than through Wilson Law.
If you need anything other than a BASIC closing (like a title search and insurance) it must go through Wilson and will cost a bit more.
We just purchased 220 HHI points (for $50 per point ) and the closing costs, including title search and title insurance was $660.20 for everything. That included, title search, attorneys fees ($350. fee) , title insurance, recording fees, city/county tax / stamps , Hilton head transfer tax, and recording of the waiver.



BTW, Vero is different than an HHI closing, since Vero is in FLA.
$750. does sound high for 150. points, I would check in to that !


Hope that helps !

I've used Wilson and Bratt several times and they do a good job but they are not cheap. Some of the one's that are timeshare specific should be able to do so for less than half that and title insurance is a waste in this situation with minimal due diligence.