How much are closing costs for a resale?

[utahkennedys]

I am wondering how much closing costs would be through a broker, and what a breakdown of fees is. Does this depend on the # of points? Is there a flat fee Disney charges to transfer?

 

[Granny]

I think it's a pretty flat fee, which is why buying small amounts of points via resale can be pretty pricy. I think my closing costs were $450...they didn't provide a break down (I didn't ask).

 

[Aneille]

As far as I understand closings costs work on a range of pts. For something in the 200 pt range, its around $500.

I called a few of the resale agents a few weeks ago to find out and I had written it down but I can't find that information anymore. I never asked for the breakdown.Sorry.

 

[Cruelladeville]

My closing costs were also around $450 on two separate contracts. The costs are not broken down, they just cover everything. Disney does charge a transfer fee, included in closing costs. I am guessing that the fee is pretty standard, since I bought a 250 pt contract, and a week at Marriott, and both cost me about the same amount of money. Besides the fee to Disney, you also have costs to Orange County government, and people who run the paperwork around to wherever it needs to be.

 

[Dean]

The lowest I've seen is $200 but that doesn't include the transfer fee. And the one that's that low has started charging a ROFR fee as well unless you do that part yourself which is easy to do. The 200 assumes you bought through a specific auction site, otherwise it's $250. Most companies charge a flat rate but some adjust it up or down depending on the purchase price and/or the number of points involved. You could do a closing yourself for about $50 plus the transfer fee if you were willing to do the deed yourself.

 

[Disneymooners93]

I posted this a little while ago and it went away quickly...

I have not seen a breakdown for calculating closing costs mentioned in any of the threads, just estimates or a range. I found this interesting. TTS explained to me that closing costs are based on the purchase price - figured like this:

$3000-$7000 = $400 closing cost
$7001-$10,000 = $425 closing cost
each $2000 over $10,000 adds $25 to the $425 (i.e. $12-14,000 = $475 c.c.)

They did not give me an under $3000 (didn't ask), perhaps $375. Not sure if this is consistent with all resales, but should be at least close.

 

[Scotch]

The lowest I've seen is $200 but that doesn't include the transfer fee. And the one that's that low has started charging a ROFR fee as well unless you do that part yourself which is easy to do. The 200 assumes you bought through a specific auction site, otherwise it's $250. Most companies charge a flat rate but some adjust it up or down depending on the purchase price and/or the number of points involved. You could do a closing yourself for about $50 plus the transfer fee if you were willing to do the deed yourself.

I assume you are talking about Timeshare Transfer, Inc. There is an additional recording fee (for the ROFR letter I think) of $30+. And they are now really really slow. Maybe it is because they operate out of Vero Beach so they use snail mail to record the deed and wait for the recorder's office to MAIL the conformed copy back to their office before proceeding further. I bought two DVC contracts earlier this year. The BCV contract, handled by TTI, started the closing process (after passing ROFR) almost exactly one month before Timeshare Closing Services started the closing process (after passing ROFR) on our OKW contract. The OKW transfer info reached DVC and got into DVC's sytem days BEFORE the BCV documents did. I've used TTI many times on other resale closings in the last two years and I find them slower and less communicative each time.

 

[rtobe]

I just closed on a resale. The "closing costs" are:
Settlement/closing fee $115
Title Search $50
Document Preparation $100.10
Title Insurance $66.70
Recording fees (Orange County) $18.50
State tax stamps $81.20
Recording waiver of ROFR (Orange County Comptroller) $18.50