Resale - who pays closing costs?

[FindingFigment]

I'm assuming it's negotiable since reading through the ROFR list reveals sometimes buyer payers and sometimes seller pays.

Which would you say is correct:
a) Buyer usually pays
b) Seller usually pays
c) Buyer and seller agree to split it
d) Other

 

[adminjedi]

d) He who is the better negotiator!

 

[buzz5985]

It all depends how you negotiate, I paid closing costs - but did not pay the maintenance fees the seller wanted reimbursed for that year.

 

[godalejunior]

I, as the buyer, did not pay closing costs or maintenance fees....its all in the negotiation.

 

[Sandisw]

Everything with resale is up for negotiations--closing costs, price per point, MF's, etc.

We have both bought and sold and in both cases, there was give and take on the part of buyer and seller.

I know that when I bought, I paid closing but I did submit my offer for less than the asking price, which pretty much covered the closing costs.

When I sold, the buyer of my contract took the same approach. However, I have certainly read stories where people got the contracts for less than asking price and without closing.

 

[Dean]

Traditionally the buyer pays closing and the seller pays any transfer fees but as noted, all is open for negotiation.

ETA:Historically with a weeks system buyer pays fees for the use of the weeks they receive and not for weeks not received. DVC is unique in that the charge fees on a calendar year basis. That means that for an August 2011 UY, 7/12 of the fee due this Jan are for the 2010 UY and only 5 months for the 2011 UY.

 

[DVC SSR Owner]

We did not pay mf or closing costs when we bought ssr last July for $55 per point on 200 points.

 

[Anthony1971]

As said all is open for negotiation...
However you will likely have less negotiation power with a contract with all current points and even less with banked points. You will be best advised by the resale agent on a fair offer.
However If you want a stripped contract you can make lowball offers as these are the majority of what will likely take longer to sell giving you a better chance of acceptance.

 

[Skrutti]

If Disney do ROFR it´s better for both parts if the price per point is higher and seller pays closing. In that senario the seller gets more money from the points than if the buyer pays less per point and closing costs. In the end everybody looks att the total cost including closing costs. Thats why my opinion is that the seller should always pay closing. Take BCV for an example where the selling price per point is very important.

 

[psac]

As said all is open for negotiation...
However you will likely have less negotiation power with a contract with all current points and even less with banked points. You will be best advised by the resale agent on a fair offer.
However If you want a stripped contract you can make lowball offers as these are the majority of what will likely take longer to sell giving you a better chance of acceptance.

Agreed, the general convention seems to be the more points that are currently available (current year + bank), the more the buyer pays in terms of closing and/or current year annual maintenance. The resale we're buying has both (banked & current year), and we're paying closing and maint. But we did negotiate the $/pt.

In terms of being advised by the resale agent, remember the resale agent works for the SELLER. They get paid commission based on the sale price. It helps them to have a higher price. Of course, for them, making a sale at lower comission is still better than NO commission, but still be wary.

(On our resale that we're working on buying now, the Timeshare Store was very open and upfront about that point, which I appreciated.)

 

[mdphilps]

I'm assuming it's negotiable since reading through the ROFR list reveals sometimes buyer payers and sometimes seller pays.

Which would you say is correct:
a) Buyer usually pays
b) Seller usually pays
c) Buyer and seller agree to split it
d) Other

Its up to the buyer and seller