Tell me about closing and TSS

[palaemon]

We're considering (I want to, but I need to reassure my DH) buying resale, but he has questions about closing and TSS.

We've never bought a timeshare before, so some of these questions might be generic and apply to any timeshare.

When TSS has a listing for a contract, how does the buyer know that everything is legit? (ie points available, banked points, MF paid or not, UY, etc)

Does TSS get access to the account?

How is closing handled? Who holds the title and who handles the $$ transfer?

TIA

 

[cvjw]

All of the contracts/points are verified thru Disney. You only send in a deposit when you enter into a contract to buy points. Once the contract has passed ROFR, all points, etc are verified thru Disney. You then send in the rest of your payment to the title company. They handle the actual closing of the contract. When you are closed, all paperwork is sent to Disney, who puts you into their system. The actual title is sent to you a little later by the title company. I have bought 4 contracts thru resale, and it is very easy. It takes a little while, but the money saved is worth it to us.

 

[palaemon]

You then send in the rest of your payment to the title company. They handle the actual closing of the contract.

Thanks for the info, but what title company? Is it someone related to Disney? To TSS? Or?

 

[cvjw]

Each resale company works with a title company. We have bought all of our contracts thru Jaki/**** - they use Timeshare Title and More. I am not sure who the TSS uses. The title company works with Disney to verify that all maintenance fees are paid and points are as advertised. One of our contracts had unpaid maintenance fees. It took a little longer to close because those fees had to be dealt with. There was a person at Disney that handled that to make sure all of the unpaid fees were caught up before the contract closed.

 

[palaemon]

Thank you!

 

[robert@dvcstore]

Just a follow up on the previous posters. They are correct, we verify all points in the account with DVC. When we list a property we request a Points Activity Statement from Disney. The listings that we show are the points that Disney says is in the account. Those points are then verified again when the agreement to purchase goes to Disney for Right of First Refusal.

The Timeshare Store, Inc.® uses Magic Vacation Title as the escrow company. The will also do a complete title search, issue title insurance so you will receive your DVC property free and clear of any unpaid dues, mortgages or encumbrances.

Robert

 

[dis-happy]

TSS is a great company for resale but several people here have been less than thrilled with the closing company they use (OTOH, many more people have closed w/o incidence). I just want to add that it's the BUYER who ultimately gets to choose the closing company. You can do a little research comparing fees and DVC closing experience and pick the best one for your situation.

Personally, if puchasing a small contract, I would skip the cost of title insurance. YMMV. My dh was talking about adding on via resale just this morning and I can state that I won't use *** (formally knows at TCS) again. They messed up twice in two different resale contracts with me, including a wrong member number on one contract and outright lying about the status of things sent. And don't even get me started on the lost paperwork I faxed in twice....

 

[mouseaider]

J

The Timeshare Store, Inc.® uses Magic Vacation Title as the escrow company. The will also do a complete title search, issue title insurance so you will receive your DVC property free and clear of any unpaid dues, mortgages or encumbrances.

Robert

Magic Vacation Title, LLC has been great as we just passed ROFR and are in the closing process right now. They make it very easy for the buyer by sending all your documents via email saving you time and trouble. They will even guide you during the payment process to assure a fast and accurate closing.

 

[mouseaider]

J

The Timeshare Store, Inc.® uses Magic Vacation Title as the escrow company. The will also do a complete title search, issue title insurance so you will receive your DVC property free and clear of any unpaid dues, mortgages or encumbrances.

Robert

Magic Vacation Title, LLC has been great as we just passed ROFR and are in the closing process right now. They make it very easy for the buyer by sending all your documents via email saving you time and trouble. They will even guide you during the payment process to assure a fast and accurate closing.

 

[robert@dvcstore]

Just to clarify, *** was not formally know as TCS. TCS (Timeshare Closing Services) is still in business and *** (Magic Vacation Title) is an newer title company being in business for about 2 years, again specializing in Disney Vacation Club resales only.

You can check out their website at: http://mvtservice.com/dnn/***/

Robert

 

[dis-happy]

Just to clarify, *** was not formally know as TCS. TCS (Timeshare Closing Services) is still in business and *** (Magic Vacation Title) is an newer title company being in business for about 2 years, again specializing in Disney Vacation Club resales only.

You can check out their website at: http://mvtservice.com/dnn/***/

Robert

Interesting. Could you clarify? I thought that some of the same people who used to work under the TCS name were now working at ***. If they are two totally different entities, is there a reason TSS switched to *** for closings? Are they used for all closings at TSS or just the DVC ones?

 

[dis-happy]

Here's a thread where someone had a closing problem in April.


http://www.disboards.com/showthread.php?t=2456117

 

[robert@dvcstore]

Yes, you are correct. Brenda and Nancy used to work at Timeshare Closing Services and did leave there when Magic Vacation Title opened up. We had a great working relationship with the two of them and now they do all of the title and escrow work for our DVC resales. We feel very comfortable directing our customers to them as they give top notch service.

99% of Magic Vacation Title's work is for DVC resales. The Timeshare Store, Inc.® does have listings for other timeshares in the Orlando area but sell very few of them. *** will also handle the closing on those transactions as well.

Robert

 

[TLSnell1981]

We've purchased three resales through TSS and have used both title companies mentioned. All transactions went smoothly and will definitely use them again.

 

[dbs1228]

TSS was great and the closing company was terrific. I was a bit unsure and Brenda from Magic title company told me I can have the TSS verify the points in the account 24 hours before closing and she actually said she would not close the property until she got my go ahead (once I verified the points) and she already had my check. All went very smooth, communication was GREAT and we saved a TON of money vs. buying direct. Also got all 2009 points so it was exactly what we would have gotten through dvc for 4100.00 less!

 

[william1375]

I too used the TSS and their title company for closing. It was a smooth process and I would recomend them to anyone.

 

[Stinger5]

I am just about ready to close(passed ROFR and sent $ and closing docs in) with Magic Vacation Title and TSS. The process has been very satisfying. My TSS agent Jerry responds to all inquiries usually the same day. The rep from ***(Brenda) has also been excellent in regards to keeping me informed and responding quickly to any questions I have had.

We are not closed yet, but at this point I am a happy client.