Title company question

[JFlo1984]

Hello all…

We are in the process of getting our second DVC resale contract and have a question related to title companies.

We used Magic Vacation Title the first go around because it was just thrown on us and we didn’t know any different. The process wasn’t terrible, but wasn’t as efficient as I hoped it would be.

This go around, the same resale company is pushing them again. When I suggested using a different company DVC closing, they said we could use whoever we want BUT their point guarantee wouldn’t be in place as other title companies do not fully verify the available points in the contract.

Is that something I should really be concerned about? And is that typical- that a title company wouldn’t verify that kind of stuff?

Thanks in advance for any guidance!

 

[Jimmy Geppetto]

Hello all…

We are in the process of getting our second DVC resale contract and have a question related to title companies.

We used Magic Vacation Title the first go around because it was just thrown on us and we didn’t know any different. The process wasn’t terrible, but wasn’t as efficient as I hoped it would be.

This go around, the same resale company is pushing them again. When I suggested using a different company DVC closing, they said we could use whoever we want BUT their point guarantee wouldn’t be in place as other title companies do not fully verify the available points in the contract.

Is that something I should really be concerned about? And is that typical- that a title company wouldn’t verify that kind of stuff?

Thanks in advance for any guidance!

I’ve dealt with DVC Closings (Cammy) and they won’t close until the point statement is submitted and all points are verified.

I’ve also used TRCS Inc. and they hold back the seller’s funds until you the buyer confirm all points were loaded properly. Not sure I’d love that as a seller (waiting 2-3 weeks for buyers contract to load) but I loved it as a buyer!

So to answer your question … it’s a load of BS they are feeding you. Just like their “red hot deals” and “certified low” prices.

 

[CastAStone]

Hello all…

We are in the process of getting our second DVC resale contract and have a question related to title companies.

We used Magic Vacation Title the first go around because it was just thrown on us and we didn’t know any different. The process wasn’t terrible, but wasn’t as efficient as I hoped it would be.

This go around, the same resale company is pushing them again. When I suggested using a different company DVC closing, they said we could use whoever we want BUT their point guarantee wouldn’t be in place as other title companies do not fully verify the available points in the contract.

Is that something I should really be concerned about? And is that typical- that a title company wouldn’t verify that kind of stuff?

Thanks in advance for any guidance!

They’re full of it, and using questionable at best and illegal at worst tactics to try to take more of your money.

I would NEVER use a title company suggested by a broker / agent for a fully online transaction. Too much risk of getting scammed. Even if it’s a well known broker or title company.

Your contract should have terms in it dictating that the seller, not the broker, owes you money at closing if the points aren’t as represented. Every other major broker does this in their contracts; you need to make absolutely sure yours has it.

 

[wishicouldgomoreofte]

who is TRCS?

 

[Jimmy Geppetto]

who is TRCS?

https://trcsinc.com/

They are great! I have used them a few times. Excellent service. Using them again this month.

 

[disneylandtour]

How is Mason now that Cammy is gone?

 

[sndral]

I’ve read that magic vacation title is owned by the same parties that own the brokerage, personally I’d avoid using an in house title company & opt for a neutral 3rd party title company.
For a long time they took the longest to get closing docs out post passing ROFR, it looks like they’ve improved that lately, however, their IT still seems a bit suspect https://www.disboards.com/threads/magic-vacation-title-system-outage.3944727/#post-65647199. See also https://www.disboards.com/threads/m...er-is-sending-fake-files-to-download.3820930/ from a couple of years ago.

 

[atthebeachclub]

How is Mason now that Cammy is gone?

I have used them recently while Marcelo was leaving, and they were fantastic. I used Cammy’s new company (the name escapes me) for my second contract and she was also great. And now I am using Mason again and they are again fantastic. I really like how personable and responsive they are. I have used Jordan at Mason both times I used Mason.

 

[Galactic Reversal]

They’re full of it, and using questionable at best and illegal at worst tactics to try to take more of your money.

I would NEVER use a title company suggested by a broker / agent for a fully online transaction. Too much risk of getting scammed. Even if it’s a well known broker or title company.

Your contract should have terms in it dictating that the seller, not the broker, owes you money at closing if the points aren’t as represented. Every other major broker does this in their contracts; you need to make absolutely sure yours has it.

FYI...I pushed on this exact point today. They flatly refused to change the language and told me the issue had been escalated to the company president.

We settled on having the seller provide screenshots of the dashboard and point activity statement prior to wiring funds at closing.

IMO, conditioning their "Buyer Assurance" on the use of an affiliated title company raises concerns under both Florida's timeshare resale disclosure requirements (Fla. Stat. Ch. 721) and RESPA's limits on affiliated business arrangements (12 U.S.C. § 2607) which require both clear disclosure and preservation of consumer choice. More importantly, the refusal to allow the buyer to contract directly with the seller, leaving the broker's affiliate as the only practical path for protection, strikes me as inconsistent with those requirements and with the standard language used by other major brokers.

 

[foodiddiedoo]

I have used them recently while Marcelo was leaving, and they were fantastic. I used Cammy’s new company (the name escapes me) for my second contract and she was also great. And now I am using Mason again and they are again fantastic. I really like how personable and responsive they are. I have used Jordan at Mason both times I used Mason.

Marcelo and Cammy both left Mason? We just used them in July for our resale contract.

 

[MyDogTink]

Marcelo and Cammy both left Mason? We just used them in July for our resale contract.

Didn’t you use https://www.dvcclosings.com/

 

[foodiddiedoo]

Didn’t you use https://www.dvcclosings.com/

You’re right, but my guy was Marcelo! I guess that’s where they went lol.

 

[MouseyMin]

I have used Jordan at Mason twice now, and both times the service was quick and efficient.

 

[CarolynFH]

Marcelo and Cammy both left Mason? We just used them in July for our resale contract.

That post was a year old.

 

[foodiddiedoo]

That post was a year old.

Man... Reading comprehension today. Lol

 

[CarolynFH]

Man... Reading comprehension today. Lol

It’s easy to miss the dates on posts!

 

[Erika10021]

Thanks for the title company information! This helped me figure out the title company on our first resale contract.

(So many offers made and then found the one that fits, so happy!)

 

[disneylandtour]

Hello all…

We are in the process of getting our second DVC resale contract and have a question related to title companies.

We used Magic Vacation Title the first go around because it was just thrown on us and we didn’t know any different. The process wasn’t terrible, but wasn’t as efficient as I hoped it would be.

This go around, the same resale company is pushing them again. When I suggested using a different company DVC closing, they said we could use whoever we want BUT their point guarantee wouldn’t be in place as other title companies do not fully verify the available points in the contract.

Is that something I should really be concerned about? And is that typical- that a title company wouldn’t verify that kind of stuff?

Thanks in advance for any guidance!

This is straight commercial bullying. Honestly, if an agent said that to me, I might walk away from the entire deal.

 

[disneylandtour]

How is Mason now that Cammy is gone?

FYI...I pushed on this exact point today. They flatly refused to change the language and told me the issue had been escalated to the company president.

So funny. These are all very small companies. "company president" likely = the guy sitting two cubicles over. There's nothing wrong with being a small company. But these terms suggest that they are larger than what they are.

 

[disneylandtour]

I have used Jordan at Mason twice now, and both times the service was quick and efficient.

IMO, Jordan has been absolutely great. This is my go-to title company presently.