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Timeshare Closing Process |
What happens at Timeshare Closing Services when a timeshare closing takes place?
1. Title search is ordered. This will assure the buyer that the seller is conveying good title to the property. Title insurance assures the buyer that there are no liens or encumbrances on the property. Title insurance will insure the buyer that the seller is the true titleholder to the property. Title insurance will also insure the buyer that the seller has not conveyed interest in the timeshare to anyone else. This process usually takes ten days to complete.
2. Estoppel letter is ordered from the resort. This is the current owners account status, insuring full payment of maintenance fees, taxes and mortgages. The estoppel letter confirms the size of unit, type of unit, status and availability of the week the buyer is purchasing.
3. Closing documents are sent to the buyer and seller. After the closing package is organized the documents are sent to the buyer and seller with instructions. Upon return of documents from buyer and seller the executed deed is processed for recording and the sellers monies released to him.
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