Once you have an agreement from the seller to purchase a property, the
broker you are working with will send a contract for Sale and Purchase to you
along with other necessary real estate documents including Buyer and Broker
Agency, Consumer Notice, Buyer Information Form and Instructions for Deposit.
You will complete all documents, sign and return them to the brokerage or closing agency with a deposit so that the property will be removed from the inventory. This deposit will be deposited into a Real Estate Brokers or Title Company Escrow Account until closing. A week listed for sale will usually not be removed from inventory until a signed agreement and deposit is received. Other Buyers will be able to purchase this week in the meantime. Real Estate Brokers usually suggest all documents are sent by overnight delivery via the US Postal Service or a ground currier such as Fed Ex or UPS etc to insure you are not beaten out of the purchase....
Usual costs associated with a purchase:
1. Purchase price
2. Closing costs estimated at approximately $400 (Deed preparation, account searching, postage, recording fees, real estate transfer fees)
3. Resort transfer fees ( if applicable, these fees vary from resort to resort )
4. Current years maintenance fees if week is available to buyer.
*Exchange company fees if you are purchasing a points program such as RCI Points.
Once the paperwork and deposit is receivedt, the brokerage will send the documents to the Sellers for their signature(s). Once received, they will forward a copy to you for your file and we will prepare all the Sellers documents to be sent to the Closing Company. The closing companies work very closely with all major developers and know the process to get your property closed quickly and properly.
The Closing Company will once they receive the documents:
1. Send the contract to the resort management group if a right of first refusal is required
2. Order a Right of First Refusal
3. Perform a search in the county courthouse in which the resort is located if ordered by the buyer.
4. Request an Estoppel from the resort giving us an up to the minute look at the Sellers account with the resort.
Once all these documents come into the closing company, it will tell the brokerage if everything is exactly what the Seller states it is. For example, is it a 2 bedroom, annual usage, platinum season float, that the seller states it is. This process will insure the account is checked for any money owed by the sellers and that a zero balance on the account will be transferred to the Buyer.
If everything checks out, the closing company will prepare the documents to transfer title to the Buyer. They will also send out closing statements to the Buyer and Seller for their signatures, along with a new deed for the Sellers Notarized signature(s) transferring ownership to the Buyers. These documents will be returned to the title company by the Sellers. The Closing Company will prepare a closing statement indicating deposit held and balance due from the Buyers. This statement will require Buyers to sign and return to the Closing Company immediately in order for the Closing Company to sent the deed to recording. Once these are returned, the Closing Company will prepare a package to record the deed transferring ownership to the Buyer to the Courthouse in which the resort is located.
Once the deed is recorded, the closing company will obtain a conformed copy showing ownership transfer in the Buyers name. This copy along with the Buyer's Information originally completed by the Buyers will be forwarded to the resort to inform them that a transfer of ownership has taken place and that these are the new owners. As a help check out The Closing Tree.
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