Do I need to hire a lawyer to handle the timeshare closing process?
Monday, June 20, 2005
Typically, closing the deal on a piece of real estate property means paying legal expenses. Discover why, if the proper conditions are met, you do not need to hire a lawyer to help settle your timeshare closing.
Anyone who has ever bought a home knows that an attorney who specializes in real estate is a natural part of the closing process. Therefore, it is logical to assume that a timeshare closing transaction requires a lawyer to facilitate the close of the sale. What most people don’t know is that there is no reason, legally or otherwise, to hire your own lawyer to oversee a timeshare sale.
With any large purchase, the intercession of a third-party intermediary is helpful to both the buyer and seller. In real estate transactions, a lawyer’s involvement is just one of several systems in place intended to assure both parties that the sale is taking place “by the book”. A real estate lawyer provides many services, including the review or preparation of the purchase agreement and negotiation about the terms, determining who should hold the deposit, the preparation of the deed and power of attorney (if needed), dealing with any title issues that the bank attorney may raise, attending the closing and reviewing any documents which the seller is required to sign, escrows, special arrangements to correct the title, and many other functions vital to a successful and stress-free sale process.
Timeshare, though it is still deeded property, is a different case in many respects.
There are a variety of timeshare closing companies available to help close a timeshare sale. These companies are staffed by attorneys, and are capable of handling the entire process from start to finish. Often a timeshare resale company will be able to recommend a closing company to a buyer. A good closing company will be approprately licensed and bonded, and must be capable of handling and preparing deeds, escrow of funds, estoppel certificates, closing statements, and recording fees- all for a flat rate. This means you don’t have to hire your own lawyer to sell your timeshare.
SellMyTimeshareNOW has long-standing relationships with the timeshare closing companies we recommend. Because of these partnerships, we have saved our advertisers untold additional expenses. For more information, you are invited to visit our seller FAQ page.