When an offer has been accepted, the transaction will be handled by a timeshare closing company, much the same way a home purchase is conducted. Once the sales documents are signed and the sale goes to closing, there are a few areas which could be included in the process:
1-) Transfer fee – depending on the resort and the ownership type, the resort may only need a transfer fee to be paid for the ownership to be transferred into the buyer’s name.
2-) Closing costs – these are costs for a closing, or title, company to handle items such as the title search, deed transfer and communication with the resort. Deposits and subsequent payments from the buyer are held in escrow, which is managed by the closing company, and monies are released to the seller once the transfer of ownership is completed.
3-) Legal fees – in certain states, a legal review is required.
The entire process can take about 4-6 weeks to complete, assuming both parties act in a timely matter. Additional costs such as the document preparation fees and closing costs sometimes come as a surprise to the buyer, who typically pays these fees, so keep this in mind when negotiating with the seller.