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Buyer Beware
Before you release your escrow funds, make sure you receive a copy of the estoppel response from the resort. Either do it yourself or have the transfer agent take care of the estoppel. Be sure it includes the unit, and its description, i.e. 3 br. deluxe, and the outstanding obligations. Unless the information matches that which the Seller has represented don't release the funds in escrow. There are some Sellers on this site and others, who proffer a Purchase and Sales Agreement ( P&S), and say the P&S is a standard form and that is what we must use. The P&S's of this type usually provide no protection for the Buyer in the transaction. If they say they will not accept any changes to the P&S, run don't walk away from the sale. A fair P&S will protect both parties. Check out the escrow agent with the Better Business Bureau in the area where they are located, before you enter into the P&S which stipulates the transfer agent. Determine whether the transfer agent represents the Seller, the Buyer or is neutral in the transaction. A little extra expense and effort up front, saves a lot of money and aggravation later.
stanleyf5
jons29 wrote:Stanley;If I understand what you are saying, seems like alot of trouble could be prevented by simply using a Title Company to handle the sale. And, the fee probably would be less also.
Overall, I can't think of a better and safer way to handle a sale.
If you read many of the post from people that end up losing when buying or even selling! You will find they lose because they tried to cut corners and save some bucks.
In the long run this can and has cost them much more money and problems.
I would never buy without using the escrow/title companies because of saftey.
Phil L.
