Closing Costs

If we decided to buy a timeshare, what are the average closing costs? And are they paid by the seller or the buyer?

Avarage closing company charges 300-400 for a full closing including sales contract, estoppel, escow of monies, deed creation/recording, resort notification.

The doesn't include the actual recording fees, transfer taxes, and resort transfer fees.

These costs are typically paid by the buyer. In PA, local protocol (tradition) from conventional real estate is that transfer taxes are split.

90% of the time, the buyer pays everything. But it's whatever you negotiate that counts.

There are deed-only firms that charge as little as $100. That's fine if you spend the time yourself to perform all the due diligence. Very buyers even know what that entails, much less are avle to do it fully.

And then the big issue - trusting the seller with your money from 1-6 months, waiting fro the deal to close.

www.timesharetransfer.com charges $300 for a simple closing, including escrow services, however you have to pay more for a title search which I never wanted as I performed due diligence myself.

Redweek uses American Title for closings, but I don't know what they charge. I'm sure you can find the charges in their help section.

john1671 stated, in pertinent part: >>And then the big issue - trusting the seller with your money from 1-6 months, waiting fro the deal to close.<<

One of the main benefits to using a closing company (and, to be clear, I have absolutely no affiliation with one) is that the closing company actually handles all the money in the sale, receiveing certified check from buyer and depositing those funds into their own escrow account. Not much "trust" involved or required, since the seller doesn't see or possess a nickel of the buyer's money until any and all other deed transfer details are already taken care of.

I couldn't agree more with above comments.

I can not think of a reason to purchase (any real estate) without using a Title Company. Best protection there is.