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FAQ`s

Common General Questions

  • What is Escrow?
    • Escrow is many things: it is a neutral third-party that takes, mutual written instructions from the parties as to the terms and conditions for closing the sale that they have negotiated; it is the holder of buyer’s money to pay the purchase price and any negotiated costs at close of escrow; it prepares the proper transfer documents for filing/recording at close of escrow; it contacts the resort to obtain a Statement of Account to verify that the seller is paid current and the terms for transfer of ownership at close of escrow; it obtains a waiver of the resorts right-of-first-refusal, if applicable; it obtains a title search and title insurance if the parties make written request; it closes escrow and disburses buyer’s funds only when all terms and condition of the mutual escrow instructions of the parties have been met. Click Here to start the Escrow process.

  • Why is Escrow necessary?
    • A buyer can have piece-of-mind knowing that when the seller receives payment of the negotiated purchase price for the timeshare interest that all of the required and proper transfer documents have been signed by seller and filed with the resort; all of sellers financial obligations to the resort are paid current, and the buyer can begin to enjoy the timeshare interest purchased; a seller can have piece-of-mind knowing that when it receives buyer’s payment of the purchase price it has satisfied all of the proper transfer requirements with the resort and is free of any future financial obligation to the resort. Click Here to start the Escrow process.

  • What fees are involved in a timeshare resale closing?
    • The typical fees in a normal resale escrow are the escrow fee, title insurance and search fees (if applicable), resort statement and transfer fees, demand fees, recording fees and state transfer fees and taxes (if applicable), and other out-of-pocket expense(s) pre-authorized by the Parties. After the transfer has been completed and the buyer owns the timeshare interest, the Buyer will be responsible for paying all future resort maintenance dues and fees, exchange company membership and exchange fees (if applicable) and property taxes (if applicable).

  • Who pays the Closing costs?
    • These costs are negotiated between the buyer and seller. The most customary method is for buyer and seller to split the costs 50/50; however, depending upon the terms of each sale, one party may elect to pay all costs. In any event, the parties will advise escrow of their agreement.

  • What does Right of First Refusal (ROFR) mean?
    • It means that the resort may have the first right to purchase from the seller. This right would be contained in the resort Covenants, Conditions and Restrictions (CC&R’s). Escrow will inform the resort of each sale, the resort will have the option to purchase the timeshare interest at the same purchase price and terms as the buyer has offered. If the resort wishes to act on their right and purchase the timeshare interest the sale between seller and buyer would be canceled and buyer"s deposit would be refunded. If the resort passes on its right to purchase, escrow will obtain a written waiver from the resort. This process may delay closing of an escrow by 30-60 days waiting for the resort to respond.

  • How long does the closing process take?
    • The time it takes to close an escrow will vary based upon 1) how quickly the parties respond to escrow with providing information and returning signed documents and funds to close; response time by the resort; obtaining a title search for title insurance (if applicable and for deeded interests only); and recording transfer documents in the county where the property is located (for deeded interests only). Most escrows take approximately 30-45 days to close.

  • Is Title Insurance Required?
    • Chicago Title highly recommends that a buyer obtain the protection of title insurance for the transfer of a deeded timeshare interest. We do understand, however, that a buyer may choose not to obtain title insurance because of the cost and/or the time delay associated with obtaining a title search in some states. We suggest that a buyer inquire about the cost and time associated with obtaining a title search before making this decision. In the event a buyer chooses not to obtain title insurance, the buyer will be required to sign a statement declining it.

  • Are you located in Chicago? What are your hours of operation?
    • No, we are located at 10805 Rancho Bernardo Road, Suite 150, San Diego, CA 92127 (San Diego County) in the Pacific Standard Timezone (PST). We are open from 8:00 am until 5:00 pm (PST) Monday through Friday. We are closed on Saturdays, Sundays and legal holidays.

  • How do I remove or add someone on my title, or change my name on my deed?
    • Chicago Title’s Timeshare Resale Department offers title transfer services for owners who are not making a money transfer of title to their timeshare interest. We will prepare the necessary transfer document(s) for you and notice the resort of the title change. The cost for this service will depend upon what state and resort the timeshare interest is located. For more information and to start the process, click here.

  • How do I put my timeshare into my trust?
    • This process is also a part of the title transfer services that Chicago Title offers as set forth in the question above. For more information and to start the process, click here.

  • Where can I get my documents notarized? Does everything have to be notarized?
    • Most notaries advertise their services. Places such as your bank, court office, title, escrow and real estate offices, and local businesses such as FedEx Kinko’s, Postal Annex, MailBoxes Etc., UPS Store, Copy Companies, and many others in your area. If your escrow involves a deeded transfer the transfer deed must be notarized; some non-deeded transfer documents are required to be notarized as well.

  • If I live outside the U.S. can I go to any Notary?
    • No, if you live outside of the United States, and depending upon which country, you may have to go to the US Embassy to have your signature notarized by the American Consult. You will need to ask this question of Chicago Title when you can tell us the country in which your signature will be notarized.

Common Seller Questions

  • How can I sell my timeshare?
    • There are several outlets for selling your timeshare, such as: resort management, the owner’s association, real estate brokers local to the resort, local posting and publishing sites, and the Internet, to name a few. Chicago Title suggests that you contact your resort management or owner’s association management to inquire if they have a resale outlet for referring owners. If you are looking for a third-party to assist you in selling your timeshare, and the resort or owner’s association management could not refer you, Chicago Title can recommend the Internet Company Buy A Timeshare as an option for you. BuyATimeshare.com is a company that can help you to sell a timeshare by placing an advertisement on the Internet for a fee paid upon placement of the ad, or, BuyATimeshare.com also offers Real Estate Broker services through its affiliates, Gateway Timeshare Resales, LLC. or Timeshare Broker Associates LLC. wherein you pay a commission ONLY if the broker is successful in selling your timeshare.

  • Is it necessary to use a Real Estate Broker to Sell My Timeshare?
    • No, you and your purchaser may negotiate a sale direct between yourselves and Chicago Title will offer you all of the same service as we would a broker assisted sale.

  • Do I need an Appraisal to Sell My Timeshare?
    • Only if your buyer asks for one.

  • If I still have an outstanding loan on my timeshare can I sell it?
    • Yes, the loan can be paid off in escrow from the sale proceeds. In the event you owe more on your timeshare than the sales price you receive, you can deposit the amount in excess of the sales price (less your costs, if any) into escrow and the loan can be paid off at close of escrow.

  • Where can I get a copy of my Deed if I lost it?
    • Depending upon the state and county where the resort is located, Chicago Title may be able to obtain a copy of your deed for you (usually less than $50). Or, you can contact the county recorder’s office where your timeshare is located and they will be able to provide you with a copy of your recorded Deed (usually less than $25).

  • Will I lose my Banked Week(s) if I sell?
    • No, your banked week(s) are held with your exchange company until you use them. You can choose to transfer your banked week(s) as part of your sale by executing your exchange company’s transfer form(s) and paying a transfer fee. Chicago Title can assist you with this process for an additional fee. Your buyer must be, or become, a member of the same exchange company that has your banked week(s).

  • When will the resort know I am no longer the owner?
    • Chicago Title will send all the required transfer documents and funds to the resort after close of escrow. The transfer process is different for each resort and the time can vary from 24 hours to 90 days.

  • When will the resort receive the maintenance dues collected through escrow?
    • Chicago Title will send all dues and transfer fees collected through escrow to the resort management company at close of escrow.

  • Should I pay my maintenance dues if I have an open escrow?
    • No, not unless you will incur a late charge if the dues are not during the escrow term. PLEASE STAY IN CONTACT WITH YOUR ESCROW OFFICER TO BE SURE THAT YOUR ESCROW WILL CLOSE BEFORE THE DELINQUENT DATE. The seller is responsible for keeping the maintenance dues current through the close of escrow and you will be responsible for any late fees that attach even during the escrow process. If you do pay your maintenance dues during the escrow term, it is very important to let your escrow officer know so an updated statement can be obtained from the resort.

  • When will I receive my proceeds check?
    • Sellers proceeds check will be mailed when Escrow receives confirmation that the transfer deed has recorded (if applicable) and the transfer documents have been received by the resort management company. Depending upon the state and county where your deeded timeshare resort is located, confirmation that the deed has recorded can take up to thirty(30) days to receive.

Common Buyer Questions

  • What are Maintenance Dues and how much are they?
    • Maintenance dues are assessed by the resort management company to pay the costs to operate the resort, including, but not limited to management company fees and staff costs, repair, maintenance and replacement expenses, taxes (if applicable), utilities, insurance, reserves, and any other maintenance expenses. The total of these costs are divided up and assessed to all resort owners (typically) on an annual basis and billed quarterly, annually or biennially, depending on the resort and the type of ownership. Chicago Title will verify the dues amount for you in the escrow.

  • What is the difference between Deeded and Non-Deeded Ownerships?
    • In a deeded ownership, the buyer receives a recorded deed that grants the buyer a real-property ownership and title in the timeshare. In a non-deeded ownership (often referred to as clubs, points, membership, rights-to-use, etc.), the buyer receives a personal-property ownership interest in the timeshare that is not represented by a recorded deed. Both types of ownerships are subject to each timeshare project’s recorded Covenants, Conditions, Restrictions and Declarations, as well as the owner’s association and management rules and regulations. You should ask to receive a copy of these documents before you close your sale.

  • What is a Leased Ownership?
    • A leased ownership gives you an ownership interest in the timeshare for a specific period of years and at the end of the lease term your interest is terminated and ownership reverts back to the developer. As with deeded and non-deeded ownerships, leasehold interests are subject to each timeshare project’s recorded Covenants, Conditions, Restrictions and Declarations, as well as the owner’s association and management rules and regulations. You should ask to receive a copy of these documents before you close your sale.

  • What is a Banked Week?
    • The owner of a timeshare has the option to deposit (bank) the timeshare interest with an exchange company if the owner is not going to use the timeshare interest, or if the owner chooses to trade it for another timeshare that has been banked by a different owner in a different resort that is offered through the exchange company. An owner must be a member of an exchange company to be eligible to bank or exchange timeshares.

  • Do I have to worry about previous liens or encumbrances against title?
    • Deeded timeshares can have loans, liens, judgments, back taxes, and other money liens attached to the title of the timeshare interest. Obtaining title insurance is the only way that you can be protected against this. You can avoid this by getting Title Insurance when going through the escrow process. This will provide you with a Title Policy and a guarantee that there are no encumbrances on the property.

  • Should I pay my money to the Seller or to Escrow?
    • Chicago Title highly recommends against a buyer paying money directly to the seller. Unless and until all proper transfer documents are signed by the seller, all owner association dues are paid current, and buyer is satisfied that there are no outstanding money liens against title to a deed timeshare interest, a buyer should not give the seller any money towards the purchase price. A buyer’s money would remain on deposit in escrow while these functions are complete. Buyer would be responsible for obtaining a refund of any money paid directly to the seller should seller become unable or unwilling to close the sale.

  • What is vesting? How should I take title?
    • Vesting is the manner in which you hold title to the timeshare interest you purchase. This can have serious tax consequences and it is strongly recommended that you seek tax or legal counsel when choosing your vesting. You can hold title as an individual, as husband and wife, as a co-ownership, as community property/joint tenants/tenants in common, in a trust, in a company, etc. Each way you hold title offers different possession rights and successor rights.

  • When should I give escrow my final closing funds?
    • When Escrow is ready for your final funds, an estimated closing statement itemizing the costs and purchase price involved in your transaction will be sent along with a request for remittance. For your convenience we accept credit cards, personal checks, cashier checks, bank checks and wire transfers. Note that we do not accept foreign checks or money orders.

  • How will the resort know that I am the new owner?
    • Chicago Title will send all the required transfer documents and funds to the resort after close of escrow. The transfer process is different for each resort and the time can vary from 24 hours to 90 days.

  • What is an Interspousal Deed?
    • Depending upon the state where the timeshare resort is located, and if that state is a community property state, when a married person is choosing to hold title without including his/her spouse, the non-titled spouse may be required to execute an Interspousal Deed that relinquishes any rights to the timeshare interest that the non-titled spouse may acquire because he/she is married to the titled spouse. You will need to ask this question of Chicago Title when you can tell us the state in which the timeshare resort is located.