Below is a list of the most commonly asked questions. Click on the question to see the answer. If you have a question about a legal term, check out our glossary.
How long will it take to complete my closing?
The complete closing service, which includes preparation and approval of the purchase contract, property tax verification, title search, deed drafting and recording, and resort notification, takes four to six weeks.
Do you buy or sell timeshares?
No, we are a closing company hired to verify and legally transfer title. We are not a broker and do not represent either party. If you are looking for help selling a timeshare, contact Timeshare Specialists
What if my resort requires a right of first refusal?
If your resort has the right of first refusal (ROFR), we will request a waiver as part of the closing process.
If I still owe money to the resort for a mortgage, maintenance fees, or have a lien, can you still complete the transfer?
Yes, but the funds to cover the outstanding obligation must be deposited in escrow.
When does the seller get paid?
The seller gets paid at the time we send the deed to the recorder, or when all transfer documents have been signed and sent to the resort.
If the buyer and seller do not live near one another can you still complete the closing?
Yes, if the buyer and seller do not live in the same area the closing can be completed via email, mail, of fax.
For which states and countries can you complete timeshare closings?
Resort Closings can complete closings in all 50 states, Mexico, Canada, and The Caribbean.
Will I receive a 1099 from the sale of my timeshare?
Any seller receiving more than $600 at the time of closing will be issued an IRS form 1099.
Are there tax implications for selling my timeshare?
All non-U.S. residents selling real property within the U.S. will be charged a 15% tax by the U.S. IRS at the time of closing. All non-Hawaii residents selling real property in Hawaii will be subject to a 5% tax by the state of Hawaii. If you are selling your property at a loss you can apply for a refund from the State of Hawaii or the U.S. IRS after the close of escrow. All tax questions must be reviewed by a Certified Public Accountant to ensure accurate filing.