All timeshare transfers should be completed with a third party full service escrow company and title insurance should be obtained from a third party title company.
The auction environment has demonstrated and reinforced the necessity of a true escrow with title insurance (not just a title search). The number of title defects and escrow problems can run from 5 to 15% of the total number of transactions. Most are solvable, but required multiple steps to resolve the problem. In the process title insurance not only protects the buyer but also protects the seller.
The potential liability that could be incurred is avoided by using a national title company and title insurance. A policy of doing transactions only with title insurance proves to be invaluable. This small and inexpensive step solves and prevents innumerable problems and is very cost effective.
Regarding the transfer of your owner's property ... just knowing that it has never been transferred previously in the resort records does not guarantee that there have been no changes in the owner's legal status. (Examples: trusts, gifts, death, tax liens, probate, divorce, marriage, etc.)
Most timeshares in most states fall under regulation of the Department of Real Estate and are considered real property/real estate. Deeded property always has value, although some timeshare weeks may have low value. This does not change the legal status of the property or limit the potential for liability.
What type of Escrow Transfer provides me with the maximum protection?
A Third Pary Escrow Company will properly:
1. Document the transaction.
A Third Party Title Insurance Policy will:
1. Verify that the seller is the legal owner.
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