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Selling a timeshare in Hawaii

meatsss

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I have never sold a timeshare, only bought them. Now I'm selling one in Hawaii and it's my impression that under Hawaiian law, the title transfer has to be done by a Hawaiian Title company. Can someone verify that? I'm using a sales package from Timesharing Today. What else do i need to do?
 

DaveNV

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If it were me, I'd spend the few hundred dollars required to use a closing company licensed to work in Hawaii. When I sold my last Hawaii timeshare, I used Timeshare Transfers. They're very affordable, and do excellent work.

This thread will tell you more, and get you in touch with the right people: http://tugbbs.com/forums/showthread.php?t=129024

Dave
 

Dave H

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I have never sold a timeshare, only bought them. Now I'm selling one in Hawaii and it's my impression that under Hawaiian law, the title transfer has to be done by a Hawaiian Title company. Can someone verify that? I'm using a sales package from Timesharing Today. What else do i need to do?

Find a good closing company that understands Hawaii's new escrow laws. If title is handling money, the use of a Hawaian escrow company is required by the law.

The other thing a good closing company will do is record the deed in one of the most difficult recording systems I have ever seen. You have land court, you have regular court and sometimes it ineeds to be recorded in both.

The only other thing to keep in mind is Hawaii has a 5% HARPTA (non resident tax) that is supposed ot be collected and sent in to the State and you can apply for a refund.

They have a lot of inner workings there.

Dave
 

aeroflygirl

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Hawaii Escrow & Title does a good job. They are fast and they communicate well.
 

DeniseM

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See the sticky at the top of this forum that explains the new law. The closing does NOT have to be handled by a company in Hawaii, but the ESCROW does.
 

brianfox

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I've used TCS for all my closings (including a Ko Olina week in Aug 2010). Does anyone know if they contract out the escrow portion to abide by the law? I'm sure if I called any closing company, they'd swear up and down that they do it, but how is someone supposed to know for certain?

Most closing companies say they charge extra for HI properties, but they've done that long before the recent law.

The reason I as is that I'm about to purchase a second KO week from a TUGger, and want to make sure it goes smoothly.
 

DeniseM

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I've used TCS for all my closings (including a Ko Olina week in Aug 2010). Does anyone know if they contract out the escrow portion to abide by the law? I'm sure if I called any closing company, they'd swear up and down that they do it, but how is someone supposed to know for certain?

It's easy - if they have you send the money to an escrow company in Hawaii they are following the law. If they have you send it to them (the closing company) they aren't.
 

Dave H

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It's easy - if they have you send the money to an escrow company in Hawaii they are following the law. If they have you send it to them (the closing company) they aren't.

That is not correct Denise. I comply with the law, the funds are sent to my office, made out to the Licensed Escrow Company I use in Hawaii. I then copy the check for my files so I know the money is in and overnight it to the escrow company in Hawaii. I have to do it that way so that your closing file is added to the check so that when it comes time to disburse the funds, the escrow company knows where the funds are in the escrow account.

Based on your comments, your saying I am not following the law, but we are. Where the check is sent to is immaterial. WHO the check is made out to is material. There are only 8 or 9 licensed escrow companies on the Island, and there is a list on the State banking page of WHO is licensed to handle escrow.

We have been in compliance with the Hawaii escrow requirement since the day the law took effect. I can not say that for my counterparts, but then I am also a licensed title agent and agency in Hawaii, so I have no choice but to follow the laws of that state or lose my licenses.
 
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DeniseM

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I think we are saying the same thing. If the check is made out to the escrow company in Hawaii, then obviously the money is being sent to them.
 

brianfox

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For anyone who cares, I contacted Timeshare Closing Services today and they are no longer doing Escrow for HI properties. They said it's too expensive to have to sub out part of the service. They still handle HI property transfers that don't involve money.

I appreciate them for choosing to drop HI rather than charging huge fees or trying to skirt the law.

TCS is recommending Hawaii Escrow and Title Insurance for HI timeshare transfers.

And of course Dave H is another alternative.

I'm not recommending one or the other; merely passing information.
 

meatsss

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Costs

Is it typical to see costs around $900 to $1000 for title and escrow handling?
 

golf4hrs

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Is it typical to see costs around $900 to $1000 for title and escrow handling?

I used Timeshare Transfer, Inc. for my Hawaii timeshare and paid TT $600. I declined the title insurance which would have been another $250. Various fees to Marriott added another $195. TT ultimately used Hawaii Escrow & Title. The $600 fee included about $200 to Hawaii Escrow. I probably could have just used Hawaii Escrow & Title and saved some $, but was too far into the transaction and knew the purchase price was a bargain. In a competitive world, I would recommend getting a quote from Hawaii Escrow & Title. I would also recommend TT since the deal was completed in good standing.
 

Dave H

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Is it typical to see costs around $900 to $1000 for title and escrow handling?

Sent you a pm.... normally about $500 plus resort transfer unless you want title insurance, figure about $325 for the search and policy there.

Dave
 

Shelley

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Unless your transaction is in compliance with Hawaii escrow laws, a title insurance policy will not be available either.

Shelley
 
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