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Morritts EBAY no closing co

P

pharmlivin

TUG Member
Joined
Mar 12, 2006
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Location
Philadelphia PA
I have been following the EBAY listings for Morritt's and one in particular listed a question from a potential bidder about which closing company would handle the transaction. The seller responded that a closing co was not necessary. Morritt's did not reqire it. Is this a good idea? I kind of thought that the closing co would check that the MFs were at least paid up and a buyer would not inherit a unit with back MFs/SAs due. I guess I am not really sure what the closing co does I just know I have made two purchases (not Morritts) on EBAY and both times a closing co was involved. They handled everything and I was happy with the service both times. I was just looking for some input. (I am a tug member and someone generously explained to me how to fix my status but did I do it yet? ...no)
 
It's a membership and it should be easy to find out the estopple info from Global Resorts management. The question is, do either of you trust the other enough with the membership or the money. Global won't hold escrow for you.


pharmlivin said:
I have been following the EBAY listings for Morritt's and one in particular listed a question from a potential bidder about which closing company would handle the transaction. The seller responded that a closing co was not necessary. Morritt's did not reqire it. Is this a good idea? I kind of thought that the closing co would check that the MFs were at least paid up and a buyer would not inherit a unit with back MFs/SAs due. I guess I am not really sure what the closing co does I just know I have made two purchases (not Morritts) on EBAY and both times a closing co was involved. They handled everything and I was happy with the service both times. I was just looking for some input. (I am a tug member and someone generously explained to me how to fix my status but did I do it yet? ...no)
Click to expand...
 
pharmlivin said:
I have been following the EBAY listings for Morritt's and one in particular listed a question from a potential bidder about which closing company would handle the transaction. The seller responded that a closing co was not necessary. Morritt's did not reqire it. Is this a good idea? I kind of thought that the closing co would check that the MFs were at least paid up and a buyer would not inherit a unit with back MFs/SAs due. I guess I am not really sure what the closing co does I just know I have made two purchases (not Morritts) on EBAY and both times a closing co was involved. They handled everything and I was happy with the service both times. I was just looking for some input. (I am a tug member and someone generously explained to me how to fix my status but did I do it yet? ...no)
Click to expand...

Morritt's will not transfer ownership of a unit until any outstanding mortgage has been paid in full and until all maintenance fees and special assessments have been paid. They do charge a $300 transfer fee.
 
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