TCS Closing Process

[rfuruta]

Hello, thanks in advance for the help! I am currently in the process with purchasing a timeshare through SMTN and they use TCS for closing. I have put down $500 in escrow on a $3,500 purchase price. I just spoke to TCS who indicated that I should have paid for the entire timeshare in full with the initial contract. What has been everyone's experience with how closing works?

 

[Saintsfanfl]

Hello, thanks in advance for the help! I am currently in the process with purchasing a timeshare through SMTN and they use TCS for closing. I have put down $500 in escrow on a $3,500 purchase price. I just spoke to TCS who indicated that I should have paid for the entire timeshare in full with the initial contract. What has been everyone's experience with how closing works?

How closing works always depends on your contract but in no case would you ever pay money after closing (deed signed). That money must be in escrow before the deed is signed or a broker or closing agent could end up in big trouble.

TCS is by the book so if you are wanting the timeshare go ahead and pay up. If you are having second thoughts and are not sure about timeshares then think about letting the $500 go. Will you be able to use it and want the ever increasing fees?

 

[tonyg]

I agree that the full purchase amount should be in escrow, but if TCS is Timeshare Closing Services, keep an watchful eye on the process. In my past experiences with them, they were careless and painfully slow- even somehow getting the wrong resort name on the closing paperwork.

 

[theo]

I agree that the full purchase amount should be in escrow, but if TCS is Timeshare Closing Services, keep an watchful eye on the process. In my past experiences with them, they were careless and painfully slow- even somehow getting the wrong resort name on the closing paperwork.

I agree wholeheartedly with Tony G's observations and sound advice.

Unfortunately, with SMTN (with whom I would not personally choose to conduct business, given my druthers), the buyer has no choice and no input regarding selection of the closing entity. It's either pay (...too much) for the sloppy closing "services" of TCS, or just decline to proceed with the transaction.

 

[WinniWoman]

What is SMTN?

 

[Saintsfanfl]

I agree that TCS is painfully slow. I was actually thinking of another entity. My recent experience with TCS was less than desirable but it eventually went through after 9 months. I was the seller and the buyer never paid. The OP actually reminds me of my situation because like them my buyer only paid a deposit and then drug their feet for months and months before finally paying or they would lose their $1,000 deposit. The problem with TCS in my situation is they never informed me that they did not have the money in escrow. They only said they were missing a document. I was not happy when I found out.

TCS could easily avoid this by not rushing to a closing without full payment. There is a very good reason why many sellers require 100% up front before they move an inch.

 

[theo]

What is SMTN?

Sell My Timeshare Now.
It's a "listing" site, where people have paid hefty upfront fees to advertise or "list" there --- unsuccessfully, far more often that not, I suspect.

 

[WinniWoman]

Sell My Timeshare Now.
It's a "listing" site, where people have paid hefty upfront fees to advertise or "list" there --- unsuccessfully, far more often that not, I suspect.

Thanks. I know the site. I just hate it when things are abbreviated as I and I am sure others don't necessarily know the abbreviations.

 

[tonyg]

I had to google it.

 

[suenmike32]

What a difference in Timeshare Closing Companies
I recently sold one of my Florida timeshares (my 3rd) utilizing LT Transfers.
The entire process took 75 days.
Mike

I agree that TCS is painfully slow. I was actually thinking of another entity. My recent experience with TCS was less than desirable but it eventually went through after 9 months. I was the seller and the buyer never paid. The OP actually reminds me of my situation because like them my buyer only paid a deposit and then drug their feet for months and months before finally paying or they would lose their $1,000 deposit. The problem with TCS in my situation is they never informed me that they did not have the money in escrow. They only said they were missing a document. I was not happy when I found out.

TCS could easily avoid this by not rushing to a closing without full payment. There is a very good reason why many sellers require 100% up front before they move an inch.

 

[jme]

RECOMMENDATION:
For those who may need reputable closing services for a resale, whether Marriott or otherwise (I've used them for both), I can confidently recommend a company called Timeshare Title, Inc to use for the closing.....I called them myself because of prior dealings, and again they were fast, accurate, highly professional, and inexpensive. Their associated attorney was involved and oversaw the process, as in both of my cases an attorney was required by law to do so in that state.
Escrow accounts are used. (Previous companies I've dealt with, not of my own choosing, were slow, inattentive, and highly frustrating, to say the least.)

Each recent closing took less than 60 days.
I dealt specifically with Trish Cook and Kathy Perriello. Besides being totally wonderful, a great feature they use is an up-to-the-minute online status report for buyer and seller, like an "ongoing summary chart" of any and all activity, including when documents are sent & received by either party or the resort, or whatever. It even denotes a list of my emails to them (or from them to me, or anyone) for questions along the way, and the chart timeline was extremely helpful as it served to keep me abreast of the status of the transaction from start to finish.
I could check anytime I wanted, and anything that happened officially was added immediately to the chart by Kathy----it was dated, showed who sent or received what, and the specific step involved.... Awesome.

Any email or phone call by me to Trish or Kathy was always answered immediately, and never once did I feel like I had to worry.
They were always reachable!
Their responses were professional, polite, and explanatory. Kathy was especially amazing and had a wealth of knowledge of all the variables, and took the time to check regularly on all phases, then reported back by email, and finally toward the end checked daily as the time approached for the deed to be recorded, etc (knowing I was anxious) and then finally the exact moment the resort listed me officially as the new owner. I've purchased a few resales over the past 5 years and this company was far and away the best. The way they handled everything was a model for how it should be done. I would recommend them without any reservation......
http://timesharetitle.com/