JRA
Services, Inc.
P.O. Box 450027
Sunrise, FL 33345-0027
| Email
Janet |
| Office:
(954) 718-7076 |
| Fax: (954) 718-2464 |
| Cell: (954) 632-5856 |
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Closing Process
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So, how does
it work?
Buyer or seller
will contact us, either via telephone, email
or the Buyer can submit our Buyer Form,
and the seller can submit our Seller Form,
along with the requested information. A written contract is not required.
If you would like us to provide you
with a blank contract, we can provide that
to you.
Once we have
confirmed all of the details of the transaction
with each party, we will request a 10% deposit
of the agreed upon purchase price, from
the Buyer, in order to open a file for you. The Buyer’s deposit is securely
held in our escrow account, and the amount
of that deposit is credited to the Buyer
on the final closing statement.
We will need
for the Seller to send us a copy of their
recorded deed, or if the property is not
deeded property, then their Membership Certificate,
or whatever document they were provided
with when they purchase the timeshare, that
proves their ownership. If you do not have a copy of your
recorded deed, we can help you to obtain
a copy yourself, or we can order a copy
for you for a nominal fee (link to fees).
We verify
all account information with the resort
and/or management company, including, but
not limited to, maintenance fee information,
special assessment information and transfer
fee information.
If you have requested a title insurance
policy (Florida properties
only), we will order a title search for
you. Title insurance is not required.
We prepare
all necessary transfer documents including,
but not limited to, a Deed (assuming the
timeshare is deeded property), Closing Statement,
etc., and send the documents out to the
prospective parties with very specific instructions
regarding how to execute the documents.
You receive the documents, execute
them, and return them to our office. At that time, the balance of the
funds would be requested from the Buyer,
as detailed on the Buyer’s closing statement.
The Buyer’s
funds are securely placed in our escrow
account and the documents are reviewed.
Assuming the documents have been
executed completely and correctly, the Deed
is then sent to the appropriate County and
State recording department.
If the property is not deeded property,
then all required transfer documentation
is then sent to the resort for final processing.
When the recorded
Deed is returned to our office, the original
recorded deed is mailed to the new owner,
and we send a copy of the recorded deed
to the resort and/or management company,
to advise them that there has been a change
in ownership.
HOW LONG DOES IT TAKE?
Normally,
and there is no guarantee, the closing process
will take thirty to sixty days, but can
take up to ninety days. It depends how quickly the parties
execute and return the documents to our
office, and depends on which recording agency
the Deed is being sent to, and how quickly
or slowly they are getting the documents
recorded and returned. We will process your transfer as
quickly as we possibly can. |
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