FREQUENTLY ASKED QUESTIONS (FAQ)
Transactions that fall under this category involve the conveyance of vacation ownership property to an unrelated party in exchange for consideration.
Q. When does the seller get paid?
A. After all closing documents have been properly executed and returned by both parties in recordable form, and the Buyer's purchase funds have been
cleared and confirmed as good, the net purchase price will be disbursed to the Seller.
Q. How is the buyer's purchase money held pending closing?
A. Escrow funds are deposited into a non-interest bearing bank account on behalf of the Buyer. If the Buyer delivers funds in a form other than a certified
check, cashier's check or federal wire transfer, closing cannot occur until the purchase funds are cleared.
WHEN RENTING
Transactions that fall under this category involve leasing the vacation ownership usage to another party in exchange for consideration.
Q. Why do I need an Escrow Officer for this rental?
A. An Escrow Officer ensures that both parties receive the goods bargained for. Escrowed funds are not released until all requirements as stated in the rental agreement have been met.
Q. What happens if the property is not available when I arrive to check in?
A. Prior to the reservation date, the Owner of the property will forward you a copy of the rental confirmation. We encourage you to confirm your arrival with the resort prior to travel. Money is held safely in escrow for your protection.
Q. I have a question about filling in my agreement, what should I do?
A. Please contact us right away at 312-680-2519 for further assistance.
Q. What happens if the Rental Period starts in less than 60 days?
A. You can still utilize our escrow services, but the full amount of the Rental Proceeds must be deposited at the opening of escrow. We would require at least one week advance notice in order to establish an escrow account.
Q. Why do I need an Escrow Officer for this rental?
A. An Escrow Officer ensures that both parties receive the goods bargained for. Escrowed funds are not released until all requirements as stated in the rental agreement have been met.
Q. What happens if the property is not available when I arrive to check in?
A. Prior to the reservation date, the Owner of the property will forward you a copy of the rental confirmation. We encourage you to confirm your arrival with the resort prior to travel. Money is held safely in escrow for your protection.
Q. I have a question about filling in my agreement, what should I do?
A. Please contact us right away at 312-680-2519 for further assistance.
Q. What happens if the Rental Period starts in less than 60 days?
A. You can still utilize our escrow services, but the full amount of the Rental Proceeds must be deposited at the opening of escrow. We would require at least one week advance notice in order to establish an escrow account.
WHEN TRANSFERING
Transactions that fall under this category involve the conveyance of vacation ownership property to a related party without consideration.
Q. Why do I need Title Insurance for this transfer?
A. Title Insurance insures that you own clear title to your property. We will defend your ownership of title and in the event there is a defect that is not resolved in your favor, we will reimburse you for your loss up to the policy limit.
Q. What are transfer taxes and do we need to pay them?
A. When title is transferred to a new party, it may be subject to transfer tax by the Tax Assessor. In most cases, transfers through this program will be exempt from transfer taxes, due to special circumstances or lack of monetary consideration.
Q. What about property taxes?
A. Property Taxes are assessed per the schedule of the state where your timeshare is located. This transfer may trigger a re-assessment of property taxes. For more information you should contact the Tax Assessor in the county where your timeshare is located.
Q. What do we need if the owner of the timeshare is deceased?
A. Transfer after death is governed by the probate laws in the state in which the property is located and by the manner in which title was originally taken. You should first seek advice from the person handling the probate in the deceased's state of residency. In many cases, these situations may require additional documents to be drawn; additional fees may be incurred as a result. If all owners are deceased, the property will likely need to be probated before Millennium Title Services can assist with the ownership transfer. There are many factors involved in transferring ownership due to a death, please feel free to contact us at 312-680-2519 for more information.
Q. Can we transfer the timeshare to our Family Trust?
A. Yes, this transfer is very common. We will need a Certificate of Trust to fulfill this request.
Q. Can we transfer the timeshare if there is an outstanding mortgage or deed of trust?
A. No. In order to transfer title on your timeshare, the mortgage or deed of trust must be paid off in full prior to transferring.
Q. Can you tell me what my vesting should be?
A. We cannot counsel you on how to vest title; however we can provide you with vesting rules and information.
Q. What if there are multiple properties that we want to deed separately?
A. We can assist you with this as well. Each property will require a deed to be recorded, so additional fees will apply for each transaction.
Q. Do you need to see our Divorce Decree?
A. A deed from both spouses to transfer ownership of the property to one spouse must still be signed by both spouses. We should be provided a copy of the Divorce Decree for review to ascertain whether the property has been awarded to the correct party.
Q. How long will this take?
A. The entire process takes an average of four to eight weeks. This is dependent upon how quickly you complete your part and return documents to us.
Q. Why do I need Title Insurance for this transfer?
A. Title Insurance insures that you own clear title to your property. We will defend your ownership of title and in the event there is a defect that is not resolved in your favor, we will reimburse you for your loss up to the policy limit.
Q. What are transfer taxes and do we need to pay them?
A. When title is transferred to a new party, it may be subject to transfer tax by the Tax Assessor. In most cases, transfers through this program will be exempt from transfer taxes, due to special circumstances or lack of monetary consideration.
Q. What about property taxes?
A. Property Taxes are assessed per the schedule of the state where your timeshare is located. This transfer may trigger a re-assessment of property taxes. For more information you should contact the Tax Assessor in the county where your timeshare is located.
Q. What do we need if the owner of the timeshare is deceased?
A. Transfer after death is governed by the probate laws in the state in which the property is located and by the manner in which title was originally taken. You should first seek advice from the person handling the probate in the deceased's state of residency. In many cases, these situations may require additional documents to be drawn; additional fees may be incurred as a result. If all owners are deceased, the property will likely need to be probated before Millennium Title Services can assist with the ownership transfer. There are many factors involved in transferring ownership due to a death, please feel free to contact us at 312-680-2519 for more information.
Q. Can we transfer the timeshare to our Family Trust?
A. Yes, this transfer is very common. We will need a Certificate of Trust to fulfill this request.
Q. Can we transfer the timeshare if there is an outstanding mortgage or deed of trust?
A. No. In order to transfer title on your timeshare, the mortgage or deed of trust must be paid off in full prior to transferring.
Q. Can you tell me what my vesting should be?
A. We cannot counsel you on how to vest title; however we can provide you with vesting rules and information.
Q. What if there are multiple properties that we want to deed separately?
A. We can assist you with this as well. Each property will require a deed to be recorded, so additional fees will apply for each transaction.
Q. Do you need to see our Divorce Decree?
A. A deed from both spouses to transfer ownership of the property to one spouse must still be signed by both spouses. We should be provided a copy of the Divorce Decree for review to ascertain whether the property has been awarded to the correct party.
Q. How long will this take?
A. The entire process takes an average of four to eight weeks. This is dependent upon how quickly you complete your part and return documents to us.