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1. If I were in your place, I would not trust this "outfit". First of all, Title searches are the responsibility of the buyer. If the buyer wants to have a title search done, it would be at the sole cost and expense of the buyer. Similarly, if the buyer chose to buy title insurance, it would be at the sole cost and expense of the buyer - Absolutely, positively, not at the cost to the seller.
2. I do not care what kind of itemization they gave you, it was all phony as far as I can see because Title searches do not cost anywhere near the $2,137 which this organization quoted you. A title search costs about $200 to $300, usually less. Trust me because I know what I am talking about. Before I started my own law practice, I was Assistant General Counsel for Underwritng and Claims for a major title insurance company and I know what the costs involved are. They are no where near what they are quoting you.
3. I seriously doubt that any buyer would entrust them to hold over $5,000 of their funds, even in an escrow account, without having some assurance that there was a seller out there ready, willing and able to sell their timeshare. So, this too, was a lie on their part.
4. A seller should not have to pay aything in avance, or up front to an agent to find them a buyer. If the agent is reputable, he, or she will find a buyer and then will be paid his or her commission at the time of settlement from the sale proceeds.
5. On what basis is this organization giving you a guarantee that you will receive all the money that you paid out to other disreputable agents who also guaranteed that they would rent and/or sell your timeshare ?
6. Do not let them sway you or convince you that you must immediately hand over your money to them, or else they will find another timeshare seller for their alleged buyers. I can almost guarantee that they have no buyers in the wings and if they were reputable, they would not be putting so much pressure on you and they would have you meet the buyers. The only thing you can be sure of is that they will take your money and run.
7. If you sign anything they give you, or give them even a dollar of your money, you will be repeating history. How many times does someone have to put their hand on a hot stove before they are convinced that they will again burn their hand ?
8. I can guarantee you that the money that they want you to hand over will be to a phony title company which they own. If you want proof of this, tomorrow when they call you, make them believe that you will be paying the money to them and allowing them to sell your timeshare and ask them the name of the title company which will do the title search and ask what relationship they have to the title search company.
9. You should also ask them why are you, as the seller, paying for the buyer's title search. I can also guarantee you that they will give you a bunch of double talk which, when you later think about it, will make no sense to you.
10. If I were in your place, I would strategically place ads of my own and try to rent and/or sell the time share myself.
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ANDREA, JD, LLM
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