Magic Vacation Title
connecting you to the magic
                                             

Frequently asked questions

  1. What is an Escrow Agent? An escrow agent is an independent third party that represents both the buyer and seller in facilitating the closing.  They hold all funds in escrow until the terms and conditions of the contract are met by all parties.
  2. Why do I need an Escrow Account? You should have an escrow agent to insure your closing is in compliance with local, state and federal laws. In addition to their professional experience, your funds are held in a secure account until closing.
  3. Where is my money being held? Your funds are safely being held in a separate, FDIC insured bank account pending the transfer documents, terms and conditions of your contract.
  4. Can I pay with a credit card? We will accept your Visa, MasterCard and America Express credit cards for the initial escrow deposit not to exceed $1,000.  There is a small fee associated with this which we pass along to the buyer.
  5. Do you offer financing? No, we do not offer financing.  However, Here are some resources that we can recommend to you.
  6. Will I get title insurance on my property? All properties in the state of Florida include a title insurance policy.
  7. How long is the process? Typically the transfer and closing takes approximately 45 days.
  8. What is the Right of First Refusal? Right of First Refusal (ROFR) is the process where the resort has the option to buy the property back at contract terms.   Disney has 30 days to exercise their option on the ROFR.
  9. As a seller, when will I receive my proceeds? Your proceeds will be disbursed once all conditions of the contract are met and closing documents are returned to the escrow agent.
  10. Why do you need my Deed from when I first bought my property? We request the deed from your purchase as this may be helpful should there be any filing or microfilming errors on the county website.
  11. What type of Deeds are there? The two most common types of deeds are the Warranty Deed and Quit Claim Deed.  The Warranty Deed is the most common type of deed used in timeshare sales.  This deed conveys ownership from the grantor (seller) to the grantee (buyer).  In addition to transferring the described property legally, the warranty deed also contains certain guarantees regarding the property made by the seller to the buyer. The Quit Claim Deed simply transfers whatever interest the person signing the deed has to the new owner (Grantee).  It does not warrant or guarantee the property against any judgments, liens, or encumbrances.  A Quit Claim Deed is most often used in non-sale transactions between friends or family.

   12. How should I take title? You may take title as an individual or with others.  Having two or more persons as the owners, called Grantees, requires a decision to be made as to how the owners should own the property between them. Tenancy by the Entirety:  Created between husband and wife (only) which together they hold title to the whole with right of survivorship so that, upon death of either party, the survivor becomes the sole owner. (No probate is required) Joint Tenancy with Rights of Survivorship:  Joint and equal interest in land owned by two or more individuals (do not have to be married), upon death the living owners assume full ownership.  (No probate required)Tenants in Common:  Interest in the property descends to the individual heirs – Does Not pass to the co-owner(s).  (Probate of estate is required).

   13.  Can I put the property in a trust? Yes ,you may take title to your property as a trustee of your trust.  We will need the exact name of the trust in order to deed the property correctly.
   14.
 Can I put my children on the Deed? Your children may take title if they are of legal age.
   15. How do I know the property is free and clear of any liens? On all purchases we will search the title and verify directly with the resort any outstanding balances.
   16.
What is an Estoppel? An Estoppel is the formal verification from the resort to verify any balances owed on the property.
   17.
How will I receive my documents? Your closing documents will sent to you via email unless you request otherwise.
   18.
Who needs to sign the Deed?  In the state of Florida the Seller (Grantor) is the only person to sign the warranty deed.
   19.
We are in separate locations, how do we execute the documents? As the seller, if you cannot sign the documents along with the other sellers, we will be happy to separate the documents and notary clauses for you. 
   20. What date goes on the Deed? The deed is dated on the same date that it is signed by the grantor and notarized.
   21.
Do my documents need to be notorized? Buyer’s documents do not require notarization.  Seller’s documents do require a public notary.
   22.
Do you need originals? Buyers may scan and email or fax back their documents.  We only require originals from our sellers.
   23.
Can I use a personal check at closing? You may not use a personal check for closing.  We require you use a bank check, cashier’s check, money order or wired funds for closing as they are guaranteed funds and do not delay closing.
   24.
Why do you need my social security number? We ask for your social security number for several reasons.  As a buyer we request that on behalf of Disney on their transfer document.  As a seller we must obtain this in accordance with Federal Laws.  All sellers will be issued an IRS Form 1099 for the sale of real estate property owned.
  25.
How should I send back my closing documents? We recommend you send your closing documents back using a traceable method of your choice.
  26.
What happens if I am selling and my spouse is deceased, but still on my deed? You will need to provide a certified copy of your spouse’s death certificate. We will prepare a death affidavit and continuous marriage affidavit (through death) to record along with your warranty deed.
  27.
What happens if we purchased as a married couple and are now divorced? All parties listed on the deed must sign the warranty deed to convey ownership to the buyers when selling.  Divorce decrees are not adequate to change ownership. All living parties must sign.
  28.
What if my name changed since I took title? If you have changed your name, you will need to furnish legal documents substantiating the change.
  29.
I am a foreign seller, is there anything special I need to know? As a foreign seller there are several things to consider.  Your property is subject to a 10% FIRPTA (Foreign Investment in Real Property Tax Act) unless you currently have a US Tax Payer Identification Number, also referred to as a Tax Identification Number (TIN).  The 10% is based upon the gross selling price.  Additional  information can be found at www.irs.gov 

The other consideration as a foreign seller is the notarization of your documents.  We must comply with the laws of the state in which your property is located.  If you do not have access to a Public Notary, you may have to visit a US Embassy or use the Apostille process as defined by the Hague Convention.

30.    30. Do you insure all mortgages are paid in full at closing? Yes, we insure all mortgages are paid in full at closing.  We also insure all maintenance fees are current.
  31. After closing, how long does the transfer take? After closing we will provide the resort with the transfer documents.  Please allow Disney 10 business days to make the transfer.  Other resorts requirements vary and may take up to 30 days for the transfer once the deed is recorded.
  32.
My maintenance fees are debited from my account, when should I stop those? For Disney properties only, they will stop your debit on the day of closing.  Please do not stop the debit directly with your bank as there may be fees incurred.
 33. Can 
I pay the maintenance fees on a monthly basis? For Disney properties only, they require your first year’s maintenance fees to be paid in full at closing.  After your first year you will be given the option to pay in full or monthly via a bank debit.