By Ihor Cap

FYI. In November 23, 2009, the Competition Bureau Investigation Results in Penalty identified this same Resort for running misleading promotional contests in 2006 and 2007 and levied a fine against them in the amount of $170,000.00. Wish we knew that before we signed our purchase agreement in the summer of 2008. We got two free video cameras and a chance to win the keys to a car too. Remember that sales presentation?

Now, let’s get back to how to complete your transfer and closing forms. Assuming the same or very similar forms are still in use for this purpose, you can follow or retrace the steps, and recopy and modify the information in these forms to suit your needs. It is hoped that by following these steps closely, you will be able to complete the process in a timely and efficient manner. Above all, be patient. Remember, no real estate agent wants anything to do with your timeshare, and no serious assistance is offered either from the Resort, or the Government agency responsible for issuing these forms. That is why you have to mind your three T’s. Things-Take-Time. That is also why you should have an experienced Resort Closings (Escrow) Agent to represent you. Because you are dealing with changes that affect your interests in land and your legal rights, you may want to secure an experienced lawyer for this purpose. However, we felt comfortable completing the forms on our own with the assistance of a very experienced Closings Agency Escrow Agent whose paper work is all the same reviewed by an attorney. In either case, they will not only help you nudge the process forward, they will also validate for you what needs to be done along the way. I don’t know what the lawyer’s cost would be but we do know what the approximate costs of the Resort Closings Agency are which are noted further below. 

In the end, it is hoped that this information will save you, indeed everyone, a lot of time, money and frustration, and ultimately set you free of your timeshare. After all, that is why you are here, yes? There is no reason why you cannot complete these forms on your own under the expert guidance and supervision of your Escrow Agent. That is how we did it. The forms here assume a 50/50 split of ownership between husband and wife. Note 1: All documents are verifiable on file and real. Except for the Commissioner of Oaths, the names and addresses of the real buyers and sellers have been removed to respect their privacy.

REQUIRED CLOSING AND TRANSFER APPLICATIONS, AND FORMS

STEP 1: Secure a reliable timeshare resort closings agency. We used Resort Closings, Inc. They have performed over 40,000 such closings.  They are a full service timeshare closing company that offers a complete solution including title search, document drafting, and escrow. The fees include document transfer ownership preparation (usually a deed), an account search with the Resort involved to verify seller’s ownership (also stipulates timeshare unit size), property tax verification, purchase contract and/or settlement statement, collection of funds, ownership document processing and resort notification (recording of deed with copy to Resort and Buyer), and attorney reviewed closings for accuracy.

It’s a good idea to establish in advance who is responsible for the closing and transfer fees, the buyer, the seller or is this cost shared between the buyer and seller? Usually the agency collects and holds all funds in an escrow account until the transfer is concluded. In our case, the buyer (a work friend) paid us by check in full ahead of time and, paid for the closing and transfer costs separately. All we did is notify the Closings Escrow Agent of this earlier transaction, but the buyer still had to pay for the closing and transfer costs as per our agreement. Approximate fees are about $475 by the Resort Closings agency. There is another $150 fee involved for non-USA residents. Elkhorn Resort’s Land Transfer fee was about $350 dollars. All together it cost our buyers about $1000 Canadian dollars to perform the closing and transfer costs. After that, our buyer was also responsible for paying any and all future Resort maintenance dues and fees as well as any RCI membership service fees. Remember, everything stated here is an estimate. Note: not all resorts charge a land transfer fee (Elkhorn does), and some resort transfer fees change on a monthly basis so you are always getting an approximate cost. Your actual closing and transfer cost might be much less or a little higher than $1000 depending on the situation. Also, make sure you use your legal names (with middle names) on all forms and not nicknames and the like.   

Ready to start the Resort Closings Inc. Online Submission Information Form? Yes? Then click here http://www.resortclosings.com/mailform.php?ct=2.  If there is something you do not understand on this form, call the agency and speak to a representative. When necessary, I communicated with their Escrow rep over the telephone and e-mail. Once you complete the additional required forms below, make sure you send them to the correct Land Titles Office. Call any Land Titles office to find out which area your particular Resort unit is located in. Elkhorn is in Neepawa, but you can pick up all the necessary forms at the Winnipeg Land Titles office.

STEP 2: Complete the CONSENT FORM (To Access Account on your behalf) provided to you by the Resort Closings Inc. This form will be sent to you once you have successfully completed their online form.

Resort Closings Inc. Consent Form

STEP 3: Complete The Property Registry Application from the Land Title’s Office with the basic information required such as name, address and so on. In the   Registration Details section, under Document subheading write Transfer. Where it says Affects Title No., for the type of property you are dealing with enter 2223118. You will be assigned a registration Number by the Land Titles Office and you will also be notified of the Reasons for Rejection of your application in the bottom portion of your copy should it be returned to you with payment and other enclosed documents. You will be issued a notice of completion if your application was successfully processed. Your Resort Closings Escrow Agent will do the same.

Property Registry Application Blank Form (White in Colour)

Property Registry Application (Yellow Copy Rejected Form )

STEP 4: Complete your Affidavit of Subscribing Witness Form. I had a friend from work witness all the signatures before our clients (that is buyers) and sellers, and a Commissioner for Oaths (for a fee, of course). You can bring this form all parties involved for sign off when all forms have to be signed at the same time and dated on the same signing day or the documents may be rejected.

Affidavit of Subscribing Witness Form

STEP 5: Complete your Transfer Assignment Form which receives consent from the Neepawa Condominium Corporation No.3. This form will be provided to you by the Resort Closings Escrow Agent.

Elkhorn Ranch and Resort Transfer Assignment Form

STEP 6: Complete both sides, where applicable, of your Government issued Land Titles TRANSFER form 8.4.

Manitoba Government Transfer Form Side A

Manitoba Government Transfer Form Side B

STEP 7: Complete your Government issued Schedule form. This will form Schedule A as part of your Transfer document submission.

Manitoba Government Schedule Form

Note 2: Except for the Consideration of sale price for monies received from our buyers, all numerical values contained in the above downloaded documents are those provided by the Land Titles Office following several application rejections. The objections were noted in the Property Registry Application form and 8 ½ by 11 sheets as necessary. Accordingly, all objections were noted and revised in subsequent forms until the process came to a successful conclusion. There is a small fee attached for each application rejection. Numerical values will vary by type of Resort/Condo Unit under consideration. 

Author Information:

Ihor Cap is a web author at http://articlesandblogs.ezreklama.com.