Questions re Ownership Transfer

[chrisfromOC]

I'm in escrow to buy a Marriott resale and have a few questions which I'm hoping that someone here could help with ---

(1) If I have the Seller reserve the week I want for 2007 right now, prior to our closing, will that reservation transfer to me within the Marriott system along with the sale of the week?

(2) As part of my purchase, I am getting 2006 usage, which I plan to deposit with II. Should I have the seller make this deposit into II now, and if so, will there be an easy way for this II credit to be transferred to me? Or would I be better off waiting until we close and ownership is transferred and then handling the II deposit myself?

Thanks.

Chris

 

[hipslo]

I am also currently in escrow on the purchase of several resale weeks. I am told (and have read on this BBS) that the answer to your first question is yes, and in fact my contracts specify the weeks that have been reserved in '07, and state that I will have use of them as the buyer. I have no info on your second question.

 

[Dean]

Pending reservations must be addressed in the contract and even then there are risks to the buyer. II has a work around to transfer the week but it is not perfect. If the seller has no other II resorts, they could deposit the 2006 week then transfer the entire account to you. If not, they could deposit and put in the request for you and then "transfer" the week to your II account if needed when the time comes and your purchase is complete.

 

[seatrout]

when you deposit the week, it come as a Marriott deposit and may also get an accomodation certificate depending on the season. Thus if the closing date several months (5-6) prior to the reservation, it is better if you deposit it.

If the seller deposit the week, the transfer will come across as an accomodation certificate peg to the week. It has a slightly more expensive to redeeme. You would not the the other (free)accomodation certificate

 

[Dave M]

Dean's response is accurate.

The reservation for the 2007 week would belong to the seller, unless there is a specific written agreement that it belongs to you. Even then, you'll need the seller's cooperation to give you access to that reservation.

Assuming there is a deposited week... If the current owner has no other II timeshares, the owner can transfer the entire II account to you. You then get the rights to that deposited week. Otherwise, if you and the owner agree, II can issue a "substitute" week to you as a deposited week. It will be a generic week, not necessarily with the same trading power and it will not have the internal trading priority that a Marriott week would. II cannot transfer the actual Marriott deposited week to you if the current owner has other II timeshares.

 

[chrisfromOC]

Dean's response is accurate.

The reservation for the 2007 week would belong to the seller, unless there is a specific written agreement that it belongs to you. Even then, you'll need the seller's cooperation to give you access to that reservation.

Assuming there is a deposited week... If the current owner has no other II timeshares, the owner can transfer the entire II account to you. You then get the rights to that deposited week. Otherwise, if you and the owner agree, II can issue a "substitute" week to you as a deposited week. It will be a generic week, not necessarily with the same trading power and it will not have the internal trading priority that a Marriott week would. II cannot transfer the actual Marriott deposited week to you if the current owner has other II timeshares.

As between the seller and me, I'm comfortable that what I'm buying includes the 2007 week. I'm just trying to confirm that Marriott will continue to recognize the reservation for 2007 even once ownership of the timeshare is transferred.

 

[ginsun88]

As between the seller and me, I'm comfortable that what I'm buying includes the 2007 week. I'm just trying to confirm that Marriott will continue to recognize the reservation for 2007 even once ownership of the timeshare is transferred.

We requested while we were in escrow (Sept '05) that the sellers make a reservation for us for Aug '06 and provide us with the reservation #. They did this after we had given our deposit money and were past the recission period.

I verified through Marriott's website and the reservation # did not match our last name or the sellers' last name. The broker "explained" that the reservation was for a different seller he was working with and quickly resolved the matter.

After Marriott transferred ownership, I called again to verify our 2006 reservation to make sure we were acknowledged as the new owners and they gave me a new reservation #.

You should be OK as long as your contract specifies beginning year of usage. In fact, when I signed up for II the 2005 usage showed my unit available. When I called to inquire, it turned out that the previous owners still had 2005 usage and Marriott knew that my usage year was to start in 2006.