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Transfermytimeshare and Silverleaf problem

sg0578280

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I recently purchased a Silverleaf timeshare resale and paid transfermytimeshare 499.00 to handle the transaction. On the deed I indicated that I wanted it to be filed in my company name along with my name. Everything went well except that this process took 5months. The deed was recorded and I sent the money for the sale to transfermytime share plust 250 for Silverleaf to transfer the title. The money was disbursed and the seller went along her merry way. Now Silverleaf was advised by TMT to initiate the closing. After several week, Silverleaf wrote to TMT that they cannot close on this timeshare because they do not take deeds in Company Names. Now I have been calling Silverleaf for weeks to find out the status of my timeshare and its only when a person on the phone was very rude to me that I decided to remind TMT that they were to supervise this deal until I got my timeshare recorded. Anyway, TMT says that they have to refile a name change on the deed for this deal to go through. The problem now is that Silverleaf continues to bill the seller for maintenance fees. So the Seller is very angry because as far as she is concerned the deal was completed and TMT is responsible for paying the maintenance fees. TMT keeps telling me that the Seller should pay so now two months fees are due and I am in the middle. I do not own the timeshare and the seller has my money. It looks like this will take a while again because TMT sent a new deed for the Seller to notarize and then it has to come back to me to notarize and then go back to the court. What do you think I should do in a case like this?. I am sure by the time this happens another maintenance fee will be due. Do you think that TMT should be responsible for the fees seeing that they did not research the requirements of Silverleaf?. Please let me know what you think.

I have been calling TMT and no one is returning my call.
 

Bill4728

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Everyone did everything right except you. You insisted that the TS be in your companies name not your name. You should have found out if this was possible not the title company.

IMHO, you should pay any fees associated with this problem which you caused.
 

sg0578280

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I never insisted anything. I just filled out the forms for TMT. I don't know anything about title transfer etc. I thought when you give a company to do a transfer they know all about the industry and will help you with all the legal stuff.
 

Jimster

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company name

Why did you want it to be in your company name? A TS is not business property.
 

sg0578280

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I have some other real estate and its in the company name. I did not think that it would be a problem with the timeshare. I would think that would have been something the transfer folks would have advised me on. No one said it was wrong. In fact the lady at TMT told me that most timeshare companies don't have a problem with it. They did not know that this was a silverleaf rule.
 

Dave M

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I think you are responsible for any fees and extra expenses.

It's the timeshare closing agent's responsibility to handle the paperwork, but for the miniscule fee involved, there is no way they can know all of the rules of every timeshare resort. That’s why, here at TUG, we always recommend you do your due diligence before closing on a sale.

Thus, ask TMT if there is anything you can do to expedite the transaction.

Next time, consider using the Timeshare Purchaser's Checklist (in the TUG Advice section).

Also, there is a disadvantage to having the timeshare in your corporation. Timeshares fit into the category of what the IRS calls an "entertainment facility" and no deductions are allowed in connection with the ownership. Some deductions (e.g., property taxes) might be available to you if you were to own the timeshare.
 

sg0578280

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Thanks for the advice. I really had a misconception of the responsibility of the transfer company's responsibility.
 
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