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Legacy Resort Transfer Fees

cyntravel

cyntravel

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Hi I was trying to get a feel for what other Legacy Resorts charge for Transfer Fees? Not the Transfer and Closing just their fee for answering questions and the estoppel process etc.

I have one Legacy Resort that is charging $450 per unit sold.
Marriott doesn't charge this much.

Cyn
 
likely need to contact the resort directly to inquire about this fee.

its not all that uncommon for resorts to charge these fees that amount to nothing more than a money grab.
 
cyntravel said:
....trying to get a feel for what other Legacy Resorts charge for Transfer Fees? Not the Transfer and Closing just their fee for answering questions and the estoppel process etc.

I have one Legacy Resort that is charging $450 per unit sold.
Marriott doesn't charge this much.
Click to expand...

I cannot determine from your post whether you are referring to a Legacy Vacation Club (formerly known as Celebrity Resorts, before 2009 bankruptcy filing and re-emergence) property, or whether you are instead referring to a "legacy" (i.e., older) resort in the generic sense of the word "legacy".

We own at several "legacy" (older) resorts in the more generic sense of the word (i.e., having nothing whatsoever to do with Legacy Vacation Club).
All three of those "legacy" resorts charge the same $100 internal transfer fee upon change of ownership. Fwiw, none of the three are related in any way to one another, neither by management company nor by any other common thread; they all just happen to charge the same $100 for transfer fee.

That said, if you are referring to a Legacy Vacation Club (formerly known as Celebrity Resorts) property, nothing that they might do (or charge) would surprise me much. My observation as a former owner in their (pre-bankruptcy, Celebrity Resorts) days was that their Boards were essentially comprised of and / or controlled by developer stooges and lackeys. They certainly do not and will not bite the hand that feeds and are likely both very happy and strongly inclined to impose such hefty transfer fees wherever possible. I can almost hear the "Ka Ching", as their cash registers happily ring. :rolleyes:

We were glad to permanently part company with Celebrity Resorts and the Meyers clan in 2008, before their "reinvention" as Legacy Vacation Club.
I am frankly inclined to doubt that they are much different today in their post-bankruptcy "reinvention" and "relabeling" as Legacy Vacation Club.

It's all relative; my understanding is that Hyatt actually charges a $699 transfer fee for each Hyatt ownership change, just as a point of comparison.
 
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theo said:
I cannot determine from your post whether you are referring to a Legacy Vacation Club (formerly known as Celebrity Resorts, before 2009 bankruptcy filing and re-emergence) property, or whether you are instead referring to a "legacy" (i.e., older) resort in the generic sense of the word "legacy".

We own at several "legacy" (older) resorts in the more generic sense of the word (i.e., having nothing whatsoever to do with Legacy Vacation Club).
All three of those "legacy" resorts charge the same $100 internal transfer fee upon change of ownership. Fwiw, none of the three are related in any way to one another, neither by management company nor by any other common thread; they all just happen to charge the same $100 for transfer fee.

That said, if you are referring to a Legacy Vacation Club (formerly known as Celebrity Resorts) property, nothing that they might do (or charge) would surprise me much. My observation as a former owner in their (pre-bankruptcy, Celebrity Resorts) days was that their Boards were essentially comprised of and / or controlled by developer stooges and lackeys. They certainly do not and will not bite the hand that feeds and are likely both very happy and strongly inclined to impose such hefty transfer fees wherever possible. I can almost hear the "Ka Ching", as their cash registers happily ring. :rolleyes:

We were glad to permanently part company with Celebrity Resorts and the Meyers clan in 2008, before their "reinvention" as Legacy Vacation Club.
I am frankly inclined to doubt that they are much different today in their post-bankruptcy "reinvention" and "relabeling" as Legacy Vacation Club.


It's all relative; my understanding is that Hyatt actually charges a $699 transfer fee for each Hyatt ownership change, just as a point of comparison.
Click to expand...

Hi Theo

Thanks for responding. No it is not the Legacy Vacation Club just a "Legacy" (older resort). I am being told that the transfer fee is $450 per each of my units I am selling. I have LT Transfers preparing the deeds and closings. So why would they charge the closing company LT Transfers the extra $450 if all they are doing is answering questions on the estoppel and a running a credit report ($25) on the new buyer. My new buyer would be getting hit with 2 closing fees if this is true. I have done several closing in SC in the past and none have been this high.

What do you think?

Cyn
 
cyntravel said:
Hi Theo

Thanks for responding. No it is not the Legacy Vacation Club just a "Legacy" (older resort). I am being told that the transfer fee is $450 per each of my units I am selling. I have LT Transfers preparing the deeds and closings. So why would they charge the closing company LT Transfers the extra $450 if all they are doing is answering questions on the estoppel and a running a credit report ($25) on the new buyer. My new buyer would be getting hit with 2 closing fees if this is true. I have done several closing in SC in the past and none have been this high.

What do you think?

Cyn
Click to expand...

Sorry, but I can neither understand nor explain your (unidentified) resort's seemingly hefty charges and / or policy on transfers of ownership.

Some resorts (or their management company) charge for estoppel preparation and issuance (often $75-$100, in my own experience) in addition to the gratuitous transfer fee (often $100, to spend 2 minutes changing the name and address of future maintenance fee bill recipient in their records). How or why your particular unidentified resort bloats that into $450 per week to be transferred is frankly beyond my comprehension, particularly if the SC attorney charges are entirely separate. :shrug:
 
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It's all relative; my understanding is that Hyatt actually charges a $699 transfer fee for each Hyatt ownership change, just as a point of comparison.
We just sold our sunset harbor. Hyatt charged 650.00 "TRANSFER FEE" your right it's just a money grab, at there pc. of the cake. o_O
 
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