Vidanta - transfer fee

[StructureGuy]

I've seen some discussion here about transfer fees when selling your Vidanta RTU.

My 2 week per year renewable to 100 year contract says;
"7. ASSIGNMENT. This program can only be transferred or assigned by the certificate holder to the Certificate Holder's immediate family members (parent, children and grandchildren) or heirs."

So is everyone else here allowed to sell their RTU contract or is it only the old timeshare contracts that can be sold?

 

[rpennisi]

I would think that that clause refers to transfer to family members within the contract period at no cost. The selling of the contract can be to anyone, if they pay the transfer fee which varies in amount depending on the contract, ie from one MF to much more on later contracts.

 

[tschwa2]

I always get confused but there are registered weeks, residence weeks, and privilege weeks. If the transfer is to a family member all of those will transfer. If it is a transfer to a non family member, the fee applies and only registered weeks (I think) transfer.

 

[StructureGuy]

The selling of the contract can be to anyone, if they pay the transfer fee which varies in amount depending on the contract, ie from one MF to much more on later contracts.

If that is the case then I would think that the transfer fee to non-family members would be specified somewhere in my contract, and it is not addressed.

 

[Eric B]

Vidanta structures the contracts so that you can sell the 10-year registered week one, but only transfer the 100-year certificate for 2 additional weeks to immediate family or heirs. Older contracts were transferable more easily.

 

[tschwa2]

If that is the case then I would think that the transfer fee to non-family members would be specified somewhere in my contract, and it is not addressed.

Without seeing the entire contract it is hard to see if it is not addressed or addressed in another portion of the contract you missed.

Or it is possible that they changed so that transfer is not possible.

When did you purchase?

 

[pittle]

I put this together several years ago. We have owned contracts for all but the one in 2008, but that was what we were told at a presentation in 2008. I do not know what the contracts say since our 2013 upgrade.

Before August 2002, transfer fees for Mayan Palace units were the cost of Maintenance fees for 1 year. The Vacation Fair week transfers with the contract. (A large majority of these have now upgraded to Grand Mayan and their old units are sold with the new terms.) These have a 25 year renewal fee(5 MF) and 5 year renovation fee that is equal to 1 MF.

From August 2002 - November 2005, it was 10% of the original purchase price. The Vacation Fair week does transfer with the contract. I am not sure they started selling Grand Mayan units before 2003. This was the information for Mayan Palace that was in a contract that we had. This has the 5 year renovation fee and 25 year renewal.

The 5 times the MF to transfer (sell) to another person started in late 2005, just before we upgraded to two GM 2-bedroom units in April 2006. These also had a 5 year renovation fee that is equal to 1 MF. The no pay unless you go feature was new in 2006, but came with an addendum that if you transferred your contract to someone else, the Vacation Fair (bonus week) and the no pay unless you go feature does not go with the transfer.

In 2008, there were some contracts that still had the 5 year renovation fee that was then 1-1/2 the cost of your MF, and still had the 5 times the MF to transfer to someone else. These also had the 25 year renewal fee that was 5 times the MF.

I am not exactly sure when, but by the time we upgraded to the Grand Luxxe in 2013, the cost to transfer your week to someone else had gone up to 10 times the MF and none of the special benefits, including the no pay unless you go and extra weeks go with the transfer. The new contracts have some 10 year renewal options which seem to change regularly.

*****Just double-checked my contract. The statement that StructureGuy made is in the 10-100 year portion of the contract. So, it looks like you can only transfer the first 10 years and they may only get your Registered week but no Residence weeks. Maybe just one when it comes up for renewal. Not a problem for us as we are keeping ours and our kids do not want them, so with our Sr Certs, when we are 76/88, no one will renew.

 

[Eric B]

Looks like the way they've set it up for the Estates and the Parks, the 100 year certificate only transfers to immediate family or heirs and can't be sold.

 

[T-Dot-Traveller]

....
My 2 week per year renewable to 100 year contract says;
"7. ASSIGNMENT. This program can only be transferred or assigned by the certificate holder to the Certificate Holder's immediate family members (parent, children and grandchildren) or heirs."......

Essentially this has been in place for 13+ years .

There was no value in selling / buying resale - once the MF on use only and 5 X MF transfer fee to non.family was instituted .Our Feb 2006 contract is structured that way - and the VF & MF on use only - only transfer to family - as you posted

Phyllis - thanks for re-posting the key date / timeframes on changes to transfer fees .