TUG MEMBERS: Joining TUG does not automatically register you as a user of the TUG Bulletin Board. You must register yourself.


*ads are disabled when logged in as a member*
  1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.
  2. The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 25 years!

    Join tens of thousands of other owners just like you here to get any and all Timeshare questions answered!
    Dismiss Notice
  3. TUG has now saved timeshare owners more than $11,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $11Million dollars
    Dismiss Notice
  4. Sign up to get the TUG Newsletter for free! Join tens of thousands of other owners who get this every week! Latest resort reviews and the most important topics discussed by owners during the week!
    Dismiss Notice
  5. TUG is trying out a new program that will trade you a TUG membership for a Timeshare resort review if you are an expired member, or even just a guest here on the forums!

    Read more here
    Dismiss Notice
  6. Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    Read more Here
    Dismiss Notice
  7. Follow the TUG Member Banner as it travels the world on vacation with Timeshare owners! Also sign up to get the banner sent to you so you can submit a photo of your vacation with the banner to share with TUG! Banner Thread
    Dismiss Notice
  8. TUG has now joined Priceline.com as an affiliate!

    Members and guests who book air travel, rental cars and even Cruise Vacations thru TUG's priceline links will now support TUG in the process!

    Read more here
  9. A few of the most common links here on the forums for newbies and guests!
    Dismiss Notice

Adding Additional Co-Owners to Timeshare Deed?

Discussion in 'Buying, Selling & Renting Timeshares' started by AeroSonic, Dec 28, 2016.

  1. AeroSonic

    AeroSonic Guest

    Joined:
    Dec 24, 2016
    Messages:
    6
    Likes Received:
    0
    Trophy Points:
    1
    Resorts Owned:
    Silverleaf Ozark Mountain Resort
    New member. I've had a Silverleaf timeshare for several years, didn't really do much with it. Mortgage is long paid for and maintenance fees are up to date. I'd like to give it away because my heirs have no interest in assuming the MF, but no outside takers so far (I'll even pay all the transfer fees and anything else). One person has shown interest, but proposes being added to the deed in order to take advantage of the Endless Escape that comes with it, and will pay the MF and any future assessments; transferring/selling the timeshare completely over does not also transfer EE privileges.

    I guess I have no problem with staying on the deed as long as the other party pays for everything from here on out and my heirs aren't burdened with future costs. Anyone know if a legal contract can be drawn up that would achieve this? Anyone know a good timeshare attorney?
     
  2. theo

    theo TUG Review Crew: Veteran TUG Member

    Joined:
    Mar 21, 2007
    Messages:
    8,410
    Likes Received:
    1,263
    Trophy Points:
    448
    Location:
    New England Coast
    If you truly want to end your ownership, then remaining on the deed for any reason frankly seems (to me) like a stunningly bad idea.
    You surely do not want to become a co-owner solely to accommodate a stranger's interest in whatever benefits Endless Escape provides.
    Realistically, you simply cannot ensure that the individual will ever actually fulfill any future payment promises, despite any "legal agreement".
    If s/he unexpectedly moves, loses interest, dies, or is captured by aliens, any of which mean "not paying anymore", take a wild guess who the resort will chase; and don't ignore / dismiss potential future probate complexities resulting from any such multi-grantee deed with unrelated people. Just a really bad idea overall.
     
    Last edited: Dec 29, 2016
  3. AeroSonic

    AeroSonic Guest

    Joined:
    Dec 24, 2016
    Messages:
    6
    Likes Received:
    0
    Trophy Points:
    1
    Resorts Owned:
    Silverleaf Ozark Mountain Resort
    Thank you for your response. My first preference is certainly to end ownership, but doing that is proving to be difficult. I'll give it more time to see if there are any takers, but frankly I'm not optimistic so I'd like to explore the positives and negatives of the alternatives.
     
  4. theo

    theo TUG Review Crew: Veteran TUG Member

    Joined:
    Mar 21, 2007
    Messages:
    8,410
    Likes Received:
    1,263
    Trophy Points:
    448
    Location:
    New England Coast
    You might consider offering additional incentive(s) to your interested party, as a much safer alternative to your actually remaining on the deed.
    You could offer to pay all of the closing and transfer costs and, if absolutely necessary, even the maintenance fee bill for the next usage year.
    I admittedly know nothing about Endless Escape, but I frankly cannot imagine it being a Silverleaf benefit of truly incalculable value. :shrug:

    You may have "a bird in the hand", but becoming co-owner with a stranger, regardless of a (ultimately unenforceable) "agreement" is very unwise (IMnsHO).
     
    Last edited: Dec 29, 2016
  5. Wgk101

    Wgk101 TUG Member

    Joined:
    Sep 21, 2015
    Messages:
    55
    Likes Received:
    4
    Trophy Points:
    68
    Location:
    Kennesaw, GA
    Which silverleaf
     
  6. AeroSonic

    AeroSonic Guest

    Joined:
    Dec 24, 2016
    Messages:
    6
    Likes Received:
    0
    Trophy Points:
    1
    Resorts Owned:
    Silverleaf Ozark Mountain Resort
    The person who is interested already owns two Silverleaf properties and apparently finds the Endless Escape of value for her particular situation. She says, "Endless Escapes (old bonus time) is the Silverleaf program that allowed owners to spend up to 6 days at any of their resorts free (as bonus time)."

    I thought about adding some incentives to my existing ad, but will give it some time to see if the current ad draws any interest. in the next couple of months.
     
  7. AeroSonic

    AeroSonic Guest

    Joined:
    Dec 24, 2016
    Messages:
    6
    Likes Received:
    0
    Trophy Points:
    1
    Resorts Owned:
    Silverleaf Ozark Mountain Resort
    Ozark Mountain Resort.
     
  8. Tammy BROWN

    Tammy BROWN Guest

    Joined:
    Dec 29, 2016
    Messages:
    3
    Likes Received:
    0
    Trophy Points:
    1
    Resorts Owned:
    silverleaf
     
  9. bogey21

    bogey21 TUG Member

    Joined:
    Jun 8, 2005
    Messages:
    6,442
    Likes Received:
    1,097
    Trophy Points:
    449
    Location:
    Fort Worth, Texas
    Bad idea. If later you want to sell, you will need this person's signature. If he/she dies, his/her half goes into his/her estate. Then you have his/her probate to deal with. Then there is the possibility he/she decides to quit paying as agreed. Don't do it. There are too many unintended things that can happen, probably all bad.

    George
     
  10. Tammy BROWN

    Tammy BROWN Guest

    Joined:
    Dec 29, 2016
    Messages:
    3
    Likes Received:
    0
    Trophy Points:
    1
    Resorts Owned:
    silverleaf
    hello I am interested in the silverleaf you own...do you know if the Ozark mountain resort a destination resort or a getaway? also how much are the maintenance
     
  11. AeroSonic

    AeroSonic Guest

    Joined:
    Dec 24, 2016
    Messages:
    6
    Likes Received:
    0
    Trophy Points:
    1
    Resorts Owned:
    Silverleaf Ozark Mountain Resort
    Thanks Tammy, I have it listed in the Bargain Basement of TUG, I hope that will answer your questions. Fees are $1090 per year.
     
  12. Tammy BROWN

    Tammy BROWN Guest

    Joined:
    Dec 29, 2016
    Messages:
    3
    Likes Received:
    0
    Trophy Points:
    1
    Resorts Owned:
    silverleaf
    OK thanks for quick reply...can I get an email? I will look in bargain basement however I'm new to site and seem to have some trouble navigating. thanks tammy
     
  13. theo

    theo TUG Review Crew: Veteran TUG Member

    Joined:
    Mar 21, 2007
    Messages:
    8,410
    Likes Received:
    1,263
    Trophy Points:
    448
    Location:
    New England Coast
    Anyone posting their email address in a public, open forum (like this one) unnecessarily creates an open invitation to spammers and scammers!
    I encourage the OP not to comply with the above request and then potentially have to endure completely avoidable unintended consequences.

    You can send a private message directly to the OP yourself by simply clicking on his user name (see blue box on the left of this page for each individual user) when signed in. Select "start a conversation" when a new box pops up. The "start a conversation" option allows you to send a direct, private message; you can then work out further direct contact details with one another, privately. Posting email addresses in any open, public Internet forum is not at all a smart move.
     
    Last edited: Dec 29, 2016
  14. AeroSonic

    AeroSonic Guest

    Joined:
    Dec 24, 2016
    Messages:
    6
    Likes Received:
    0
    Trophy Points:
    1
    Resorts Owned:
    Silverleaf Ozark Mountain Resort
    Thanks everyone for their input! This posting has reached a person where I have high confidence that a mutually beneficial transaction will result between myself and the other party.

    FYI - I did consult with a paralegal that specializes in timeshares. He did not think co-ownership in my particular case was necessarily bad (i.e., where the other party would agree to pay fees and assessments that would allow them to take advantage of the timeshare week and Endless Escapes) IF I was in a situation where there was a very low probability of finding someone to take ownership (thankfully that won't be my situation). He emphasized that another contract (I forget what he called it) would need to stipulate clear consequences if the other party failed to live up to its commitment, in which case the original owner is no worse off than before, i.e., the original owner goes back to paying the maintenance and assessment fees (but at least there was some relief to the owner if the other party did pay something). It may be more complicated than that, but thankfully that's not something I'll have to worry about.

    Cheers!
     

Share This Page