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Help me, help my grandparents

Discussion in 'Buying, Selling & Renting Timeshares' started by hulahoopy, Jan 8, 2019.

  1. hulahoopy

    hulahoopy Guest

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    My grandparents are no longer able to travel. They asked me to help them figure out what their options are. I do not own a timeshare, so this is all very new to me. I asked them to give me what paperwork they had, but what they provided was very minimal. Should they have a deed or contract that would include week/dates/season/bed/bath, etc.? Once I have this, I think I can get a better idea of current/historical sales and rental prices.

    I think our first step should be to call the resorts to see:
    1. Will they buy it back?
    2. What is the transfer fee?
    3. Will they handle the transfer paperwork and is it included in the transfer fee?

    I have read through several of these threads, and I think their best option might be to transfer ownership to a family member (we have a large family). If the resort won't handle the transfer paperwork, we should utilize a transfer company correct? Do we need their original deed/contract for the transfer? anything else they would have to find?

    So far, I know they own at Mayan Palace Puerto Vallarta and Lawaii Beach Resort and exchange with RCI. They could also potentially have more I am not aware of yet.

    Any help you could provide would be appreciated!
     
  2. LannyPC

    LannyPC TUG Member

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    The Mayan Palace is likely a Right-to-Use (RTU) and has no deed. If you want to transfer your grandparents' contract to a family member, that is usually done by the resort, although I do not know what the transfer fee is.

    If you want to transfer the Lawaii one to another family member, go to the Hawaii forum for a list of recommended closing companies that do transfers in Hawaii.
     
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  3. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    Welcome to TUG. The combined knowledge here can help, but might be like trying to get a sip from a fire hose.

    The easy way is it some family member wants a timeshare. The transfer can be a DIY thing, but is easier to pay an outfit like www.lttransfers.com to do it at a cost at a couple hundred $$.

    If no one wants it, you can list it in the TUG Marketplace for the cost of membership ($15/yr) or for free in the Bargain Deals (for less than $500). Same thing applies to transfer it.

    The Mexican TS is both easier and harder. There is no deed to transfer, but the cost to change owners is prohibitive. Most of those contracts are 'no use-no pay', so there is basically no sweat about walking away.

    To value them, (it won't be much) sign on to eBay, enter the resort details in the search window and look for 'completed auctions'.

    Hope this snippet helps.

    Jim
     
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  4. hulahoopy

    hulahoopy Guest

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    Thanks for your help so far!

    Is there a thread that explains DIY transfers?

    How would I confirm a contract is 'no use-no pay'? and are there any adverse implications of doing this?
     
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  5. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    Generally, to do a transfer yourself, just copy the legal description from the deed you have, and change the 'Grantor' and 'Grantee' to the new names, then send it to the county recorder along with the required fees. They will send it back after the deed is recorded, then you send it to the resort along with their fee, and they change the name on their records. I think Hawaii has some other hoops to jump through, but don't know exactly what they are.

    Find and read the Vidanta (Mayan Palace) contract. They have all kinds of contracts- it isn't just a one size fits all thing with them. As far as we know, the only hook any Mexican TS has is use. There is no deed, so no foreclosure. They just have sky-high transfer fees which effectively squelches resales.
     
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  6. T-Dot-Traveller

    T-Dot-Traveller TUG Member

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    Taranova
    Mayan Palace / Vidanta TS can transfer to a direct family member ( you as grandchild) for
    no cost ( $ 0 ) If you or other family members can or wish to use it for vacationing . Your grandparents
    bought a 99 year right to use (RTU) membership.

    This is handled by Vidanta Member Services .
     
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  7. RX8

    RX8 TUG Member

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    Hold on a sec. Just because it can easily be transferred to a family member doesn’t mean it is always the best option.

    Don’t want to scare you but taking on a timeshare is a huge commitment of ongoing and ever increasing maintenance fees and a commitment of long term planning. Combine that with the fact that since these timeshares are in Mexico and Hawaii means making traveling plans and expensive airfare. Yes, you could use RCI but that is always a crapshoot and Mexican timeshares typically don’t have good trade value. To maximize RCI means depositing and putting in an ongoing search well in advance of actual travel dates. Be aware too that scammers love to cold call Mexican timeshare owners.

    Whatever family member is willing to take this on should fully understand what they are getting into. Use it correctly and timesharing can have lots of value in the vacation memories that they provide. If one is unable or unwilling to learn then it will be a great disappointment. It is said here often that buying a timeshare (or getting one free) is easy. Getting rid of one after deciding it is not for you can be very difficult and costly.

    Good luck.
     
    Last edited: Jan 10, 2019
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  8. bogey21

    bogey21 TUG Member

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    Agree with this big time...

    George
     
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  9. T-Dot-Traveller

    T-Dot-Traveller TUG Member

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    Mayan Palace can have very good use value . / Many since 2006 have MF on use only - which transfers to direct family .
    ( not to resale or other non family transfers )

    Last year a family member posted that Dad & Mom had bought Mayan Palace in 1987 - and paid 25 year renewal charge in 2012. Could no longer use due to health
    It had the 3 % cap on MF annual increase .

    MF was $ 475 for a 2 bedroom .
    ( A newer contract could be $ 875+ for exact same )

    Family member had it transferred for FREE .

    Not every instance is as good a deal story as that . / OP needs to find out specifics
     
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  10. hulahoopy

    hulahoopy Guest

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    Thank you everyone for your advice!
     
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