How do you verify if a loan is paid off? [Summer Bay]

[es3chico]

Im being gifted a TS by doing a quit claim deed. Im told that its xompletely paid off, so I would just take over the MF. They dont know how to prove to me that its paid off ans asked if I knew od a way to ket them know. I live in Florida and its a Florida TS. If theres an outstanding balance on a loan, by putting my name on the deed does that make me responsible for the balance? How can the seller/gifter prove that theres no loan attached and that theres no overdue MF etc?

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[DeniseM]

You should have the title company request an estoppel from the timeshare management company, before you proceed.

Even if there is no $$$ involved, I would use a reputable timeshare title company, to protect your interests. A good title company can spot any problems or scams and walk you through the whole process.

This is who I use - they are Tuggers, they get high marks on TUG, and they are efficient and inexpensive - usually less than $200.

L.T. Transfers
www.lttransfers.com
readylegal@gmail.com
706.219.2709

 

[bogey21]

I'm kind of guessing here. I don't know what to do if there is an unrecorded loan using the TS as collateral. On the other hand, again guessing, if you get it for nothing via a quit claim deed, I suspect the worst thing that can happen if there is a loan and it goes (went) into default, all they could just take the property and you would be right back where you started;i.e. no longer having any rights to it. The good news is that putting your name on the Deed won't obligate you on the note if there is one. As far as overdue MFs, the common wisdom here is to get an estoppel from the Resort. Personally, I would probably just do a joint phone call to the Resort with the one gifting you the Week and have them tell you if the MFs are current...

George

 

[es3chico]

I didnt use a company as we were doing everything ourselves. Im at the point where all I have to do is sign and notarize and file with the county. So if I tell them to call the timeshare and ask for an estoppel, the timeshare will just give it to them? ( tried using the quote and reply feature but some security warning pops up and doesnt let me)

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[DeniseM]

Some management companies will only provide the estoppel to a title company - what timeshare is it?

Personally, unless you have a lot of experience with title transfers, I think it is completely worth $200 to use a reputable title company to protect your interests, and make sure everything is done correctly and legally. YMMV

 

[Jan M.]

I didnt use a company as we were doing everything ourselves. Im at the point where all I have to do is sign and notarize and file with the county. So if I tell them to call the timeshare and ask for an estoppel, the timeshare will just give it to them? ( tried using the quote and reply feature but some security warning pops up and doesnt let me)

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The resort or management company will charge a fee for the estoppel letter. Maybe $50-$75. Some people are comfortable with no estoppel letter and other people want one even if it is a family member or close friend.

If the person giving the timeshare to you is a close friend or family member, they are telling you it is paid for and they have owned it for at least 10 years then it could probably be safe to assume that it is paid off even if they did have a loan when they purchased it. Since the resort is in Florida do you know if this resort sustained any damage last year in Hurricane Irma? Or did the resort do unit updates and/or other big renovations in the last year or two? The estoppel will tell you if there are any unpaid assessments. But a call to someone who handles the resales at the resort could answer that for you too.

With most resorts/management companies there is an owner log in page and you can see the payment history for the maintenance fees or if any are due. The current owner could take a screen shot of that page and email it to you.

 

[DeniseM]

Not all companies charge a fee - it varies. It would be helpful to know the name of the resort.

 

[es3chico]

Some management companies will only provide the estoppel to a title company - what timeshare is it?

Personally, unless you have a lot of experience with title transfers, I think it is completely worth $200 to use a reputable title company to protect your interests, and make sure everything is done correctly and legally. YMMV

Rci point based. A week at Summerbay Resort.

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[es3chico]

The resort or management company will charge a fee for the estoppel letter. Maybe $50-$75. Some people are comfortable with no estoppel letter and other people want one even if it is a family member or close friend.

If the person giving the timeshare to you is a close friend or family member, they are telling you it is paid for and they have owned it for at least 10 years then it could probably be safe to assume that it is paid off even if they did have a loan when they purchased it. Since the resort is in Florida do you know if this resort sustained any damage last year in Hurricane Irma? Or did the resort do unit updates and/or other big renovations in the last year or two? The estoppel will tell you if there are any unpaid assessments. But a call to someone who handles the resales at the resort could answer that for you too.

With most resorts/management companies there is an owner log in page and you can see the payment history for the maintenance fees or if any are due. The current owner could take a screen shot of that page and email it to you.

Ill have to check about the damages, i live about 45 min from that resort so shouldnt be hard to figure out. Also since its point based, im not sure how much them having any damage will affect me but i will look into it thx.

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[Jan M.]

Ill have to check about the damages, i live about 45 min from that resort so shouldnt be hard to figure out. Also since its point based, im not sure how much them having any damage will affect me but i will look into it thx.

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If the resort had an assessment for hurricane damages or renovations/updates an owner would have to pay it whether they are fixed week or points in RCI. A call to the resort sales office could probably get you the information about whether or not there has been one in the last couple of years.

 

[DeniseM]

The sales office is not a reliable source of information and many older resorts are not in active sales. The best practice is to get an estoppel letter from the management company.

 

[Jan M.]

The sales office is not a reliable source of information and many older resorts are not in active sales. The best practice is to get an estoppel letter from the management company.

From what I know Summer Bay is an active resort. But I agree that I would get an estoppel letter. The person who started the thread never said whether or not the person he is getting this timeshare from is a relative or very close friend. But even if it is a very close friend or relative it isn't that much money to get an estoppel letter. Sometimes people don't fully understand what they own or what the status is of their timeshare account.

 

[es3chico]

From what I know Summer Bay is an active resort. But I agree that I would get an estoppel letter. The person who started the thread never said whether or not the person he is getting this timeshare from is a relative or very close friend. But even if it is a very close friend or relative it isn't that much money to get an estoppel letter. Sometimes people don't fully understand what they own or what the status is of their timeshare account.

I dont know the person. I saw an ad in the tug marketplace and txt her number from the ad. Been texting back and forth for a week and am waiting to get the quit claim deed in the mail so I can get it notorized and filed. She provided a screenshot of rci chat support that states her membership is paid up to 2020 and it will transfer over but I think I need the same kind of thing from the home resort just to be sure. I didnt know what estoppel was, since im new to this but it sounds like thats the way to go.

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