• 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 26 years!

    Join tens of thousands of other owners just like you here to get any and all Timeshare questions answered!
  • TUG has now saved timeshare owners more than $14,000,000 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 $14 Million dollars
  • 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
  • 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!
  • 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
  • A few of the most common links here on the forums for newbies and guests!

Adding Additional Co-Owners to Timeshare Deed?

AeroSonic

Guest
Joined
Dec 24, 2016
Messages
6
Reaction score
0
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?
 

theo

TUG Review Crew: Veteran
TUG Member
Joined
Mar 21, 2007
Messages
8,515
Reaction score
1,495
Points
448
Location
New England Coast
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?
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:

AeroSonic

Guest
Joined
Dec 24, 2016
Messages
6
Reaction score
0
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.
 

theo

TUG Review Crew: Veteran
TUG Member
Joined
Mar 21, 2007
Messages
8,515
Reaction score
1,495
Points
448
Location
New England Coast
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.
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:

AeroSonic

Guest
Joined
Dec 24, 2016
Messages
6
Reaction score
0
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.
 

Tammy BROWN

Guest
Joined
Dec 29, 2016
Messages
3
Reaction score
0
Points
1
Resorts Owned
silverleaf
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?
 

bogey21

TUG Member
Joined
Jun 8, 2005
Messages
7,574
Reaction score
2,364
Points
499
Location
Fort Worth, Texas
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
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
 

Tammy BROWN

Guest
Joined
Dec 29, 2016
Messages
3
Reaction score
0
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
 

AeroSonic

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

Tammy BROWN

Guest
Joined
Dec 29, 2016
Messages
3
Reaction score
0
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
 

theo

TUG Review Crew: Veteran
TUG Member
Joined
Mar 21, 2007
Messages
8,515
Reaction score
1,495
Points
448
Location
New England Coast
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
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:

AeroSonic

Guest
Joined
Dec 24, 2016
Messages
6
Reaction score
0
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!
 
Top