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Any way to split a deed?

S

SDKath

TUG Member
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Hi there,

Tonight my friends offered to buy a Starwood unit with us (on resale). We thought it would be fun to take in even years and they take it odd years. It is an EY contract and I guess both families would be on the title. If down the line one of us decides to sell off their share, is there a way to ask Starwood to "split" the deed into our years and their years so they can sell it while we keep our half? Just curious if this is a possibility.

THanks!

Katherine
 
No resort company will do this for you. You can do it yourself by buying in both names.

The problem is even the best friendship can fail, especially with an arrangement like this in place.

Like any partnership, I would recommend setting up an separate "partnershiip" agreement on the side, which includes what happens if one party wants out, etc.

Better advice is not the do it IMHO. Each should buy what you can afford separately. And then you could even go together one year as friends. This arrangement could cost a friendship.
 
I would NEVER buy anything with friends, you won't be friends anymore.
I went into business with a friend. This was a very small business and not much money was involved. We were enemies in 6 months and didn't speak for 2 years. After 2 years she wrote me a letter of apology and I accepted the apology. We are now good friends once again.

You're thinking " a timeshare is different than a business" . You know which year is yours. Don't mix friends and money it's TROUBLE!
 
Check your owner's manual. I think only Starwood may split units. I'd imagine that Starwood has run into this scenario in cases of divorce, but they might make the parties choose one owner.

I own vacation property jointly with my siblings. It has worked fine. Normally I wouldn't enter into such a venture with friends because there are so many unpredictables, but a joint timeshare? Meh. Provided we both paid cash (and got private financing, if needed) for the villa, the personal risk is rather minimal, IMO.

The 2 "worst case scenarios" that I can imagaine are:

a) My friend doesn't pay his annual MFs. Since I'd have access to MyStarCentral.com, it's easily checkable. I have to pay them to avoid being foreclosed on.

b) My friend falls on hard times and needs to sell the unit to recoup some of his purchase price at a loss. I don't want to sell.

To avoid pitfalls, I'd draw up a document that clearly spelled out:

a) Which party held rights to even years and which party held rights to odd years.

b) If one party does not pay his MFs by the deadline, then he forfeits his usage rights for that year to the other partner.

c) If either party wanted to sell, they could only do so in the year following his partner's occupancy. They must first give the partner an opportunity to buy his half out.

d) If either party wanted to sell, any fees paid to a real estate agent/closing company would be fully absorbed by the party who wanted to sell.


****

Of course, all this being said, I don't believe you'd have any trouble finding resale EOY units for 1/2 the price of the EY unit. Since you gain very little from blending the ownerships, I'd just as soon buy an EOY unit on my own.

I wouldn't buy it jointly from the developer because there are too many variables. (Who gets the bonus StarPoints?, Who gets credit for the ownership for elite ownership?)
 
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If you will use the Search function, you will find another recent thread discussing splitting an EY into an EOY.

The jist of it was that it is not likely, and something the resort would weigh in on, not folks here.

But, if folks here do count, tell them it's OK with me. :cool:
 
One has to distinguish between an "true" legal splitting of the actual ownership and a single, intact ownership whose usage is split by a separate agreement or arrangement.

The legal splitting is not possible.

What is possible is the "private split arrangement" which is a matter between the two parties. To the outside world it will appear as a single ownership.
 
johnmfaeth said:
One has to distinguish between an "true" legal splitting of the actual ownership and a single, intact ownership whose usage is split by a separate agreement or arrangement.

The legal splitting is not possible.

What is possible is the "private split arrangement" which is a matter between the two parties. To the outside world it will appear as a single ownership.
Click to expand...

Thanks for the reply. Definitely not up for debating whether we should go into business with a friend or not. I think that's somewhat of a private decision and is subjective. I know the potential problems.

If John, you are right that Starwood doesn't "legally" split the unit, then that is a problem for me personally. I wonder what they do when people divorce?

Maybe it's like a home -- they sell it and split profits or one buys out the other. I wouldn't mind buying out my friends' half down the line. :)

Katherine
 
SDKath said:
I wonder what they do when people divorce?

Maybe it's like a home -- they sell it and split profits or one buys out the other. I wouldn't mind buying out my friends' half down the line.
Click to expand...
You are correct. The same options exist as for almost any other asset that the divorcing couple owns. They can continue to co-own it, one of the two can assume sole ownership or they can sell it and divide the proceeds in whatever manner provided in the divorce documents. But they can't force the developer to recognize two separate deeds for the splitting of a single EY timeshare.
 
Dave is 100% correct. During a divorce, the former couple either agrees which one gets it or the court orders a solution via the settlement decree. One or the other gets it or it is sold.

I have retitled many dozens of these affected timeshares. I have never witnessed or heard of court-ordered split ownership or usage.

PS. Even if the court wanted shared control/split ownership. They lack the authority to impose that will on a timeshare company. And if the timeshare is out of state, they would further lack the jurisdictional authority to say "boo".
 
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OK, so note to self: don't get a divorce. And don't hold breath for Starwood to split deed. :D Thanks all.
 
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