A good friend of mine is giving us her fully paid off timeshare and neither of us know where to begin. They are getting older and just want to be done with it so they offered it to us for free. We both want to be sure that we follow the proper steps to complete this transaction. Is there anyone I could point us in the right direction andhelp us through this process? Like I said, neither one of us knows where to begin.
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Being gifted a timeshare, where do I begin?
- Thread starter Zack0624
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1. Do you really want this timeshare? Does it have any actual value? Do you understand what you are getting into -- a lifetime of ongoing maintenance fees? I cannot tell whether you already own HGVC and understand timeshares or whether the reference is that you would be acquiring an HGVC property.
2. Is there a right of first refusal on this property? If there and your friend tries to deed the property to you for free, the developer may step in and buy it at that "price". So evasive steps would be necessary.
3. If you go forward, Timeshare Transfers (www.LTTransfers.com) can do the paperwork for a couple hundred dollars; many of us have used them with excellent results.
2. Is there a right of first refusal on this property? If there and your friend tries to deed the property to you for free, the developer may step in and buy it at that "price". So evasive steps would be necessary.
3. If you go forward, Timeshare Transfers (www.LTTransfers.com) can do the paperwork for a couple hundred dollars; many of us have used them with excellent results.
geist1223
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DRI Cabo Azul 50,500
Royal Solaris San Jose del Cabo
Name of Timeshare? Where? Size? Need a lot more info to help you.
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It might not be a gift worth taking. After you learn more, if you decide not to accept it, we can help you walk your friend through getting rid of it.
StarSailer
TUG Member
Gifts to friends instead of close family may not transfer VIP/benefits status.
That may not make any difference for ownership with a single resort, but it can be a significant difference for some vacation club systems with multiple resorts.
As others have mentioned, what is the timeshare interest for?
That may not make any difference for ownership with a single resort, but it can be a significant difference for some vacation club systems with multiple resorts.
As others have mentioned, what is the timeshare interest for?
It is an Inn Seasons Resort in Maine, The Falls at Ogunquit. It is a very desirable August week. All of the units there are 1 bed 1 bath that sleep 4.
geist1223
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DRI Cabo Azul 50,500
Royal Solaris San Jose del Cabo
Do you see yourself using it every year? What are the Maintenance Fees? Is it an independent Timeshare? How hard will it be for you to get rid of it if you tire of it?
Inn Seasons Resorts appear to be a small group focused on the Northeast with exchange privileges through RCI.
Inn Seasons Resorts appear to be a small group focused on the Northeast with exchange privileges through RCI.
I can drive to Maine fairly quickly yet I haven't ever felt the need. Even during summertime, their ocean water as well as lake water is ICE COLD according to friends who went up there.
It's a good ways inland so I imagine there would be no ocean view. But no doubt there would be beautiful landscaping, etc.
I only found one Redweek sales listing and that's for a 1 BR where the asking price is $1000. But it looks like the maintenance fee is very low:
www.redweek.com
There were zero listings for Falls at Oqunquit on ebay...and zero completed auctions for that resort. I don't think I've ever seen that before. Apparently, people may not be THAT desperate to sell.
Also interesting is that the form of ownership is RTU (right to own). So I'd like to get details on that as that would be a plus in my eyes if your ownership (and maintenance fees) would cease as of a certain date and NOT be "forever".
If it is, indeed, an RCI resort, I'd call RCI to ask them what that August week would be "worth" in terms of TPUs.
And then decide. Since it appears that you MAY already be a timeshare owner, of course you recognize that the risk that you can't travel during "your" week may result in wasted money for maintenance fees. So you'll be able to build that into your pros and cons chart.
But, if you do decide to take it, then LT Transfers of Georgia did a great job for me.
It's a good ways inland so I imagine there would be no ocean view. But no doubt there would be beautiful landscaping, etc.
I only found one Redweek sales listing and that's for a 1 BR where the asking price is $1000. But it looks like the maintenance fee is very low:
The Falls at Ogunquit Timeshares For Sale | RedWeek
Buy a timeshare directly from The Falls at Ogunquit owners, starting at just $1,000. Resales are almost always 30 - 50% cheaper than buying the same unit from the resort!
There were zero listings for Falls at Oqunquit on ebay...and zero completed auctions for that resort. I don't think I've ever seen that before. Apparently, people may not be THAT desperate to sell.
Also interesting is that the form of ownership is RTU (right to own). So I'd like to get details on that as that would be a plus in my eyes if your ownership (and maintenance fees) would cease as of a certain date and NOT be "forever".
If it is, indeed, an RCI resort, I'd call RCI to ask them what that August week would be "worth" in terms of TPUs.
And then decide. Since it appears that you MAY already be a timeshare owner, of course you recognize that the risk that you can't travel during "your" week may result in wasted money for maintenance fees. So you'll be able to build that into your pros and cons chart.
But, if you do decide to take it, then LT Transfers of Georgia did a great job for me.
Seems like a nice resort which has a pretty extensive activities list even in February:
www.innseason.com
Falls at Ogunquit - InnSeason Resort
Relax and rejuvenate in the friendly seaside village of Ogunquit with InnSeason Resorts.
www.innseason.com
One other thing to check to see what others have thought about the resort: TUG resort reviews!
Last thing: according to my understanding, a valid legal contract has three things: (1) an offer, (2) an acceptance, and (3) "consideration" meaning that both parties have to give the other something. The "seller" is obviously giving something, the timeshare, and LT Transfers may advise you that you have to claim to be giving a dollar bill on your side of the transaction.
When I sold a timeshare recently, I filled out everything in a "boilerplate" contract that I found on the Internet. But, if LT Transfers does that as part of their overall service, then let them do it.
When I sold a timeshare recently, I filled out everything in a "boilerplate" contract that I found on the Internet. But, if LT Transfers does that as part of their overall service, then let them do it.
BingoBangoBongo
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Have either of you contacted the resort to find out what the transfer process might entail?
TheTimeTraveler
TUG Member
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Below I will post the Legal Title Transfers (LT Transfers) website. Click on it to learn further information about their services.
www.LTTransfers.com
LTTransfers is one of the best in the business!
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Below I will post the Legal Title Transfers (LT Transfers) website. Click on it to learn further information about their services.
www.LTTransfers.com
LTTransfers is one of the best in the business!
.
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See what @BingoBangoBongo said in post #13 a above. The resort may have a process they can handle this in house. May even be cheaper than LT Transfer. If they don't, then LT transfer will likely be your next best option.