Bluegreen- Remove Myself As Part Owner?

[HERE4THEKIDS]

About 15 years ago, when I was in my early 20s, my parents added me as an owner on their Bluegreen Vacations points timeshare. At the time, I didn't fully understand what I was signing; I only knew I could use the points for "free" vacations. As I got older, I realized the maintenance fees involved. Currently, both of my parents and my sister are also on the account as owners, but I want to be removed since I won’t be able to cover the $10,000 yearly fees.

My parents would prefer that I stay on the account, as they see it as a benefit for future family vacations and something my children could use as they grow. However, I don't want to pass this financial burden to them nor do I want it. What steps would I need to take to be removed from the account, and is this possible with my parents’ agreement? Thank you.

 

[davidvel]

YOU cannot unilaterally "remove" yourself. In fact there is really no such thing as "removing" someone from a deed, this is a common misnomer. Once a deed is recorded, nothing can be "removed" from it (absent rare circumstances involving a court.)

What needs to happen is that all current owners (including you) would need to sign a new deed which transfers all of their respective ownership to 1 or more people (in your case, everyone except you if that's what you all want to do.)

I would tell them all this is what you want, you want nothing to do with the TS, and you are not paying any more fees. I doubt they will let it default.

 

[rapmarks]

YOU cannot unilaterally "remove" yourself. In fact there is really no such thing as "removing" someone from a deed, this is a common misnomer. Once a deed is recorded, nothing can be "removed" from it (absent rare circumstances involving a court.)

What needs to happen is that all current owners (including you) would need to sign a new deed which transfers all of their respective ownership to 1 or more people (in your case, everyone except you if that's what you all want to do.)

I would tell them all this is what you want, you want nothing to do with the TS, and you are not paying any more fees. I doubt they will let it default.

Bluegreen vacation club is not deeded. The fee to change the name is $500 tor Bluegreen and the family would have to agree to take your name off.

 

[GrayFal]

With $10,000 in yearly fees your parents own a lot of points - possibly 80,000 or 90,000.
Or is 10K a year including mortgage/loan payments on some of the points? Contracts wilh outstanding loans can not be transferred/sold.

And it is likely multiple contracts. That they have added to over the years.

As @rapmarks said, this is not a deeded ownership with the entire ownership on one deed. To get your name off the ownership, each contract would need to be redone At $500 each.

We just don’t have enough info to offer solid advice in your situation.

 

[HERE4THEKIDS]

With $10,000 in yearly fees your parents own a lot of points - possibly 80,000 or 90,000.
Or is 10K a year including mortgage/loan payments on some of the points? Contracts wilh outstanding loans can not be transferred/sold.

And it is likely multiple contracts. That they have added to over the years.

As @rapmarks said, this is not a deeded ownership with the entire ownership on one deed. To get your name off the ownership, each contract would need to be redone At $500 each.

We just don’t have enough info to offer solid advice in your situation.

Thank you for the response. They've had it for decades and probably have added more throughout the years. It's roughly 65,000 points on what seems to be 15 different accounts or contracts. Each contract has an annual point amount from 3,000-10,000 attached to it with a Nov 1st renewal date. There also seems to be a $8000 loan with a payoff in 5 years.

I'm not sure what I signed but it sounds as though I could be a part owner on one of these accounts or all 15. Also, if the loan is on one of the contracts with my name on it, then I wouldn't be able to remove my name? Lastly, is there a way to cancel the contracts or decrease the points or are you locked in?

 

[jp10558]

Thank you for the response. They've had it for decades and probably have added more throughout the years. It's roughly 65,000 points on what seems to be 15 different accounts or contracts. Each contract has an annual point amount from 3,000-10,000 attached to it with a Nov 1st renewal date. There also seems to be a $8000 loan with a payoff in 5 years.

I'm not sure what I signed but it sounds as though I could be a part owner on one of these accounts or all 15. Also, if the loan is on one of the contracts with my name on it, then I wouldn't be able to remove my name? Lastly, is there a way to cancel the contracts or decrease the points or are you locked in?

You can't do anything with contracts that have loans on them till you pay off the loan. But presumably the fees will go down once the loan is paid off (well, you'll remove the loan payments from that $10k). Perhaps some of the contracts don't currently have a loan, then you could do the process above for those to give your ownership to others in the family.

You can't "cancel" them, but you could also potentially give away to really anyone who wants them on a contract by contract basis (if there's no loan on the contract) to reduce the total number of points. The issue there is just finding people who may want the contract, but there is a "Free" timeshare forum here on TUG where you could list to give away some if everyone wanted to get rid of some of the points (and the contract doesn't have a loan attached and is eligible to give away). I'm not sure how desirable Blue Green is - it doesn't top the lists on TUG, but there are a bunch of owners. You may have to pay the transfer fees also to give it away, or otherwise entice someone.

 

[GrayFal]

Thank you for the response. They've had it for decades and probably have added more throughout the years. It's roughly 65,000 points on what seems to be 15 different accounts or contracts. Each contract has an annual point amount from 3,000-10,000 attached to it with a Nov 1st renewal date. There also seems to be a $8000 loan with a payoff in 5 years.

I'm not sure what I signed but it sounds as though I could be a part owner on one of these accounts or all 15. Also, if the loan is on one of the contracts with my name on it, then I wouldn't be able to remove my name? Lastly, is there a way to cancel the contracts or decrease the points or are you locked in?

Thank you for the response. They've had it for decades and probably have added more throughout the years. It's roughly 65,000 points on what seems to be 15 different accounts or contracts. Each contract has an annual point amount from 3,000-10,000 attached to it with a Nov 1st renewal date. There also seems to be a $8000 loan with a payoff in 5 years.

I'm not sure what I signed but it sounds as though I could be a part owner on one of these accounts or all 15. Also, if the loan is on one of the contracts with my name on it, then I wouldn't be able to remove my name? Lastly, is there a way to cancel the contracts or decrease the points or are you locked in?

I replied to you in the middle of the night - so have more info now.

Yes, the monthly payments are kicking up the yearly cost.

MF on 65,000 points would be about
Base = $373
Club Dues = $184
Points = (# of points)65,000 X $0.1052 $6800ish

There are 15 accounts but there are likely 5-6 contracts as each contract can have multiple units in it.

I will provide some more information later today as to who you have to call and what to ask to find out about each contract and which has a loan on it.
And let me find out if you are only on 1 contract and that is transferred to sister/parents only if you are off the hook. My feeling is no but let me see if I can verify this from the experts.

With 65K points I assume your parents last upgrade was to get to Platinum (was 60k now 75k) so likely they will not be open to downsizing their ownership. Sorry.

 

[Fido Chuckwagon]

There also seems to be a $8000 loan with a payoff in 5 years.

You're almost certainly not going to be able to get off of it until the loan is paid off.

Tell them to stop adding on to it!

 

[davidvel]

Bluegreen vacation club is not deeded. The fee to change the name is $500 tor Bluegreen and the family would have to agree to take your name off.

Thanks for the clarification.

 

[GrayFal]

About 15 years ago, when I was in my early 20s, my parents added me as an owner on their Bluegreen Vacations points timeshare. At the time, I didn't fully understand what I was signing; I only knew I could use the points for "free" vacations. As I got older, I realized the maintenance fees involved. Currently, both of my parents and my sister are also on the account as owners, but I want to be removed since I won’t be able to cover the $10,000 yearly fees.

My parents would prefer that I stay on the account, as they see it as a benefit for future family vacations and something my children could use as they grow. However, I don't want to pass this financial burden to them nor do I want it. What steps would I need to take to be removed from the account, and is this possible with my parents’ agreement? Thank you.

I have obtained the information you need.
I am going to private message you.
Because of the outstanding loan it complicates things as any contract that has a loan can not be transferred but you can begin the process with the other contracts and work with your parents to pay off the loan when possible.


You will see a red "1" at the top of the page so click on that to see my message.

For others looking for help, there is a great Facebook group run by Scott Wilson who has helped thousands of owners sell/give away their ownerships. The group has 23.4K members who are actively buying and selling BG contracts.

 

[HERE4THEKIDS]

I have obtained the information you need.
I am going to private message you.
Because of the outstanding loan it complicates things as any contract that has a loan can not be transferred but you can begin the process with the other contracts and work with your parents to pay off the loan when possible.


You will see a red "1" at the top of the page so click on that to see my message.

For others looking for help, there is a great Facebook group run by Scott Wilson who has helped thousands of owners sell/give away their ownerships. The group has 23.4K members who are actively buying and selling BG contracts.

Thank you so much for the advice and resources. I will check the private message now.

 

[rickandcindy23]

So glad to have @GrayFal's advice on anything Bluegreen.