Buying Marriott timeshare from a family member

[beachgoers]

Do you need to use a broker to buy a marriott time share from a family member or friend?

What is the best way to avoid Marriott acting on the ROFR?

Any advice on the formula used on messages as to the ROFR rate?

people say it is 23 or 24%. Is that of purchase price?

If the owner calls marriott and says they want to sell marriott gives the current sale price if you can wait to sell and then says you get a certain percentage of that NET.

If you don't want to wait they will give you an amount that is roughly 1/3 of the current selling price through them.

We just don't want to go through all of this trouble if the are going to exercise the ROFR.

 

[SMHarman]

No need to use a broker.

Transfer it as a gift with nominal commission.

If it is family then do it through the Marriott process to keep the familial benefits.

 

[SueDonJ]

I believe you can contact Owner Modifications (800-443-4391 or owner.modifications~AT~vacationclub.com) to process a family transfer in-house. If the transaction comes under their legal "family transfer" definition then it will be a relatively easy process not subject to ROFR that results in all benefits transferring; if it doesn't, then at least they may be able to give you some direction.

 

[beachgoers]

not immediate family. Distant cousins. Not sure if that works or qualifies. We can check I guess. Thanks


Anyone know the answers to the other questions just in case?

 

[DeniseM]

You never need a broker.

However, if you can't do the transfer through Marriott, you will need someone to prepare the new deed and file it with the county, and Marriott.

This is the title company that I use for around $150 - they are Tuggers:

L.T. Transfers
Lisa Short and Mary Pless
http://www.lttransfers.com/
readylegal@gmail.com
706.219.2709

 

[SueDonJ]

not immediate family. Distant cousins. Not sure if that works or qualifies. We can check I guess. Thanks


Anyone know the answers to the other questions just in case?

You can call and check but I think their definition follows blood lines - father to son, grandmother to granddaughter, etc.

TUGger BocaBoy is quite knowledgeable about family transfers. Maybe he'll see this and respond.

 

[beachgoers]

I guess that far distant would be the same as selling to a friend. If selling to a friend I guess the ROFR still applies. I will see who else posts on here. Thanks for the replies so far they are much appreciated

 

[kds4]

I guess that far distant would be the same as selling to a friend. If selling to a friend I guess the ROFR still applies. I will see who else posts on here. Thanks for the replies so far they are much appreciated

While also unsure, I believe Sue is probably correct that Marriott is looking for bloodline or direct lawful (as defined in your state) marital relationship - ie. son or daughter in-law.

 

[dneveu]

not immediate family. Distant cousins. Not sure if that works or qualifies. We can check I guess. Thanks

We have been through this at great length with Marriott. In order to keep the Marriott developer benefits (i.e. MR conversion ability, etc..) the timeshare must be passed from Parent to Child. There are no exceptions. If passed between 'other' family members like between siblings, etc.. MVC codes the transfer differently (than would be coded for parent / child transfer) and it does not retain the benefits.

 

[BocaBoy]

You can call and check but I think their definition follows blood lines - father to son, grandmother to granddaughter, etc.

TUGger BocaBoy is quite knowledgeable about family transfers. Maybe he'll see this and respond.

It does follow strict descendant blood lines. When we gave one to our son a few years ago it had to be to a child or grandchild, etc., not even a brother or sister. Could not be UP the blood line either, so he could not have later given it back to us without the benefits being lost. And to retain the MVCI benefits if it was a developer purchase, it could not be sold to a descendant, it had to be gifted or inherited. That last point I don't agree with based on my reading of the rules, but it is how they interpret it. I doubt that these rules have changed in the past five years.

 

[BocaBoy]

I believe you can contact Owner Modifications (800-443-4391 or owner.modifications~AT~vacationclub.com) to process a family transfer in-house. If the transaction comes under their legal "family transfer" definition then it will be a relatively easy process not subject to ROFR that results in all benefits transferring; if it doesn't, then at least they may be able to give you some direction.

We still had to use a title company to process the ownership transfer. Marriott Owner Modifications would not do this for us.

 

[pwrshift]

What happens if you will it to someone at no cost to them?

4 of my 6 weeks are listed as co owned with one of my kids on the deed with me, and suspect hey won't be a problem, but the other 2 could be.

Brian