Can deposited weeks be transferred to new owners?

[yyzgurl]

Hi,

I was wondering if weeks already deposited are tranferrable to new owners. I am looking into a resale and the unit has it's 2005 week deposited already and an accompanying AC. Can these be transferred to my II account if I purchase the unit, or does it stay in the original owners name?

If it can be transferred, how do we do it?

Janet

 

[ouaifer]

YES! The week can be transferred...it should be part of your Offer to Purchase with the original paperwork, where both the buyer and seller agree to terms of the sale. It's then the seller's responsibility to contact the exchange company and inform them.

 

[boyblue]

Is it the same way with RCI? I've deposited my 2005 week at a non points resort in RCI's points for deposit plan. Can I get it back and transfer it without any bloodshed?

 

[debraxh]

Is it the same way with RCI? I've deposited my 2005 week at a non points resort in RCI's points for deposit plan. Can I get it back and transfer it without any bloodshed?

You can definitely transfer a banked week with RCI, the new owner must have an RCI account & there's a small fee ($25 or $45 I forgot). However, I don't know what the "points for desposit plan" is so it could make a difference.

 

[gmarine]

YES! The week can be transferred...it should be part of your Offer to Purchase with the original paperwork, where both the buyer and seller agree to terms of the sale. It's then the seller's responsibility to contact the exchange company and inform them.

I dont think II allows the transfer of banked weeks like RCI does. I would call II and ask to be sure.

 

[Dave M]

That's correct. II doesn't permit the transfer of deposited weeks. However, there are two options available:

If the timeshare being sold is the only one associated with the seller's II account, the seller can transfer the entire account, which includes the deposited week, to the buyer. II requires that an additional year's II membership be paid at the time of the transfer.

If that's not workable, the seller can transfer the rights to the deposited week to the buyer. The rights to the deposited week will be canceled and the buyer will get an accommodation certificate which expires on the same date as the deposited week would have. No extensions are permitted. There is no guarantee that the trading power of the certificate will be as good as the deposited week. Again in this case, II requires payment for an additional year of II membership.

 

[TravelSFO]

RCI's fee is $49 to transfer a banked week from one RCI member to another RCI member's account.

 

[BrownMan]

References???

Has anyone had an experience good or bad with Newton Group Transfers?

 

[simpsontruckdriver]

Sounds to me like a Viking Ship (my underlines). From their FAQ:

6. Why do you want all of these timeshares?
The fact is that we don't want these timeshares, as we do not buy or sell timeshares. Our company's primary purpose is helping you to get out of your timeshare contract, and we are steadfastly dedicated to that end. We work directly with a Timeshare Closing company who has been ending timeshare contracts since 1994. We do not take over your timeshare contracts; we are here to help you get out of them.

The sentence has been ending timeshare contracts since 1994 is their "Viking Ship" - an organization that takes a timeshare contract, places it in a fictional company, then closes that company. In another part, they say there are some resorts that they don't deal with, another "red flag" that it is a Viking Ship. Resorts are getting wise to them, and enacting Right Of First Refusal with these Viking Ships. "Newton Group Transfers may not be doing anything illegal, it is the other companies that are doing the illegal stuff.

So, if they called you, definite scam. If you have a timeshare you need to get rid of, this is the place!

TS

 

[BrownMan]

Many thanks for your info on "Viking Ships" where is it that I should go as u stated in your final sentence.

 

[simpsontruckdriver]

Up near the top of this page, you'll see "Forum Jump". Click on the drop down box and select "Bargain Deals". "Bargain Deals" is for giving away resorts. If you pay the resort's transfer fee and/or Closing Costs (Legal Timeshare Transfers does it for $175 or less), the more likely someone will take it off your hands.

TS