• Please check out the review contest thread here vote for the best review and cast your vote for the best review to start 2020! winner gets a $50 gift card!
  • The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 26 years!

    Join tens of thousands of other owners just like you here to get any and all Timeshare questions answered!
  • TUG is starting a new contest that will award $50 to the best review submitted within the next two weeks!!

    Read more here
  • TUG has now saved timeshare owners more than $14,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $14 Million dollars
  • We completed the upgrade of the TUGBBS forums recently and are still working on issues/customizations/changes etc. Please post in the thread in the ABOUT TUGBBS section with your feedback. Note if you are unable to log in or access the forums please email us at tug@tug2.net!
  • Follow the TUG Member Banner as it travels the world on vacation with Timeshare owners! Also sign up to get the banner sent to you so you can submit a photo of your vacation with the banner to share with TUG! Banner Thread
  • Sign up to get the TUG Newsletter for free! Join tens of thousands of other owners who get this every week! Latest resort reviews and the most important topics discussed by owners during the week!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    Read more Here
  • A few of the most common links here on the forums for newbies and guests!

Fairmont Mountainside Timeshare

Zeus7111

Guest
Joined
Aug 30, 2017
Messages
5
Reaction score
0
Points
11
Location
Edmonton, Alberta
Resorts Owned
none
Hello everyone!

My parents have 10 years remaining on an annual timeshare week in Fairmont, BC (prime golf), and have asked if I would be interested in taking it over from them. They do not want anything for it and there is no mortgage on the timeshare either. MF are approx $800 CAD/year for the TS. They have approx. 5 years of fees paid into Interval as well.

My question to the experts here:
1) Is it a good idea to take this over from them (I think it's a yes but I don't want to rush into anything)?
2) Should I leave it in his name (forgoing any legal expenses), and when I want to use it, pay for the guest certificate?
3) If we do look at transferring the TS legally, what should I be aware of before signing anything?

Personally, I might use the Fairmont TS once or twice over the 10 years, but would plan to exchange to Nevada or Florida (as I travel there once or twice per year). If I don't take it over, then my parents will be contacting Fairmont to see if they can do a deed back.

What are your thoughts?

Thanks in advance.
Gord
 

jabberwocky

TUG Member
Joined
Apr 30, 2016
Messages
580
Reaction score
333
Points
123
Location
Canada
Resorts Owned
SVR, SDO (EOY), WKORV-N (EOY), Westin Flex (EOY)
Personally I would not touch a Canadian timeshare. There are too many problems and the Canadian provinces seem to have zero interest in protecting the interests of timeshare owners. My parents were scammed by a Canmore timeshare provider in the 1990's (fortunately only lost what they paid for it) and if you need further examples I would look through the Canadian Timesharing forum - just a warning you'll need a stiff drink.

I don't know much about the resort in question other than the cash burn has been quite significant recently (reserves are dropping and receivables are up significantly) - so it is likely MF will rise in the future.

If there are only 10 years left on the contract you'll have to decide whether it is worth it to you to take over the annual MF and get the vacations at a reasonable cost. Is there any clause in the contract where the timeshare could be extended? I would not put my name on it if there was any possibility of a lifelong commitment.

You could also look at picking up a cheap timeshare in Florida or Nevada (you could even look at Arizona - direct flights to Phoenix from Edmonton and less overbuilt than Florida/Nevada with generally good trading power). Consumer protections are much stronger there and there are several mini-systems that you can buy cheaply which give you flexibility to book into both LV and Florida.
 
Top