Fairmont Mountainside Timeshare

[Zeus7111]

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]

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.