"Gift"? Maybe not so much...
My 84 year old mother wanted to sell her Wyndham points (574,000 deeded) but since she couldn't get much of anything for them changed her mind. Now she wants to give them to a friend of hers...so here are my questions:
How do you go about giving someone your timeshare?
What happens to the 900,000 points banked in RCI?
What are the costs involved?
With all due respect, such a "gift" of ownership might very well instead be an unwelcome and expensive burden just being handed off to
someone else,
unless the recipient knows and fully understands
exactly what he / she is actually getting into (such as hefty and permanent annual maintenance fees which are virtually guaranteed to regularly increase, for one example --- and the obvious difficulty in ridding oneself of the permanent ownership later, for another).
Wyndham now charges $299 to process any ownership transfer, and that transfer process (
after Wyndham has a copy of a new
recorded deed
and the required $299 transfer fee in hand) is certain to take anywhere from 2 months (at a minimum) to possibly
twice that long.
The banked points have a limited and finite lifespan before they just disappear. In order for those banked points to be transferred, the ownership transfer will have to be completed first (i.e., the recipient first needs to have his / her
own RCI account into which the transfer can be made). Those banked points can actually be transferred to
any RCI member, for that matter (RCI will of course collect a fee for any such transfer of banked points from one member to another). In any case, the clock ticks on toward expiration regarding the lifespan of those points; transfer does
not "reset the clock".
In short summary, I sincerely hope that your mother's friend fully comprehends the nature and consequences of accepting such a (very permanent) "gift". If not, the two might well not
remain friends.
