Help with selling deeded [DRI] property and points [moved]

[jmcx]

Greetings, great website! I've just signed up here to gather additional information and assist a family member is disposing of a timeshare. I've got a specific question here which will probably lead to more but any information or assistance is appreciated...

If one owns both a deeded property outright and also receives points through membership in "THE Club" at Diamond Resorts International, would these interests need to be sold together or separately? And if there are multiple options, which would you recommend and why?

Thanks.

 

[jmcx]

Anyone??? I was really hoping to find some answers here.

I've reviewed all the documentation and contracts, and I still do not have a clean understanding of the relationship between these interests. If I need to provide more info, please let me know...

 

[theo]

A suggestion...

Anyone??? I was really hoping to find some answers here.

FYI, there is a DRI-specific forum on TUG. Your inquiry might be more likely to get a prompt response if posted over in that forum instead of here.

The aforementioned DRI-specific forum can be found among those individually listed under the Timeshare Resort Systems forum. There are some oddities associated with rights and privileges associated with DRI ownerships upon resale, so it's probably best to obtain the specific details of those oddities and assorted nuances directly from those most likely to be more familiar with same. DRI is apparently a bit "unique" among timeshare systems...

Just a suggestion, fwiw. Good luck.

P.S. It is my (admittedly limited) understanding that there is also a "DRI Members" page on Facebook, if you also chose to pursue that additional avenue for the information you seek. That said, I have no idea what owner info or i.d. you might need (if any) to be able to access that Facebook page's content.

 

[jmcx]

FYI, there is a DRI-specific forum on TUG. Your inquiry might be much more likely to be seen and /or responded to if posted there instead.

Just a suggestion, fwiw.

Thanks theo! I thought this might be the right place to start but advice taken.

 

[Zephyr88]

I've just signed up here to gather additional information and assist a family member is disposing of a timeshare.

If one owns both a deeded property outright and also receives points through membership in "THE Club" at Diamond Resorts International, would these interests need to be sold together or separately?

Any DRI Contract (deeded or points) can be transferred to anyone you wish. But “THE Club” exchange membership will not transfer to the new owner. (The only way THE Club exchange membership will transfer is if the owner dies and a family member inherits.)

The new owner will have the right to use the timeshare under the rules set up by the developer when the timeshare was built; and can exchange through Interval International and/or RCI depending upon the resort affiliation.

If it is a DRI Collections Trust based timeshare, then the new owner will have the right to use only the resorts listed in the Collections Contract without utilizing an exchange company.

The new owner MAY be able to do a deal with DRI to get their newly acquired timeshare into THE Club. But they would probably be forced to buy extra points directly from DRI to obtain a written guarantee “grandfathering in” the points received from your relative.

Good luck!

 

[csalter2]

Separate and not equal

If you have a deeded week and a Club membership with points then they are separate and would have to be sold separately.

The deeded property can be sold fairly easily as the new owner will get whatever you had. The week, the type unit and time of year. The points will be much more limited for the new owner. They will not get what you get. The Club benefits do not follow the new ownership. All the new owner would get with the resale points would be access to the resorts in the collection those points come from. No of the other Club benefits would apply. You could not even use those points for Interval International.

 

[jmcx]

Thanks to all of you, finally feels like I'm getting somewhere now. Two more questions...

How do I find out if it's a DRI Collections Trust timeshare? I don't see that specified anywhere.

And with regards to the sale of the Points, does that require the same closing process, escrow, and documentation as the deeded property?

Thanks again!

 

[T_R_Oglodyte]

How do I find out if it's a DRI Collections Trust timeshare? I don't see that specified anywhere. !

That will be indicated on the annual fee statement.

The information may also be available from DRI by phone, but they will probably only release it to the current member.

 

[jmcx]

That will be indicated on the annual fee statement.

The information may also be available from DRI by phone, but they will probably only release it to the current member.

Thanks, here's what I found out. According to DRI, he does own 1500 points in their US Trust Collection which are tied to his membership in "THE Club". As mentioned above, these need to be sold separately.

I suppose what is still confusing to me is that there are also 10,500 points associated with his deeded property, but I'm assuming that those would be included in that sale. Please let me know if I'm mistaken.

 

[T_R_Oglodyte]

Which question was this answering?

fixed - re how to know what type of ownership

 

[Zephyr88]

From an earlier post... but worth repeating:

• Diamond classifies owners into three classes or groups:

1. Warrantee-Deeded Owners – deeded owners, not part of Diamond, who deal directly with their home resort. If you sell this ownership, you are selling a deed; Diamond has nothing to do with it.

2. The Club Warrantee-Deeded Owners – deeded owners who are part of Diamond’s The Club and use their Club points through Diamond to access their home resort and other resorts. If you sell this ownership, you are selling a deed, same as the Warrantee-Deeded Owners. You cannot sell the Club membership. The new owner would have to purchase a Club membership separately. There is an inheritance exception to this.

3. Diamond Trust Owners – trust point owners who use their trust points through Diamond to access the resorts in the specific Trust they own. They have given up their deed to Diamond; they have no voting privileges at their home resort when they sell, they are selling the specific trust points only.​

• Club points and Trust points are two different things.

• There is more than one trust; each trust has access to different Diamond properties.

• Availability is in accordance to the number of owners in each class or group. If 50% of the owners are Warrantee-Deeded Owners then 50% of the rooms are available to them. If 30% of the owners are Club members then 30% of the rooms are available to them. If 20% of the owners are Trust members then 20% of the rooms are available to them. As these percentages change, so do the number of rooms available to a group but also the number of owners vying for those rooms also changes. For example is the number of deed owners decreases to 45% there will be fewer rooms available to them but also fewer owners vying for those rooms. If the percentage increases for a group, there are more rooms available to that group but also more people vying for those rooms.

• Making reservations: Warrantee-Deeded Owners can generally make reservation 12 months in advance; Club Warrantee-Deeded Owners can make reservations at their home resort 12 months in advance; Trust Owners can make reservations at their home resort at 13 months in advance. This does not give Trust owners an advantage over other owners. Remember the 13 months only applies to their pool of rooms. The other two groups are making reservation from different pools.

Diamond Resorts International (DRI) generates income through management fees of 92 branded and managed resorts; and selling timeshare ownership points through THE Club that provides members with access to an additional 210 affiliated properties and four cruise itineraries.