Help with transfer of Timeshare

[josezama]

So a few questions for you experienced individuals. Another user and I have come to an agreement to transfer their timeshare to me. We are going to use LT Transfers. It looks like they take care a lot of the paperwork if not all. My question and also for seller as well, as we both are not the most experience in this, is LT takes care if the resort transfer fee and invoiced to me, but what about the transfer of RCI points? I know i will need to join and start an account, which is about $200 or so, not the regular $98 fee. When is that done? and who do I pay that too? On TL transfers, on the document preparation form, there is no information asking about the points account for the buyer, so I take it, its not done through them. Can I even join before the transfer is complete? Or would I have to wait until its complete to join and get the points transferred? Also, I have read somewhere not to choose a gift option and to put at least $1. Is that true and if so, why is that? Thank you very much and as always, thank you to all that contribute to this site with your knowledge.

 

[TheHolleys87]

I can’t answer re the gift option, only my experience with RCI, which is not identical to your situation because it involved weeks, not RCI points.

My dad transferred ownership of a deeded weeks TS to me and my sister, and we had to wait until the transfer was complete before we could enroll those weeks in RCI. We had to create a new membership and pay the roughly $200 fee.

 

[Passepartout]

@josezama Hi and Welcome to TUG
The RCI Points transfer business is between you and RCI. It has nothing to do with transferring the legal ownership of the week. RCI is just an exchange company. Once your title is transferred into your name and the RCI account is set up, the new points should start flowing into that account- usually on the anniversary of your membership (I think). And 'old' points owned by the seller are theirs to do with as they wish. If they want to gift them to you, or simply use them to make another exchange, it's up to them.

 

[josezama]

I can’t answer re the gift option, only my experience with RCI, which is not identical to your situation because it involved weeks, not RCI points.

My dad transferred ownership of a deeded weeks TS to me and my sister, and we had to wait until the transfer was complete before we could enroll those weeks in RCI. We had to create a new membership and pay the roughly $200 fee.

@josezama Hi and Welcome to TUG
The RCI Points transfer business is between you and RCI. It has nothing to do with transferring the legal ownership of the week. RCI is just an exchange company. Once your title is transferred into your name and the RCI account is set up, the new points should start flowing into that account- usually on the anniversary of your membership (I think). And 'old' points owned by the seller are theirs to do with as they wish. If they want to gift them to you, or simply use them to make another exchange, it's up to them.

Thank you both! That's what I was thinking, just wasn't clear. Appreciate the help, thank you

 

[josezama]

@josezama Hi and Welcome to TUG
The RCI Points transfer business is between you and RCI. It has nothing to do with transferring the legal ownership of the week. RCI is just an exchange company. Once your title is transferred into your name and the RCI account is set up, the new points should start flowing into that account- usually on the anniversary of your membership (I think). And 'old' points owned by the seller are theirs to do with as they wish. If they want to gift them to you, or simply use them to make another exchange, it's up to them.

I had another question for you, when you say gift, would that be within RCI account online? Should we not fill out Points Membership Transfer Application? Should I start a membership once its in my name and have the seller just send points over through his account? Whats the best way? Thanks again

 

[Passepartout]

I had another question for you, when you say gift, would that be within RCI account online? Should we not fill out Points Membership Transfer Application? Should I start a membership once its in my name and have the seller just send points over through his account? Whats the best way? Thanks again

I don't know what your arrangement is with the seller, but if they agreed to include their RCI Points with the sale, I would just wait until you have the week in your name, and an RCI Points account set up, and then ask the 'old' owner to transfer the points into your account. A possible snag here would be if their RCI membership expires before they transfer the Points. It may be a delay, as some resorts drag their heels setting up your account when they get the notice from the county where the resort is located. I recall on one of my purchases, I wanted to use a week at the resort, so the 'old' owner just reserved a week for me and I got a guest certificate to use a week before the transfer was completed.
There are many ways to make an amicable transfer of ownership.

Jim

 

[josezama]

I don't know what your arrangement is with the seller, but if they agreed to include their RCI Points with the sale, I would just wait until you have the week in your name, and an RCI Points account set up, and then ask the 'old' owner to transfer the points into your account. A possible snag here would be if their RCI membership expires before they transfer the Points. It may be a delay, as some resorts drag their heels setting up your account when they get the notice from the county where the resort is located. I recall on one of my purchases, I wanted to use a week at the resort, so the 'old' owner just reserved a week for me and I got a guest certificate to use a week before the transfer was completed.
There are many ways to make an amicable transfer of ownership.

Jim

Awesome, that’s exactly what I needed to know, yes the arrangement was to include the points but from what I saw/read, you had to fill out an application of transfer for those points to transfer. I would have imagined it would just be easier to transfer the points between accounts as RCI let’s you transfer points. But now that I see that it’s possible to do that, that’s most likely what we will do. Thanks for the info as always. You are a true help around here, I’m always seeing you answer other member’s questions and it’s truly appreciated. Thank you

 

[dioxide45]

It sounds like you are lacking a written contract between buyer and seller that outline most of these details?

 

[Passepartout]

Thanks for the info as always. You are a true help around here, I’m always seeing you answer other member’s questions and it’s truly appreciated.

I appreciate the kudos, but you oughtta see some of 'em I got wrong! You can't win 'em all.

 

[josezama]

It sounds like you are lacking a written contract between buyer and seller that outline most of these details?

LT transfers is doing the transfer and there is a sales agreement and also in there the transfer of points. But it doesn’t state how that would happen. How the points would be transferred. LT stated they would send me RCI form to fill out as they don’t handle that obviously. I just needed some clarification on whether to do that or just transfer points.