How can I give away my timeshare on TUG for Free?

[DeniseM]

The loan must be paid off - no one will assume a $16K loan, when you can buy an Orlando timeshare for $1.

Also - the loan cannot be handed to someone else, the loan and the ownership are two separate entities. If you just transfer the deed to the new owner - you will still own the loan.

 

[GladlyGoingGordon]

Well that's a reality check. Thanks!

 

[Fredflintstone]

Personally I would make sure you have a signed contract. This is a Real Estate transaction and all State laws require any real estate transaction to be in writing and signed.

I know of a case where the buyer recanted a year later claiming no contract which forced the seller to get the timeshare back.

 

[lprstn]

I was able to give my timeshare away on TUG and once on Ebay.

 

[skimeup]

I was able to give my timeshare away on TUG and once on Ebay.

I purchased a week in Sedona at Los Abrigados whn it was a small company called ILX. It got overextended with plans to build a resort to add to its 8 resorts and it tanked during the 2008 depression. It was taken over by Diamond Resorts and they agreed to let me return it a year ago. It cost $250 to give it back which I happily paid!

 

[skimeup]

I purchased a week in Sedona at Los Abrigados whn it was a small company called ILX. It got overextended with plans to build a resort to add to its 8 resorts and it tanked during the 2008 depression. It was taken over by Diamond Resorts and they agreed to let me return it a year ago. It cost $250 to give it back which I happily paid!

Look under the DRI forum for details on how to do this.

 

[skimeup]

Good for you! Title transfers are all handled over the internet/phone/mail these days, so you don't need a local company - this is who I use for about $150. They are Tuggers, and a lot of Tuggers use them and recommend them:

L.T. Transfers
Lisa Short and Mary Pless
http://www.lttransfers.com/
readylegal@gmail.com
706.219.2709

HI DeniseM I recently used LT Transfers and they now require estoppel That cost $100 from my own TS (private deed at Inn at the Opera but went through Shell Vacations Club which is affiliated with Wyndham somehow). The whole cost now with LT was more like $350 - but other companies do charge more. The process took a long time, but partly that was due to the buyer dragging his feet - understandable since he does not get usage until 2019. However LT did seem to be VERY busy and told me there would be at least a month's delay in processing. Love that they were so upfront!

 

[DeniseM]

LT has always requested estoppels as far as I know, but it's unfortunate that Shell requires $100 for an estoppel, which is no more than about 10 min. of work. So you can't really include the $100 in LT's fees - that's on Shell.

 

[kirkus02]

I just posted in the Bargain Deals...but I had a random question. It's a HGVC biennial contract (odd years). However, I "saved" 2017 points for use to 2018. If someone were to pick up my offer, would they also get the "saved points" for this year? TIA

 

[SmithOp]

I just posted in the Bargain Deals...but I had a random question. It's a HGVC biennial contract (odd years). However, I "saved" 2017 points for use to 2018. If someone were to pick up my offer, would they also get the "saved points" for this year? TIA

No because it would not transfer in time to “get” the points which will expire Dec 31st since they are “saved”. Saved points only last one year.

Now if you deposit them into RCI that is another option to extend them further, not sure what would happen to those. Is this your only contract in the account?


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[sharewhereMiMi]

See my suggestion in post #1 - it is listed as item 2 in the post.

You should call the resort management directly and as them if the resort has a transfer fee.

Regarding resort transfer fee...Do you believe that is a standard rate for all transaction from the property. Do they have the liberty to increase The transfer fee on different Purchases from separate sellers. I am experiencing this from a resort, one transfer fee was $300, second was a shocking $500

Is this something that I should question.

 

[DeniseM]

There are two possible transfer fees: 1) title company, 2) management company. If you see different title transfer prices from different sellers, that means the seller, or their title company, is charging more.

High transfer fees are a source of income for the seller, so they may or may not be flexible on the price - depends on how bad they want to sell it.

I'd tell them: "I'm very interested in this timeshare, but your transfer fee is higer than most companies charge - how much can you reduce it?"

 

[sharewhereMiMi]

Whether you use a contract or not it up to you and the new owner - the county recorder's office and the TS title office won't ask to see it.

I have gotten two free TS's from Tuggers. For one we just did the basic title transfer and for the other the owner emailed me a basic contract that she copied from another contract.

Hello Denise, as you can see I am really digging deep in the valuable information here on tug. As you quoted in your post, receiving a TS from a fellow TUG,
what is the simplest, shortest way of accomplishing the transaction. The offer price is for one dollar. Not quite free like you had. But still very valuable to our family.

As far as recordings go, I will be in that resort location in a few weeks. Could I just not record it myself and save the recording fees. What else can be streamlined. Yes I have read the high recommendations by TUG for a closing agent. But if I can save legal processing fees and still be safe and legal...

 

[DeniseM]

You have to have a new title legally prepared and recorded with the county records office and the resort. There is no way to get around that.

I would not prepare a title myself, because if you mess it up, it could cost you far more to fix it than having it professionally done.

Personally, I use LT Transfers for less than $200, but the seller may or may not be willing to use LT, because as I said above, the title fees are a source of income for the seller.

If I'm buying from a private party, I'm not going to let them do the title transfer, because how do I know that they know what they are doing? Instead, I offer to pay for the professional transfer.

L.T. Transfers
www.lttransfers.com
readylegal@gmail.com
706.219.2709

 

[sharewhereMiMi]

You have to have a new title legally prepared and recorded with the county records office and the resort. There is no way to get around that.

I would not prepare a title myself, because if you mess it up, it could cost you far more to fix it than having it professionally done.

Personally, I use LT Transfers for less than $200, but the seller may or may not be willing to use LT, because as I said above, the title fees are a source of income for the seller.

If I'm buying from a private party, I'm not going to let them do the title transfer, because how do I know that they know what they are doing. Instead, I offer to pay for the professional transfer.

L.T. Transfers
www.lttransfers.com
readylegal@gmail.com
706.219.2709

Thank Denise, I read that you say $200, as well as multiple other tug members stating $200 from LTT, why am I being quoted a near $500 price tag? Is there anything that is not so necessary for closing that I am being charged almost $500 For transfer. This does not include the resort transfer fees. I am really puzzled


Can you break down what you are getting for $200

 

[DeniseM]

There is no standardized price for title transfers. Did you see my previous response to this question, above?

There are two possible transfer fees: 1) title company, 2) management company. If you see different title transfer prices from different sellers, that means the seller, or their title company, is charging more.

High transfer fees are a source of income for the seller, so they may or may not be flexible on the price - depends on how bad they want to sell it.

I'd tell them: "I'm very interested in this timeshare, but your transfer fee is higer than most companies charge - how much can you reduce it?"

In other words: Many companies charge more than $200 - because they can.

 

[sharewhereMiMi]

There are two possible transfer fees: 1) title company, 2) management company. If you see different title transfer prices from different sellers, that means the seller, or their title company, is charging more.

High transfer fees are a source of income for the seller, so they may or may not be flexible on the price - depends on how bad they want to sell it.

I'd tell them: "I'm very interested in this timeshare, but your transfer fee is higer than most companies charge - how much can you reduce it?"

There is no standardized price for title transfers. Did you see my previous response to this question, above?


In other words: Many companies charge more than $200 - because they can.

Yes Denise thank you very much for your reply. The transfer fee, my question is I am the buyer, purchasing Different units different weeks from the same resort, Can the same resort increase the charge from $300 to now be a charge of $500 Per unit.

I’m not certain if I making myself clear, it is confusing to me.
Not even one week had passed when the price went up

 

[DeniseM]

Are you buying from 2 different sellers?

 

[sharewhereMiMi]

Yes different sellers via RW, but the transfer fee is from Resort. The manager provides the number information to selling agent, closing company, and me.

From $300 to a $500 fee!

 

[sharewhereMiMi]

That is my concern, your comment was “because they can”. But as mentioned I had purchased 4 units in-house with the price of transfer at 300, directly from the resort, then when I found I could buy from TUG sellers, private sellers that is when the fee went to $500...
I would not have realized I could buy outside of the Resort had it not been all the reading on TUG, AFTER I bought the 4!! Talk about savings ..

 

[sharewhereMiMi]

Variations of your suggestion have been posted many times: deeding it to dying grandma, bum on the street, Straw Company, etc.

Three things:

1) Resorts are getting wise to this strategy and can refuse the transfer.
2) Most people who are upset with their timeshare think they will stick it to the developer/managment Co. if they do this, and it's simply not true.
3) Ethics

Denise, on a separate note, but I found one of your readings:

are you saying a resort can refuse a transfer? Meaning: I
, the buyer is in contract with a private seller, and the resort has to issue a transfer, they,The resort, can refuse it?

 

[DeniseM]

then when I found I could buy from TUG sellers, private sellers that is when the fee went to $500...

This is the private seller jacking up the transfer fee - not the resort. It's a source of income for the private seller.

are you saying a resort can refuse a transfer

Yes, if a resort thinks a transfer is fraudulent - for example a transfer to a company that is in business to get people out of the timeshare deeds by abandoning the deeds, the management company can refuse to accept the title transfer.

As I wrote above - tell the seller that you are really interested in their timeshare, but their transfer fee is too high and ask them to come down on the price.

 

[Momonvacation]

So if I want to pay off my TS loan and then give it away on TUG. My first step would be to list it in here. Then what? I need a transfer company? Do I need anything/ anyone else to make it legal/ legit/ be free and clear from it?

 

[SmithOp]

So if I want to pay off my TS loan and then give it away on TUG. My first step would be to list it in here. Then what? I need a transfer company? Do I need anything/ anyone else to make it legal/ legit/ be free and clear from it?

LT transfers should be able to take care of everything for under $200 plus whatever the resort charges to change ownership. You can request the new owner pay this fee when listing it as a bargain deal.

I’ve used them several times with no issues, great service.

http://www.lttransfers.com/index-2.html


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[macmanrider]

LT transfers should be able to take care of everything for under $200 plus whatever the resort charges to change ownership. You can request the new owner pay this fee when listing it as a bargain deal.

I’ve used them several times with no issues, great service.

http://www.lttransfers.com/index-2.html


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We paid about $400 plus m/f of $620 . We are waiting for the deads. We bought ours close to home so we could use the day use. Our Timeshare is on a lake. I have read others do the same thing.