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How do I purchase a timeshare from my daughter?

L

lorrco

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Hi, I live in California and I am interested in purchasing/taking over a timeshare ownership from my daughter. She owns it free and clear in Florida. Would we be required to go through a broker or could we do a FSBO equivilent through a title company? And how smart am I to be considering it anyway? Can anyone help me with this? I appreciate your time! Regards!
 
Hi and welcome to TUG!

To transfer a timeshare between family members, or give away a free timeshares, you don't really need to pay for a full closing. I recommend this licensed Document Prep Co. that can prepare the deed and send it for recording for about $100. (A full closing runs around $350.) The owner (Alan) is a long-time TUG member - user name "ttt". They have an "A" rating in the TUG Business Ratings - Time Travel Traders/TSTransfer

Whether it's a good deal or not depends on exactly what you are getting:

1) resort
2) unit size
3) deeded season

And exactly why you want this resort:

1) use every year
2) rental
3) trade
4) help your daughter who is having financial problems

It's also important that you know:

1) It probably has no resale value.
2) Once it's in your name, you are responsible for all fees until heck freezes over.
3) You cannot give it back to the resort.
 
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If you are still listening... Depending on how adept you or your daughter is at following forms and paying attention to detail, you can prepare your own deed.

Simply take the one that your daughter got and change the names so that she is now the "grantor" and you are the "grantee." The other language and format must remain exactly the same. The deed must be witnessed and notarized in the same way as her deed. Show who prepared the deed and to whom the deed is to be returned in the same way as on her deed.

Then record the deed in the same county at the County Clerk of Court's Public Record's Office where her deed was recorded. Nearly all Florida County Clerks have websites with instructions. Enclose cover letter explaining that the deed is a gift so only the minimum doc stamp tax is assessed, and a check for the recording fees, doc stamp tax and return of the original plus one certified copy.

After the deed is returned, send a cover letter to the resort asking that they make the transfer on their records. Some resorts charge a transfer fee, so you'll need to contact them for instructions. Also, some resorts retain a "right of first refusal on any sale," and if so, you need to make it clear that this was a family gift, so as not to risk the resort stepping in and buying it from her.
 
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And? ;)

Whether it's a good deal or not depends on exactly what you are getting:

1) resort
2) unit size
3) deeded season

And exactly why you want this resort:

1) use every year
2) rental
3) trade
4) help your daughter who is having financial problems
 
lorrco said:
Hi, I live in California and I am interested in purchasing/taking over a timeshare ownership from my daughter. She owns it free and clear in Florida. Would we be required to go through a broker or could we do a FSBO equivilent through a title company? And how smart am I to be considering it anyway? Can anyone help me with this? I appreciate your time! Regards!
Click to expand...


You might try just talking to the office dept that handles the payments at the resort.:ponder:

We just sold one of our units at our resort while up there for our July 4th week. Another owner wanted to buy our unit and the lady pulled up our deed and did all paper work in about fifteen minutes and didn't charge us anything for doing it.:clap:

The buyers just had to file the paper work and cost was less than fifty dollars to them plus our check.

Many times the easy way is just ask your resort in cases like yours.


PHIL
 
Be sure to think it all the way through. It is property. What do you want when you no longer have need of it ? Have mention of this in your will. You do not want to burden family members.
 
My friend just did a quit claim for a timeshare in Florida. It cost only the court fees -27.50

It was super fast

check the county that the timeshare is in to see if your daugher can quit claim it to you
 
Thanks everyone! Wow, I really appreciate all the advice. The resort is Celebration World Resort In Orlando FL and she has 9,900 points at the resort and 72,600 RCI points that she has not used for the last two years. I believe she is not assigned a set week at the resort, but she has a "gold crown" package or something like that. Not sure what that is... I believe also that she has a one bedroom unit and $600-ish annual maintenance fee. She is newly divorced, she received the paid off timeshare in the divorce. She owes me a fairly small amount of money that she wants to trade the timeshare for... I would probably never stay at this resort, but, I travel ALOT. I would more that likely have use for the RCI points for lodging or airfare on an annual basis. So, what do you think now? Again, thanks so much! I truly appreciate finding a site where I have been able to get some REAL answers!
 
This is a nice thing to do for your daughter, but as far as paying you the money she owes you, this timeshare really has no resale value. Since you are her mom, and you can use the ownership, this probably doesn't make any difference to you.

In general, you get the most value out of a timeshare by using it for timesharing rather than converting it to points for hotels or airfare. If you take a yearly vacation, we can help you with that. Timesharing can be a great way to vacation, and you don't have to go to Orlando every year - you can trade for other areas if you are flexible.
 
Thanks Denise, So, it would be best for me to get a timeshare at a location that I actually would like to spend time at? I kinda thought so...:) I've sat through several timeshare presentations and never bought.
What did you mean by, "we can help" if I am flexible? Is there a network of people that trade timeshare weeks?
I would like to help my daughter, still chewing this over. Even if it would just be a wash ie: give me back what I put in to it each year. Thanks for your time!
 
lorrco said:
What did you mean by, "we can help" if I am flexible?
Click to expand...

Tuggers are quite knowledgeable about trading and what trades are impossible and which are likely to meet with success. So if you tell us places/times you'd like to go, we'll be able to advise whether or not this timeshare can work for you.

lorrco said:
I would like to help my daughter, still chewing this over. Even if it would just be a wash ie: give me back what I put in to it each year. Thanks for your time!
Click to expand...

Rather than transfer ownership, maybe you can just pay the maintenance fees for a couple of years and see if it works for you? That way you can help your daughter out without committing to something that may not be worthwhile for you.

Best wishes,

Glorian
 
lorrco said:
What did you mean by, "we can help" if I am flexible? Is there a network of people that trade timeshare weeks?
Click to expand...

Yes we have that - but the main way to trade a timeshare is using an exchange company. This resort is not going to get a trade into the taj mahal - but it will trade for equivalent resorts for nonholiday weeks. We can help you learn about exchanging.
 
DeniseM said:
Yes we have that - but the main way to trade a timeshare is using an exchange company. This resort is not going to get a trade into the taj mahal - but it will trade for equivalent resorts for nonholiday weeks. We can help you learn about exchanging.
Click to expand...

If it really already is in RCI Points then the need for any other exchange company or even worrying too much about the "home resort" isn't critical as it would be with a straight weeks purchase. If the points are adequate then they are good to go. As you mentioned best for value if they can use the points for timeshare units (in other words owning the points for use) rather than the poor value they offer for things like airfare or rental cars - just not a good way to use points.
 
Thanks John - I don't own points. Based on the number of points she owns, what kind of RCI trades would be available?
 
lorrco said:
Thanks Gloriann, great idea! the more I read the more I think I better not....
Click to expand...

Your just being a parent as most of us have done many times in that you may or may not need a timeshare but your trying to help your daughter!:cool:

You might just have your name added to the deed with your daughter and just pay yearly fee's. Also as I said earlier that the resort might help you do the transfer since your just taking over your daughters paid for unit. Never hurts to ask the resort for help.:clap:

As far as value if this resort has decent exchanging value and decent M/F you will enjoy many vacations for many years. I would alway agree and have stated this for money years now that buyers should buy at the resort they love going to every year and exchanging just the bonus of owning. Using a timeshare is still the only reason to buy a timeshare because your profit is all in the many vacations you will get for years.:ponder:

PHILL12
 
escrow

Right on Phil,
We did that, switched a downstairs unit for an upstairs unit... (same resort)Within the resort the office can shuffle paperwork. Most likely a fee of some kind will be charged for recording. Still less cost than a escrow office.
 
How Many Names Are Permitted on Deed?

My wife and I (63 yrs old) have 6 timeshare weeks in our names and use them every year, either our home units or exchanges. Our two sons are 30 and 32.

There is a timeshare unit for sale on eBay which we have exchanged into every year for the past 5 years in FL and we intend on purchasing this week as it fits it with our other week in TN.

My question is, how many names can be placed on the deed?

Can I choose to include Father, Mother, Son 1 and Son 2 on the deed or is it normally limited to 2 persons.

I presume most resorts will allow a family member to use a unit with a letter of permission and this is probably a resort by resort policy.

Any advice you can offer will be appreciated.
 
Be aware that if the names on the deed are different than the names on your exchange company Acct., you may have problem depositing it.
 
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lorrco said:
Thanks everyone! Wow, I really appreciate all the advice. The resort is Celebration World Resort In Orlando FL and she has 9,900 points at the resort and 72,600 RCI points that she has not used for the last two years. I believe she is not assigned a set week at the resort, but she has a "gold crown" package or something like that. Not sure what that is... I believe also that she has a one bedroom unit and $600-ish annual maintenance fee. She is newly divorced, she received the paid off timeshare in the divorce. She owes me a fairly small amount of money that she wants to trade the timeshare for... I would probably never stay at this resort, but, I travel ALOT. I would more that likely have use for the RCI points for lodging or airfare on an annual basis. So, what do you think now? Again, thanks so much! I truly appreciate finding a site where I have been able to get some REAL answers!
Click to expand...

To Lorrco, if you are still listening. If the unit is really in RCI points, then your daughter can add your name to her RCI points account as a user. Then you can pay the maintenence fees for your daughter and use her RCI account the same you could if you had actually transferred ownership of everything to you. But most importantly, you wouldn't be assuming any longterm liabililty for the unit, that would remain with your daughter. As an authorized user of your daughter's RCI account you would get a reservation, then have to call RCI to get them to put your name on the reservation for free.
Darrell
Ontario, Canada
 
Daughter's Timeshare

Owning a timeshare depends on one's health and age. Who knows what the future will bring? Paying & using your daughter's weeks sounds logical to me.
Pay your daughter's fees and by the time you cannot do so maybe your daughter will then be able to take over the responsibility


You don't want to get into a position of some people where one spouse passes and the other has no one to travel with or cannot pay for maintenance fees.

Selling or giving away deeds isn't always feasible. It may have exchange qualities but will you get someone to buy or take it, when a time comes to get rid of it?
 
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