Is this standard wording FOR RESALES?

[emilyjames]

We have just purchased a resale Marriott Grand Chateau week. In the letter from Marriott acknowledging that they had changed their records to reflect the new ownership, the following paragraph was included:

"We are relying on your request and the deed presented by or for you to update Marriott Vacation Club International's internal records to show you as the owner of the property described above . We have not independently verified the legal status of your ownership. If you have not already done so, you may want to consult a qualified attorney or title company for an opinion that the legal title is in your name and that the title is clear of any liens or other problems that may affect your ability to later mortgage or sell your property."

Is this standard wording or should I be concerned about this particular unit?

 

[dioxide45]

We have just purchased a resale Marriott Grand Chateau week. In the letter from Marriott acknowledging that they had changed their records to reflect the new ownership, the following paragraph was included:

"We are relying on your request and the deed presented by or for you to update Marriott Vacation Club International's internal records to show you as the owner of the property described above . We have not independently verified the legal status of your ownership. If you have not already done so, you may want to consult a qualified attorney or title company for an opinion that the legal title is in your name and that the title is clear of any liens or other problems that may affect your ability to later mortgage or sell your property."

Is this standard wording or should I be concerned about this particular unit?

It may be new. It wasn't in our letter last August when our ownership was transferred. Just sounds like Marriott is protecting themselves.

 

[Ken555]

Did you get title insurance with the purchase?

 

[CMF]

I saw that in the papers from my Barony purchase. It means nothing. Just legal speak saying that Marriott will treat you like the owner but did not examine and verify the legal documents that make you the owner.

Charles

 

[frb]

Emilyjames, how long did it take Marriott once they received your documentation (Change of Ownership Form, Copy of Deed, etc.) to acknowledge that you were the new owner. I'm a few days from my NCV closing and was wondering how long I would have to wait for Marriott to recognize me as the new owner so I can start working on my exchange. I think I read it can take up to a month.

 

[emilyjames]

We have yet to receive our title insurance policy or a copy of the original deed--but we are told both are forthcoming--part of the concern is that the original owner had two weeks at Grand Chateau, selling one to us and one to another party--we were not made aware of this until I checked the county records and saw that the owners had sold two weeks in short succession--I am assuming that the original two weeks were on one deed. I am told that this makes no difference since Marriott will separate the weeks in their internal system. My concern is about the legal liabilities--I am assuming once we receive the title insurance that this concern will be allieviated. Anyone ever deal with Stewart TITLE?

frb--IT TOOK EXACTLY A MONTH FOR MARRIOTT TO ACKNOWLEDGE THE CHANGE IN OWNERSHIP.

 

[lweverett]

Stewart Title is one of the larger title insurers.