looking to transfer vidanta contract

[curran]

We would like to transfer our highest-level vidanta contract - any tips for how to do that? Many thanks for any advice

 

[LannyPC]

Do you already have a taker in place? Are you aware of the transfer fees?

 

[curran]

Part of what we want advice on is how to find a taker, since Vidanta lodging contracts can't be listed by ordinary real estate brokers. Fees to whom for what? thanks

 

[dioxide45]

The main issue you will have is that the transfer fees Vidanta charges for recent contracts is prohibitive. Often many multiples of the maintenance fee.

 

[curran]

There is no maintenance fee at Vidanta. Do you have experience or examples of such transfer fees? Thanks for your input.

 

[dioxide45]

There is no maintenance fee at Vidanta. Do you have experience or examples of such transfer fees? Thanks for your input.

There is not no maintenance fee. There is only pay maintenance fee upon use. I know there are quite a few Vidanta owners here, but this may get more attention in the Mexico Timesharing forum.

 

[curran]

Thanks, I think of that as the reservation fee, and it's a lot less than usual annual timeshare maintenance fees, although that difference is probably made up by the initial cost of the contract. How do I transfer the conversation to the Mexico forum? or can I keep it going both places, since folks here also seem knowledgeable?

 

[curran]

I appreciate your "expert " status

 

[Makai Guy]

How do I transfer the conversation to the Mexico forum?

A friendly moderator did it for you.

 

[geist1223]

I understand you only pay Maintenance Fees when you reserve a week. But Vidanta wants 4 to 6 times that fee to transfer ownership.

 

[easyrider]

The transfer fee is high, like thousands of dollars high. The benefits can be removed. The resale buyer gets a right to use at a specific resort level only. The only way these transfer whole is to transfer to a immediate family member.

Bill

 

[curran]

okay. But the fee may be worth it, to be able to get rid of the contract with some profit. Any ideas? (and thanks for the forum transfer!)

 

[curran]

Hey - why am I characterized as a guest here? do I have to sign in, join?

 

[dioxide45]

Hey - why am I characterized as a guest here? do I have to sign in, join?

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[dioxide45]

okay. But the fee may be worth it, to be able to get rid of the contract with some profit. Any ideas? (and thanks for the forum transfer!)

There won't be any profit. You won't be able to get rid of it. It probably has $0 resale value. Vidanta pretty much killed the resale market with the maintenance fees on use and all the restrictions placed on a resale owner. The money you paid upfront is lost, at least you don't have the ongoing obligation of maintenance fees.

 

[Passepartout]

okay. But the fee may be worth it, to be able to get rid of the contract with some profit. Any ideas? (and thanks for the forum transfer!)

It has zero value. No one will buy it from you, and Vidanta will hold you up for Thou$and$ to change the name on the contract. If you want rid of it, fine. Just stop paying. You will NEVER get anything from them. We have been on to their shady practices for decades.

Jim

 

[WorldT]

@curran
I know you paid a lot of money for this ownership and it looks like it should be worth something. Unfortunately, it doesn't.
This is caused by the way Vidanta handles change of ownership should you give it or sell it to someone. They pretty much made it very expensive to switch owners and then strip some of the perks you get with what you own. Some of those perks will not transfer to the new owner.
This is by design. Vidanta wants people to buy directly from them.

 

[curran]

Thanks to all for this sobering information - it helps us to decide where to go from here, probably to walk away, since we have been advised by a Mexican real estate lawyer that there are no consequences in Mexico if we default. Still it's pretty upsetting and lousy for a company that presents itself as so upright and engaged with its 'family.'

 

[WorldT]

There are no default penalties. Most Vidanta contracts are pay to use (Someone said there are contracts with yearly maintenance fees). if you don't use, you don't pay. When the renewal comes up and you don't pay, your contract ends and everyone goes their way. No consequences at all.

 

[WorldT]

Thanks to all for this sobering information - it helps us to decide where to go from here, probably to walk away, since we have been advised by a Mexican real estate lawyer that there are no consequences in Mexico if we default. Still it's pretty upsetting and lousy for a company that presents itself as so upright and engaged with its 'family.'

If you are trying to give it family, they allow many perks to pass through. So maybe they are "family" focused?

 

[pittle]

My Transfer fee is 10 times the current usage fee. I have two 2-BDR Grand Luxxe weeks, so if I were to transfer to someone, now, it would be $50,000+ to Vidanta and nothing for me. The information is in your contract. My best benefit will not transfer, but most will.

I will not renew at the end of 2033, because I will be 87 and will most likely not be traveling for 10 more years. My non-transferable Senior Certificate that we got for free in 2007, allows me to go for 2 GL 2-bedroom weeks or 4 lower level units each year at no charge. That basically wipes out more than we paid for our all our Vidanta contracts since 1999.

 

[curran]

Thanks for sharing your knowledge. I will recheck the contracts to see if that is spelled out - whew!

 

[pittle]

Thanks for sharing your knowledge. I will recheck the contracts to see if that is spelled out - whew!

It is in the 2nd packet of the 3 you received after signing and initialing #6 - below the unit descriptions. (This has been in MP and GM contracts that we had before upgrading.) As an "owner" since 1999, I have lots of contracts. They have changed some things over the years, but there has always been a statement about fees to transfer to others.

 

[SML123]

After exchanging many times to Vidanta Grand Mayan RM we wanted to buy a resale there but the management makes it cost prohibitive for the seller and renders the membership unusable for the buyer even if price tag is $1. We ended up buying a Tafer membership and have been thrilled with our resorts. Still love Vidanta but it’s terrible that resort management treats its owners as prisoners. At least other resorts allow members to give a membership away without rendering it useless.

 

[curran]

It sounds as if Vidanta makes the upgrades sound so attractive by stressing their potential increase in value. At each next higher level this became more explicit in the pitch! And since there is less inventory at each next higher level, it is more plausible. Resale sounds more and more mythical!