Names on deed

[travelplanner70]

My DH and I own one Marriott timeshare already. We decided to buy another Marriott, but split the cost with a brother and sister-in law. I assume all 4 names should be on the deed. There is no disadvantage to that, is there? Also, as far as I.I. is concerned, they are telling me that I would have to change my II account to have all four names on the account so that I can deposit the shared timeshare with the one we already own ourselves. That would save setting up another II account. Is there a disadvantage to that?

Thanks for your opinion.

PS: Does anyone have a document they would be willing to share that spells out what should happen to the timeshare if one party wants out through disinterest or death? Thanks again.

 

[dioxide45]

My DH and I own one Marriott timeshare already. We decided to buy another Marriott, but split the cost with a brother and sister-in law. I assume all 4 names should be on the deed. There is no disadvantage to that, is there? Also, as far as I.I. is concerned, they are telling me that I would have to change my II account to have all four names on the account so that I can deposit the shared timeshare with the one we already own ourselves. That would save setting up another II account. Is there a disadvantage to that?

Thanks for your opinion.

PS: Does anyone have a document they would be willing to share that spells out what should happen to the timeshare if one party wants out through disinterest or death? Thanks again.

If it were me, in my opinion, I would create a new II account. Do you want them to have access to your other weeks to potentially exchange by mistake? If you have a separate account there is no question who pays how much, it is 50/50. How do you value what they have to pay for a II account that also has a week that you use on your own in it?

I wish you lots of luck, these scenarios don't usually end very well after several years. It is never advised to buy a timeshare with another party.

 

[brigechols]

Other than discussing and agreeing upon splitting the costs of purchasing a timeshare, have the four of you discussed and agreed upon what happens in the event of divorce, death, or one party sells their interest in the timeshare? That discussion will determine how you take title to the property (e.g., tenants in common, joint tenants, etc). At the very least, one party from each marriage should be listed on the deed but it is probably better to have all four persons listed on the deed. How will you deal with payment of maintenance fees, exchange fees, II membership, use of the timeshare, rental income (if any) from the timeshare, etc.? As mentioned by the previous poster, these scenarios do not usually result in a happy ending.

 

[jimf41]

Why don't you just try to get two EOY weeks and use them together as long as family harmony permits?

 

[kedler]

With four parties on the deed it is advisable to put the specific interests on the deed, e.g. John Smith with a 25% ownership interest, Jane Smith with a 25% interest or John and Jane Smith, husband and wife sharing a 50% interest. There are lots of ways to specify the agreement between the parties on the deed making it easier later to transfer one or more parties interests either to someone else or to the remaining owners.

 

[isisdave]

You should also be certain all parties have the same written understanding of the nature of timeshares; i.e. their immediate depreciation, subjectivity to special assessments, difficulty in selling, potential of exposure to hurricanes, etc. This is to prevent the "wants-to-bail" party from accusing the other of painting the rosy developer picture.

I really like the two EOY week idea.

 

[travelplanner70]

Can we aslk for this annual to turn into 2 EOY timeshares? Also, there is small print on the Deed questionnaire that states any deed with more than 3 people will be filed as joint tenancy. I wonder if they could do that if I ask to have 4 individuals on the deed instead with 25% interest each. Does anyone know?

Thanks to all for your comments and help.

 

[Dean]

My DH and I own one Marriott timeshare already. We decided to buy another Marriott, but split the cost with a brother and sister-in law. I assume all 4 names should be on the deed. There is no disadvantage to that, is there? Also, as far as I.I. is concerned, they are telling me that I would have to change my II account to have all four names on the account so that I can deposit the shared timeshare with the one we already own ourselves. That would save setting up another II account. Is there a disadvantage to that?

Thanks for your opinion.

PS: Does anyone have a document they would be willing to share that spells out what should happen to the timeshare if one party wants out through disinterest or death? Thanks again.

This will give you separate MVCI accounts and I don't think you'll be able to have the two ownerships listed together. Also, I don't think you'll have any choice but to have separate accounts with II. My understanding is the names on the units listed have to match the names on the II account exactly and in total. IF they allow you to alter your II account and keep both units in the one account I'd say you've put one over on them. As noted, it does create risks in that someone might purposefully, or more likely, inadvertently deposit or exchange something they are not supposed to and it will likely not be fixable later. IF you do this, make sure you're the only one with access since you have the experience with it.

You could have separate II accounts but that creates extra costs. You could change the name on your current deed to include all but puts the other ownership at risk as well. You could just put the new unit in your name and add their name to any reservation or for exchanges, get a guest certificate when required. You could either not list it with II or just exchange through the independent exchange companies. You could just keep the same II account and TRY to list the unit even though the names are not the same in total (unlikely to work). IF it's the same resort you already own, you might be able to deposit with II without formally listing the actual ownership.

As to joint ownership, that's a legal estate question and likely will vary by state. In general, and as a a non lawyer, you should assume that the deed will have to be changed and that it's entirely possible the "new owners" would force the sale of the timeshare. You might be able to wrangle it legally so it goes to the surviving party but you'd still have to change the deed when that happens and I don't know if you can do that in a way that totally removes your other risks. To be clear, I'm sure it's doable but I wonder if the cost and aggravation to set it up that way legally on the front end AND deal with it on the back end are worth it. Often this is a mess. It's a mess while living if there are any differences of opinion and it's a bigger mess once an estate issue comes up. You should talk to a lawyer in the state of the timeshare and the state of each resident to be sure you have the correct information needed. Be sure not to spend too much money on this.