New and planning to co-own

[majorv]

My aunt has offered my brother and
I one of her weeks at Orange Lake. Could use some advice on if it’s best to put the deed in both our names only or if we should include our spouses. Also, I’m not sure the best way to handle the points. Is it better for us to alternate taking the points each year or splitting them in half each year? We will each be paying half the yearly maintenance fees.
I’ve been to OL a number of times when my aunt and my mother co-owned a timeshare there, but when my mother passed away her half went to my aunt. Thanks!

 

[silentg]

My aunt has offered my brother and
I one of her weeks at Orange Lake. Could use some advice on if it’s best to put the deed in both our names only or if we should include our spouses. Also, I’m not sure the best way to handle the points. Is it better for us to alternate taking the points each year or splitting them in half each year? We will each be paying half the yearly maintenance fees.
I’ve been to OL a number of times when my aunt and my mother co-owned a timeshare there, but when my mother passed away her half went to my aunt. Thanks!

How did your mother and Aunt handle the week they co owned? Are your spouses interested in the timeshare?

 

[TheTimeTraveler]

It "could" get very messy with two siblings owning one week. Give serious consideration to be sure you really want it.

Two weeks are easy; each sibling gets a week. But two siblings sharing one week may not be so good.



.

 

[Jimster]

If you take as joint tenants, that means the survivor gets the week. That produces a clear end to the ownership for each family. If you take as tenants in common, that in my opinion would be a disaster. If one of the two principal tenants dies, the their share would go to their heirs at law. That means it could go to the principal owners, wife, children or both if not to others. Then you have a mess. So you want to take as joint tenants. Everything else should be spelled out in a written document and signed by the principals. I am referring to how MF’s are paid, use of the premises and what to do in case of default. I know its family but i have seen too many ”family matters” devolve into a mess. Try this. Add a section wherein each principal contributes X number of dollars each year and then when you have sufficient money, buy a second week and dissolve the agreement. Then when you buy the second week each principal can have his own week.

 

[Bmatrose]

need to be careful and how you transfer it as well. An aunt cant transfer to a nephew or niece without the points reverting back to a fixed week. Need to make sure the transfer is done from parent to child

 

[majorv]

It "could" get very messy with two siblings owning one week. Give serious consideration to be sure you really want it.

Two weeks are easy; each sibling gets a week. But two siblings sharing one week may not be so good.



.

Honestly, I don’t expect to use it every year. On average we go to OL every 5 years. My kids are grown now so I’m okay if my brother wants to use it more than me. Since it’s a 3 bdrm my husband & I could go with my brother & his wife, and still have room for a couple other people.

 

[majorv]

How did your mother and Aunt handle the week they co owned? Are your spouses interested in the timeshare?

Good question, I understand that my aunt paid the maintenance fee except in the years when my mother wanted to use it, then she paid the fee that year. Our spouses are interested in going when we go. I didn’t know how complicated it becomes legal wise adding spouse names to the deed.

 

[majorv]

need to be careful and how you transfer it as well. An aunt cant transfer to a nephew or niece without the points reverting back to a fixed week. Need to make sure the transfer is done from parent to child

Can you explain? The week she is giving us is a specific unit & week 44 (October).

I’m retired so spending $1k/yr in fees doesn’t work for my budget. Both my brother and I can handle half each year. I’m thinking to let the points go to one person one year and the next year the other person gets the points. I assume we can keep the points separated somehow.

 

[Bmatrose]

Can you explain? The week she is giving us is a specific unit & week 44 (October).

I’m retired so spending $1k/yr in fees doesn’t work for my budget. Both my brother and I can handle half each year. I’m thinking to let the points go to one person one year and the next year the other person gets the points. I assume we can keep the points separated somehow.

When a Orange Lake deed is transferred to another owner the rule is that it reverts back to just a fixed week and no longer has points attached to it. The only exception to that rule is if it is being transferred to a family member but I believe the only relationships that qualify are parents transferring to their children or visa versa. Transferring to nephew or niece or even sibling does not qualify.

 

[majorv]

When a Orange Lake deed is transferred to another owner the rule is that it reverts back to just a fixed week and no longer has points attached to it. The only exception to that rule is if it is being transferred to a family member but I believe the only relationships that qualify are parents transferring to their children or visa versa. Transferring to nephew or niece or even sibling does not qualify.

Thanks for the heads up! I will get my aunt to double check before we do anything else

 

[chinadoll17]

what is the value of 200,000 points worth at orange lake on the resale market? can they be sold and where can I find rules of transfer?

 

[CPNY]

I’m retired so spending $1k/yr in fees doesn’t work for my budget. Both my brother and I can handle half each year. I’m thinking to let the points go to one person one year and the next year the other person gets the points. I assume we can keep the points separated somehow.

This right here tells me that you shouldn’t be taking on this timeshare! The fees will only go up. The logistics on usage may be more than you bargain for, It could be messy. Stick around TUG and Look for last minute rentals for less than 800 per week. Being retired you shouldn’t have issues traveling last minute.

 

[Bmatrose]

what is the value of 200,000 points worth at orange lake on the resale market? can they be sold and where can I find rules of transfer?

unless its a deed points week at myrtle beach, gatlinburg or lake geneva its value is probably less then $100