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RTU Timeshare Purchase Question

cdn_traveler

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Hi Everyone,:hi:

I was the winning bidder on e-bay three weeks ago for a week at Club Regina Los Cabos Westin. It is a Gold + membership, it comes with 54000 points annually and it is a right to use that ends in 2047.

This is my second timeshare purchase, so newbie here. I'm just wondering if there is anything different in the closing process of a points based, RTU timeshare vs. a traditional weeks based one that does not expire.

So far, I haven't had the best communications from the closing company. The contract that they sent for me to sign initially was not filled in with the membership number or any other important information.:eek: I first replied by e-mail, and then by phone this morning. They finally re-sent a new contract which by the wording of it seems to be a quit claim transfer.

"WE, the buyer, relinquish, transfer and grant all our rights, for our contract, to seller."
Is a quit claim deed standard for RTU properties?


Thank you all in advance for your assistance.:)
Susan
 
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yumdrey

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I heard that RTU transfer is simpler than traditional deeded property transfer. And it takes shorter time too until tranfer is completed. Because closing company doesn't have to search the deed, etc...
Usually, resorts are working most of the transfer work.
When I purchased worldmark (point based membership system with no deed), it took only 2-3 weeks for the whole process and there was no closing cost.
 

thoscook1

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I own a couple of RTU in Mexico and it is very easy. There is a Formal Certificate which the old owner and new owner both sign on the back and along with a notarized letter from the owner and the transfer fee-and that is all that is needed.

I am not sure if all RTU are the same but I am sure it is much easier but many closing companies are not used to closing this and you have to sort of guide them thru the process (at least mine and I had three different closing companies).

Tom
 

cdn_traveler

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Thank you!

Thanks for your replies Yumdrey and Tom.:)

Unfortunately, I had to pay $399 for the closing and then another $250 for the resort transfer fee. Oh well, at least my winning bid was low. If this all works out, I figure that I still got a very good deal especially if I compare it to paying full freight. Thank you TUG!

I sent the signed contracts back today by snail mail. I was hoping to send the documents back by fax or scanned PDF, but the closing company said that the resort required originals. I guess I want to rush things along so that I can get to the fun part - planning a vacation.:rofl:

Susan
 

jrb2093

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Does anyone have any references to closing companies or escrow companies that work in the caribbean? I am looking to sell my timeshare in St Lucia, a Right To Use, and so far the companies I contacted in the U.S. say they cannot do it... Like you say it should be a simple process since there is no deed. I just want the buyer and myself feel secure the money will transfer upon transfer of the property. Thanks, John
 

theo

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Does anyone have any references to closing companies or escrow companies that work in the caribbean? I am looking to sell my timeshare in St Lucia, a Right To Use, and so far the companies I contacted in the U.S. say they cannot do it... Like you say it should be a simple process since there is no deed. I just want the buyer and myself feel secure the money will transfer upon transfer of the property. Thanks, John

Have you asked the resort itself about its' RTU contract transfer process, transfer fees (if any) and / or recommendations or suggestions for local entities to assist you (if even required or necessary at all)?

Personally, I know nothing at all about Caribbean timeshares / RTU contracts, --- but I do know that many resorts and / or vacation clubs with RTU contracts have their own internal documents and procedures (and widely varying fees) for transfers. I would definitely start with a information-gathering conversation directly with the resort.
 
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jrb2093

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I sent them an email but have not heard back yet. I was trying to be proactive to find my own, but no luck. Hopefully they have the answer. thanks
 
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