Someone wants to give us their TS at Atlantis?

[surfhound]

Hi folks, I was at Harborside Resort/Atlantis Bahamas a week ago and long story short - a nice couple offered to give us their timeshare. They are an elderly couple and just want to dump their timeshare. They do not want any money for it. I know the timeshare is Starwood Vacation Club. They had their attorney send over the original purchase paperwork to me and it seems they have 67,100 StarOptions and/or 129,600 points. The annual fees for 2020 will be approximately 1,850 dollars.

I looked through the paperwork and didn't see any mention of a ROFR but I'm sure I'm missing it.

What's the best way to go about transferring this to us? Can anyone make a recommendation on a service. Also, if their is a ROFR is there any way around it? I've read the forums but didn't see any thing that addresses when someone wants to give a timeshare away. Any direction or help would be really appreciated.

 

[sjsharkie]

In addition to the original paperwork, you should also verify through and estoppel what is owned and if any does or mortgage are in arrears. In addition to the Staroptions value, you need to verify what they actually own - I assume Harborside but there are 2 phases- Phase 1 is fixed week while Phase 2 is typically floating unless someone (rare) paid to fix their week. This will impact your home resort reservation capabilities. For 67,100 SOs, it Iis the smaller 1br that they own. Also matters if they have paid mfs for 2020 and giving you usage... this will mostly offset the transfer costs (see below).

If you decide to proceed, do a search and others have recommended closing firms they have used. PCS holdings comes to mind as they did my closing though seller paid. Keep in mind that a Bahamian attorney charhes $2k or so to do these so it is not cheap.

While it is a nice gesture, we do see these units go for free from time to time due to the high mfs so just be sure this is what you want for your vacation needs. If you've verified and it is then go for it!

Ryan

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[surfhound]

In addition to the original paperwork, you should also verify through and estoppel what is owned and if any does or mortgage are in arrears. In addition to the Staroptions value, you need to verify what they actually own - I assume Harborside but there are 2 phases- Phase 1 is fixed week while Phase 2 is typically floating unless someone (rare) paid to fix their week. This will impact your home resort reservation capabilities. For 67,100 SOs, it Iis the smaller 1br that they own. Also matters if they have paid mfs for 2020 and giving you usage... this will mostly offset the transfer costs (see below).

If you decide to proceed, do a search and others have recommended closing firms they have used. PCS holdings comes to mind as they did my closing though seller paid. Keep in mind that a Bahamian attorney charhes $2k or so to do these so it is not cheap.

While it is a nice gesture, we do see these units go for free from time to time due to the high mfs so just be sure this is what you want for your vacation needs. If you've verified and it is then go for it!

Ryan

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Thank you for the quick reply. It is a Phase II floating week. No mortgage and they used the 2020 points. Will check on the fees for the year. I'll do a search for closing firms - very much appreciate the insight.

 

[SandyPGravel]

I would avoid owning at Harborside just because of how hard it is to get rid of it when you no longer want it. 67,000 SO at $1800 is pretty high MF. I own 81,000 at Vistana Villages in Florida and my MF are around $1300.

Unless you are dead set on owning at Harborside, I would politely decline the offer.

Gina

 

[vacationtime1]

I would avoid owning at Harborside just because of how hard it is to get rid of it when you no longer want it. 67,000 SO at $1800 is pretty high MF. I own 81,000 at Vistana Villages in Florida and my MF are around $1300.

Unless you are dead set on owning at Harborside, I would politely decline the offer.

Gina

Unless you are dead set on going to Harborside most years, I would politely decline the offer.

Although you can get 67100 SO's for a lower MF, there is value in owning where you want to go; reservations are easier to obtain because you can reserve twelve months in advance rather than eight months in advance on an SO exchange (which is what you would be doing if you bought at Vistana Villages).

 

[SteelerGal]

If you decide not to go through the purchase, have the couple contact Vistana to deedback program.

 

[sjsharkie]

If you decide not to go through the purchase, have the couple contact Vistana to deedback program.

Unless they have changed their policy in the last couple of months, Harborside is not part of the deed back program.

Ryan

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