Spinnaker Resorts $750 Transfer Fee!

[Miss Marty]

Spinnaker - Are they trying to kill - Timeshare Ownership?

Just talked with a representative
@ Southwind Management Corp
Branson MO 1-417-334-4844

To find out
How much it cost to transfer a timeshare deed
He said, "Spinnaker Resorts" CHARGES $750

How do they expect people to pay such a high
inhouse transfer fee to simply change ownership...

Has anyone on Tug paid $750.
to transfer Spinnaker T/S units

 

[elaine]

Iin my Spinnaker newsletter in early 2011, it stated that the $750 is a prepaid maintenance fee for EOY ownership, not a transfer fee. Every year owners must pay $1500, which is 2 years prepaid maintenance fees. I think the transfer fees were about $125-$200 (it was a nomral amount). At first, the prepaid annual fees seemed a bit harsh. But, after I thought about it, as a current owner, I am glad they are doing this.
The newsletter stated this is in response to post-card timeshare sales companies which take the deed and then title it into shell corporations which default on the maintenance fees, which increases rates for owners. They are also requiring extra documentation for transfers into corporations.
At least at this point, I am happy with Spinnaker. My annual fees for a Spinnaker 3 BR @ HHI are $200 less than another 2BR @ HHI managed by a rival company.

 

[scanlon100]

If what Elaine says is correct then that's fine.
However transfer fees are becoming a problem. Some Newport RI transfer fees are now 299.00 and looking at Ebay it seems that in some cases the seller is paying this to remain competitive-along with giving a free week to the buyer and the costs associated with the legal transfer. The end result is one more nail in the coffin in trying to sell especially the undesirable weeks.

 

[cory30]

Elaine is correct. This a a "prepayment" of maintenance fees, not a transfer fee.

 

[theo]

A tip of the cap...

....post-card timeshare sales companies which take the deed and then title it into shell corporations which default on the maintenance fees, which increases rates for owners. They are also requiring extra documentation for transfers into corporations.

This trend is very troubling --- regardless of the specific resort location or its' management company.
I don't know much about Spinnaker or HHI, but I certainly tip my cap to whomever is apparently exhibiting the smarts and foresight to provide countermeasures to this slimy and irresponsible "bailout" route.
Then again, I have to wonder what any facility can do if / when a deed gets officially recorded with one of these bogus shell corporations or LLC's or other such parasites (see more below) as "grantee"...

It's not just PCC's engaging in this particular slimy "exit strategy" either. I have recently seen individuals associated with alleged "non-profit organizations" (...I won't provide names, since I won't inadvertently help advertise for them...) which openly trumpet on the Internet that (in exchange for a $600 or so "donation") they will allow deeding of the timeshare in their name. They further proclaim to all the world that they have no intentions of ever paying any maintenance fees, don't care about "credit reports" (they have no credit) and will essentially just later tell the resort "...Foreclose or go away --- you have no leverage over us...".
Sadly, absent intensive serious IRS investigation into this sleazy practice, they may very well be right!

 

[AFARR]

Yes, it would be bad...however...

This trend is very troubling --Snip...

If an owner deeds it to the 'non profit' and the resort wants to get nasty (and, if enough owners do so they will), they could go after the owner (despite the 'non-profit' being the owner of record)....it's like hiding assets before bankruptcy. Show the 'non-profit' advertising that they'll take the week off your hands and not pay on it...and the judge will assume that the owner colluded with the 'non-profit' to defraud the HOA/Resort and at the very least the owner will get civil fines (if not criminal charges).

AFARR