Vida resorts

[jediinprescott]

I have owned at Vida in Cabo for many years and have never gone back to a Vida ( Mayan Palace) resort. Contract was paid in full, I just pay the renovation fee every 5 years. I no longer wish to own this. Should I just not pay? I have no desire to rent and would consider giving it away legally but do not want to waste money on a 3rd party transfer company. Suggestions appreciated.

 

[rpennisi]

I have owned at Vida in Cabo for many years and have never gone back to a Vida ( Mayan Palace) resort. Contract was paid in full, I just pay the renovation fee every 5 years. I no longer wish to own this. Should I just not pay? I have no desire to rent and would consider giving it away legally but do not want to waste money on a 3rd party transfer company. Suggestions appreciated.

Definitely do not use a 3rd party transfer company.

You bought in Cabo, but mention Mayan Palace. The Cabo resort was sold as Grand Mayan(?). Do you have a 25 year contract, because you mention 5 year renovation fees, but you make no mention of maintenance fees paid yearly. Usually those 5 year reno fees are with 25 year contracts that have required yearly maintenance fees. At least that is what my contracts have. If you have one of the newer 10 year no go no maintenance fee due contracts, then I think you can walk away after 10 years, and are not required to keep paying. Others might know more, but more information is needed from you.

 

[T-Dot-Traveller]

Hi @jediinprescott ,
If you choose to attempt to give it away on TUG I would suggest you confirm the following
1) What year did you buy
2) Unit size
3) Usage fee / MF when booked
4) When is the next Reno Fee due

You could attempt to give it away between now & when the next Reno Fee is due
***********
Here is my take on this based on my own contract and the information you posted.

You bought between late 2005 and 2010; and you have the " Pay on Use Only' addendum
You own a registered week and a Vacation Fare(bonus) Week - [ float weeks - float unit / RTU - non deeded]
The register week is bookable 6 months ahead / so Aug 1 2024 you can call & book any Feb 2025 week
The VF week is bookable 6 months ahead [ except for Feb & March - which can only be booked 45 days in advance]
The renovation fee is due every 5 years
The contract requires a payment at 25 years of 5x current MF to renew for another 25 years.[ or it expires ]

My 2006 Mayan Palace contract requires a transfer payment of 5x current MF and the VF Week and "Pay on Use Only" addendum do not transfer
if given away or sold . Note :{ There is No Charge to transfer all parts of the contract to Immediate Family ( children & grandchildren) }

{Contract before late 2005 have a lower transfer - before 2002 = one MF & before late 2005 it is 10% of original purchase price - and the VF week transfers} These require a yearly MF. -as per @rpennisi post above

My 2025 MF for a one bedroom Mayan Palace is just under $1000

*******
Vidanta recently increased the Exchanger Resort Fees on RCI
[ note : these deposits are developer owned weeks ]
and currently there are no listings on Intervals.

The Vidanta / RCI member-exchanger resort fees as of June 15-2024 are :
2 bd - $ 1260 / 1bd - $ 1050 / hotel room $ 770

These recent [ June 15 -2024 ] changes may increase the interest in your contract as a giveaway.

There may also be TUG members interested in renting to gain access to Vidanta [ without the pricey resort fees ]
Vidanta does not up-charge guests of owners since a MF is paid when the unit is booked
Vidanta allows owners to cancel up to 30 days before the check in date.