Vidanta resell questions

[Zinjanthropus]

Would someone please explain this to me? What are the potential downfalls of buying this resell? It looks like for 15K, I can get a really nice Vidanta GL. property. Other than exorbitant transfer fees, what other obstacles should be considered? I'm not picking on this specific ad, i'm just curious about the possible pitfalls of such a sale.
This seller is paying the xfer fees, but how are they usually priced?
What would be the transfer fees etc?
The Vidanta sales guy sez that those sales come with none of the extras and are only the "right to use'. Of course he would say that.

If i'm violating any terms, please delete.

 

[pittle]

Transfer fees are generally 10x the MF - so $21,500.

It does not say when the Renovation fee is. You might need to pay the renovation fee this year or next by looking at the cost of the MF. Ours is due in 2023 and is a little higher than this for a week, so this one could be coming up soon.

Our GL contract has a statement that the Residence weeks (week 2) do not transfer. The same is true of the No Pay Unless You Go option. So you could be getting 1 week, not 2, and you would have to pay the MF which tends to go up the maximum of 5% each year.

 

[Zinjanthropus]

Ouch! I didn’t know that Vidatna had contracts without “no pay unless you go”.
I know that all of them aarent like that but With the 10x MF, you might as well deal directly with Vidanta.
They filled that loophole well lol

 

[pittle]

Vidanta has done their best to eliminate resales over the past 8-10 years. The no pay unless you go did not start until around 2007. It started slow - our GM contract had that after 5 years, it would be that, but then for some reason the next year we got a letter that it started immediately and we got it with our MP contracts too. But, the GL one had the wording that I mentioned above. It could have changed, but they tend to go with what is in writing.

 

[T-Dot-Traveller]

Ouch! I didn’t know that Vidatna had contracts without “no pay unless you go”.

With the 10x MF, you might as well deal directly with Vidanta.

They filled that loophole well lol

You may want to check Aimfair . Aimfair is an owners group / primarily “aimed “ at Vidanta GL owners.
The website has (rentals &) resales listed - with more details on what transfers.

Aimfair has also coordinated an annual meeting with Vidanta management - that can be attended .

 

[Zinjanthropus]

You may want to check Aimfair . Aimfair is an owners group / primarily “aimed “ at Vidanta GL owners.It has (rentals) & resales listed - with more details on what transfers.

Aimfair has also coordinated an annual meeting with Vidanta management - that can be attended .

Thanks for that tip.

 

[rpennisi]

Ouch! I didn’t know that Vidatna had contracts without “no pay unless you go”.
I know that all of them aarent like that but With the 10x MF, you might as well deal directly with Vidanta.
They filled that loophole well lol

Your add says that the seller would pay the transfer fee. The add also states 95 years of use. So maybe they at the first five year of a 10 year contract before renewal fee.
So, $15000 plus mf of $2150(+ inflation) per year looks like the cost.

 

[qb_bc]

Judging by the fact there are 95 years left, and the additional week is available until 2026, I am guessing this contract is from either 2015 or 2016. I have a 2016 contract and the following conditions apply;
- transfer fee is the amount of closing costs shown on the contract, about $4000
- only the Registered weeks will be transferred, that is the weeks that end in 2026
- the specific wording for the weeks that extend for 100 years is "This program can only be transferred or assigned by the Certificate Holder to Certificate Holder's immediate family members (parents, children and grandchildren) or heirs."
- all addenda are cancelled. This includes the "no pay unless you go" and alternate year booking window extension
- every second year is an alternate year and, without the addendum, the booking window is reduced

From the maintenance fee shown, the room size is not clear. If that fee is the total for two weeks, the unit will likely be a studio.

Simply put, the unit is not worth purchasing. The contract would only last the five years remaining on the registered weeks. You would be farther ahead renting for your needs.