W9 Tax Form for W 57th Purchase

[fabro001]

Hello Fellow Tuggers! Hilton waived ROFR for a W57th Studio Plus Gold Season and my offer is accepted!

To move forward with closing, I was asked to complete a W9 Tax Form. In my previous experience w/ Resales with HGVC (Marbrisa) DVC, and Worldmark, I don't recall having to complete this W9.

Would someone kindly explain why the W. 57th property requires me to complete the W9? Thanks in advance.

 

[CalGalTraveler]

Congrats on ROFR. What price did you pay on your 3750 pt unit?

IDK. Could be NY law. More likely some TS companies are collecting from resale so they can ding your credit if you don't pay MF.

With most developer they get it when a buyer applies for a mortgage. They also can get it if you apply for Hilton card to pay in the sales office. Sneaky eh?

Many resale did not collect in the past so cannot file negative credit if resale walks.

 

[SmithOp]

It may be required on real estate transactions. DVC and Worldmark are points ownership, no? Not sure about Marbrisa why it wasn’t requested. I seem to recall filling one out on an HGV developer purchase years ago.


https://www.irs.gov/forms-pubs/about-form-w-9


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[terces]

Would it be an idea to rename this thread to reference the W9 Tax Form in the heading so we can find it again in the future???

 

[ausman]

You could also refuse to provide and have them justify the request.

I doubt they could and suspect as was said above, they want your SSN in case of a default in paying MF in the future.

 

[Smclaugh99]

Hello Fellow Tuggers! Hilton waived ROFR for a W57th Studio Plus Gold Season and my offer is accepted!

To move forward with closing, I was asked to complete a W9 Tax Form. In my previous experience w/ Resales with HGVC (Marbrisa) DVC, and Worldmark, I don't recall having to complete this W9.

Would someone kindly explain why the W. 57th property requires me to complete the W9? Thanks in advance.

What a coincidence! I purchased gold studio 3750 week at W57 on EBay in July. The owner had used all 2020 points, so had to wait until MF were billed and paid (by the seller) for transaction to proceed and looks like we are in the same position, having passed ROFR. I just filled out W9 per Closing Timeshare LLC request last week, along with NY State Tax info, water/sewer affidavit, and other very “New York” forms this week. So far, everything has been very professional and legitimate. I bought HGVC SeaWorld 7k points in 2018 and did not have to sign anything but the purchase agreement and deed info, which I attribute to Florida having less stringent requirements.

I was waiting until entire transfer was complete before posting on the ROFR thread because the cost was much lower than one would expect. I’ll believe it when it’s done.

Sean

 

[fabro001]

Thank you for sharing your experience smmlaugh99. I had a very similar situation: From the “below market” purchase price, to the same closing company, to the points not being available until 2021, To the 2020MFs being paid by the seller. Glad to know that HGVC waived ROFR for you too.

As a follow up to my question about the w9, the closing company said that in NY state
requires a buyer’s social security number in order to prepare the required deed tax documents for the deed transfer. They did not explicitly state that a w9 is required.

I believe they have my ssn already. I hope that that will suffice and I don’t have to submit the w9.


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[Smclaugh99]

Thank you for sharing your experience smmlaugh99. I had a very similar situation: From the “below market” purchase price, to the same closing company, to the points not being available until 2021, To the 2020MFs being paid by the seller. Glad to know that HGVC waived ROFR for you too.

As a follow up to my question about the w9, the closing company said that in NY state
requires a buyer’s social security number in order to prepare the required deed tax documents for the deed transfer. They did not explicitly state that a w9 is required.

I believe they have my ssn already. I hope that that will suffice and I don’t have to submit the w9.


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Just an update on our mutual W57th purchases. I just was notified by Timeshare Closing Services that the deed was recorded and sent to HGVC to complete the transfer (which they said can be up to 90 days). Still skeptical, I went to the New York Real Estate database (ACRIS) and sure enough, it’s there. Sent to them on 12/10/19 and deed recorded on 12/23/19. So far, it looks legit. Will fully believe it when I see it on the website. I’ll post the details in the ROFR thread. I have 24k Hilton Club NY points, but missed being an owner at W57th, and this auction looked too good to pass up.

Sean