What happens to this years star options when selling?

[CPNY]

so I posted my unit and two hours later I have an offer (I prob priced it too low). I posted it nowthinking it would take some time to get a buyer. I have a reservation using the star options at the end of march. The first usage is 2021. The buyer wanted to make sure the ownership was in their account by May so they can make a reservation using the star options for Jan (8 month window).

a few questions:
when should I begin the sales process to make sure I don’t lose my march reservation and it’s in their account by May?

If the sale and transfer goes through before my reservation, will the reservation go to the new owner even though it’s a combo of the options being sold and banked options from last year?

the buyer wanted title insurance, it’s a Florida deed, is title insurance really needed? What’s the best information to give them regarding title insurance?

this is the first time I’m selling, I’m usually a buyer, help is appreciated.

 

[SandyPGravel]

When I bought my WSJ in September I had the owner put the February reservation in my name before the process was complete.

You could ask the buyer if the process isn't complete by May would they be OK with you making the reservation for them.

My process was started in early September and was finished by the end of October IIRC. But that was prior to the merger of departments with Marriott.

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[CPNY]

When I bought my WSJ in September I had the owner put the February reservation in my name before the process was complete.

You could ask the buyer if the process isn't complete by May would they be OK with you making the reservation for them.

My process was started in early September and was finished by the end of October IIRC. But that was prior to the merger of departments with Marriott.

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That’s a good suggestion making the reservation for them

 

[DannyTS]

Upon transfer, the rules concerning existing reservations may be different for a home resort or SO reservation. Double check with Vistana whether they will agree to transfer a VSN booking.

 

[goaliedave]

That’s a good suggestion making the reservation for them

Agree... i've always had the seller do this. Then once ownership is finalized by the resort i double check it is under my # not seller's account #. Once they had my name but seller's contact info

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[CPNY]

Upon transfer, the rules concerning existing reservations may be different for a home resort or SO reservation. Double check with Vistana whether they will agree to transfer a VSN booking.

I don’t want them to transfer the booking. I want to keep my booking in march for myself since first usage is 2021 but they want the options for 2021 in their account by May to make a Jan 2021 reservation

 

[CPNY]

Agree... i've always had the seller do this. Then once ownership is finalized by the resort i double check it is under my # not seller's account #. Once they had my name but seller's contact info

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They want the options to be used at another resort not the home resort. They want the ability to make a reservation in May for next Jan. But I have a reservation for myself in march of this year. First usage is 2021. I just don’t want this happening within the next month or two and lose my march reservation. I’m thinking if I start the process in two weeks all should be good.

 

[controller1]

the buyer wanted title insurance, it’s a Florida deed, is title insurance really needed? What’s the best information to give them regarding title insurance?

FYI - If I were the buyer and wanted title insurance and the seller tried to talk me out of title insurance I'd walk immediately as it would be a red flag to me.

 

[CPNY]

FYI - If I were the buyer and wanted title insurance and the seller tried to talk me out of title insurance I'd walk immediately as it would be a red flag to me.

Thanks for the heads up. You’re right. I try too much and take the info here and pass it off. So many have said don’t get title insurance for Florida properties. Do you know any closing companies I can refer the seller to that will include title insurance?

 

[dioxide45]

A few things here. It is my understanding that once you transfer a deed, the StarOptions go with it. I am not sure how they handle existing reservations. This would best be answered by Vistana. The problem now is that you can only get a hold of front line customer service agents (not the title or transfer area) that are not very likely to know what happens and they will just make up an answer. I would suggest asking this question through the website so you have the answer in writing. However, given how long it is taking Vistana to to transfers (isn't it at about four weeks right now), chances are your March travel will be over by the time Vistana gets around to changing ownership in their system.

As for title insurance. You probably won't be able to use LT Transfers. I don't think they offer title insurance. THey may through a third party, not 100% sure. You may have to look in to a different timeshare closing company for the buyer to be able to get title insurance. I would leave this up to them to figure out where to buy title insurance. This isn't something you can do for them.

 

[CPNY]

A few things here. It is my understanding that once you transfer a deed, the StarOptions go with it. I am not sure how they handle existing reservations. This would best be answered by Vistana. The problem now is that you can only get a hold of front line customer service agents (not the title or transfer area) that are not very likely to know what happens and they will just make up an answer. I would suggest asking this question through the website so you have the answer in writing. However, given how long it is taking Vistana to to transfers (isn't it at about four weeks right now), chances are your March travel will be over by the time Vistana gets around to changing ownership in their system.

As for title insurance. You probably won't be able to use LT Transfers. I don't think they offer title insurance. THey may through a third party, not 100% sure. You may have to look in to a different timeshare closing company for the buyer to be able to get title insurance. I would leave this up to them to figure out where to buy title insurance. This isn't something you can do for them.

Thank you, I emailed the buyer and offered for them to find a closing company that would offer title insurance. If I start the process within a week or two I’m sure the march travel would have been completed by the time the transfer takes place. I should be good there. Any recommendations on closing companies that offer title insurance?

 

[controller1]

Thank you, I emailed the buyer and offered for them to find a closing company that would offer title insurance. If I start the process within a week or two I’m sure the march travel would have been completed by the time the transfer takes place. I should be good there. Any recommendations on closing companies that offer title insurance?

I would still check with LT Transfers since they may have the ability to get title insurance even though it is not usually offered. Getting title insurance may help your time frame of your March travel since it will slow the process a bit.

 

[CPNY]

I would still check with LT Transfers since they may have the ability to get title insurance even though it is not usually offered. Getting title insurance may help your time frame of your March travel since it will slow the process a bit.

Excellent. Good idea...

 

[mauitraveler]

That’s a good suggestion making the reservation for them

Also, if you make the reservation for them, they will have a good time-stamp for the SO reservation. Would they consider using the home resort? That way, you can make the reservation for them now, rather than their having to wait to make the SO reservation in May, resulting in an even better time-stamp! (We did that with one of our purchases, which resulted in a great room assignment.) Good luck with the sale's process! CJ

 

[Ken555]

I bought one unit with title insurance long ago, and used Chicago Title. This is completely separate from closing.


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[CPNY]

I bought one unit with title insurance long ago, and used Chicago Title. This is completely separate from closing.


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Thank you. They got back to me and said they wouldn’t be needing it after all. But that’s good to know that you can just obtain it separate.

 

[dioxide45]

I think Janet is now back with her own business, JRA Services Inc again. In the past, her fees were reasonable and she was quick and communicated well.

I bought one unit with title insurance long ago, and used Chicago Title. This is completely separate from closing.


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Who did the closing? Generally the title insurance company will want the transaction to go through a licensed closing company. This seems to be the reason that Redweek won't use LT Transfers.

 

[Ken555]

Who did the closing? Generally the title insurance company will want the transaction to go through a licensed closing company. This seems to be the reason that Redweek won't use LT Transfers.

I don’t recall, tho if you’re really curious I can look it up. It was in 2005.


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[echino]

Caution: Vistana will likely cancel all existing reservations during the transfer. Even when a document was included with the transfer package instructing Vistana NOT to cancel the reservation, they still cancelled it. This is from personal experience. Happened consistently recently, more than once or twice.