I do not think that Spinnakker has a $1500 transfer fee. The $1500 is escrowed for up to 2 years of maintenance fees. There is a transfer fee, but it's not $1500.
here is the policy--I think the transfer fee has gone up somewhat.
_________________________
New Timeshare Transfer Policy for All Spinnaker Resorts
(Excluding Royal Floridian Resort, whose Board of Directors will vote on this policy at its next meeting)
Effective date: January 3, 2011
In order to ensure that accurate information is provided to the association regarding new timeshare owners, as well as to ensure timely payment of maintenance fees from new timeshare owners, the following policy has been adopted by the Board of Directors of the Association regarding the sale or transfer of a timeshare interval to a third party:
1. Written notice of the pending transfer must be sent by the closing attorney or transfer company to Southwind Management Corp. (management agent for the Association; hereinafter, "SMC") of the pending transfer, which notice MUST include the following information:
A. Name of the present owner of the timeshare interval, along with the unit and week number of the timeshare interval;
B. Name of new owner(s);
C. Street address and mailing address of new owner;
D. E-mail address of new owner;
E. Social security number or federal taxpayer identification number of new owner (as applicable);
F. First year of usage of new owner;
G. Anticipated date of closing/transfer.
2. Upon receipt of the information described in Section ONE above, SMC will advise the closing attorney or transfer company (in writing) of any maintenance fees and/or special assessments due from the present owner to the association (for the current year and prior year's maintenance fees). All such unpaid maintenance fees MUST be paid in order for the transfer of the timeshare interval to the new owner to be valid and recognized by the Association.
3. Upon completion of the transfer of the timeshare interval from the present owner to the new owner, the following documents AND funds MUST be sent to SMC at Post Office Box 6685, Hilton Head Island, SC 29938, Attention: Karen Geiger in order for the Association to accept the new owner as the rightful owner of the timeshare interval in your Timeshare Resort:
A. A copy of the recorded deed to the timeshare interval (to evidence the transfer of the timeshare interval to the new owner);
B. Transfer fee of $125.00 payable to Southwind Management Corp. and;
C. Prepaid maintenance fees in the amount of $1,500.00 for annual usage timeshare intervals OR $750.00 for odd/even/triennial usage timeshare intervals (via certified check or law firm trust account check) payable to your Owners Association.
4. In the event that the new owner of the timeshare interval is a CORPORATION OR A LIMITED LIABILITY COMPANY, the following documentation must ALSO be sent to SMC with the items identified in Section THREE above:
A. Articles of Incorporation, Articles of Organization, or other filed formation documents for the entity which is the new owner;
B. Corporate Resolution identifying the officers and directors of the entity (including names, addresses, telephone numbers, and e-mail addresses of each officer and director);
C. Corporate Resolution appointing the specific person who is to act as the authorized agent on behalf of the entity to sign documents and serve as the contact person (include name, address, telephone number, and e-mail address of the authorized agent);
D. Certificate of Good Standing (dated within 30 days) from the state of formation; and
E. Most recently filed Federal tax return.
5. In the event that the new owner of the timeshare interval is a TRUST, the following documentation must ALSO be sent to SMC with the items identified in Section THREE above:
A. Certificate of Authority ( certificate must include the name of the trust, the date of formation of the trust, the names & addresses of the trustees, and reference to the section of the trust which identifies that the trust can own or lease real estate; the Certificate of Authority must be signed by the current trustee(s) of the trust).
All past due and current maintenance fees, special assessments (if any), prepaid maintenance fees and transfer fees (as described above) must be paid in full in conjunction with the transfer, or the transfer will not be considered valid by the association or SMC. Compliance with the transfer policy (as set forth herein and as may be modified in the future) is mandatory on and after January 3, 2011. Non-compliance with the mandatory transfer policy will result in the transfer being invalid and of no effect, and the present owner will remain liable for all future maintenance fees for the timeshare interval until compliance with the mandatory transfer policy occurs.
REGARDING THE PREPAID MAINTENANCE FEES: SMC (as management agent for the Association) will hold the prepaid maintenance fee collected for the benefit of the new owner. As each year's maintenance fee is assessed to the new owner (on an annual, biennial or triennial basis, based upon the type of timeshare interval acquired by the new owner), said amount will be debited from the prepaid maintenance fee; after the entire amount of the prepaid maintenance fee is applied toward assessed maintenance fees, the new owner will be invoiced for the balance of the then-due maintenance fee (and all subsequently assessed maintenance fees). The amount of prepaid maintenance fees collected does not reflect a particular number of maintenance fees for a particular number of years; therefore, the prepaid maintenance fees will be a credit on the new owner's account and used as such; at such time as the prepaid maintenance fee credit is exhausted, the balance for said year's maintenance fee (and subsequent year's maintenance fees) due from the new owner will be invoiced to the new owner.
The EXCEPTIONS to the above policy are as follows: (a) Inter-family transfers; (b) Transfers from individuals to their trusts for estate planning purposes; and (c) Original transfer from developer to first owner.
This transfer policy may be modified in the future, in whole or in part, in the discretion of the Board of Directors of the Association.
