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Just Bought Timeshare Who Do I List on Deed
- Thread starter djosephm
- Start date
DeniseM
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Where did you buy (resort and state) - did you buy from the developer or on the resale market?
DeniseM
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Did you buy from the developer, or on the resale market? What date did you sign the contract?
breezez
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You most likely paid to much for the additional cost for charter benefits. It's just are not worth it IMHO.
As to whom you should put on deed, for a spouse or another to use without your systems form of a guest pass, they would need to be on deed. But if you always go together and want spouse to be able to walk if you pass before her then you could leave her off. If she's an owner and something happens to you she will be on hook for maintenance fees if something happens to you.
I have my wife on everyone I buy for personal use... But I also have a plan for her to divest of them if something happens to me. To me it's better to have her on them that way she can use on her own if I can't get away..
If you add others to your TS just have a communicated plan if something were to happen to one of you how to divest of them if need be so they are not a burden to the other(s).
As to whom you should put on deed, for a spouse or another to use without your systems form of a guest pass, they would need to be on deed. But if you always go together and want spouse to be able to walk if you pass before her then you could leave her off. If she's an owner and something happens to you she will be on hook for maintenance fees if something happens to you.
I have my wife on everyone I buy for personal use... But I also have a plan for her to divest of them if something happens to me. To me it's better to have her on them that way she can use on her own if I can't get away..
If you add others to your TS just have a communicated plan if something were to happen to one of you how to divest of them if need be so they are not a burden to the other(s).
Bought from authorized resailer was a very small pt package. Charter doesn't transfer person to person from Pinnacle it does.
DeniseM
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You can buy the exact same thing for pennies on the dollar on the resale market - or something better.
You owe it to yourself to come home and do your research before you buy. You can buy resale, pay cash for it (because it will cost so little) and not have to finance or make payments.
Also - remember that the sales people are like used car salesmen - you simply can't believe what the say.
You owe it to yourself to come home and do your research before you buy. You can buy resale, pay cash for it (because it will cost so little) and not have to finance or make payments.
Also - remember that the sales people are like used car salesmen - you simply can't believe what the say.
DeniseM
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I'm sorry, but it's not a good value - you can buy timeshares on the resale market for pennies on the dollar.
I own 12 weeks right now: I bought one from the developer, paid nothing for half of them, and less than $2,000 for the rest.
These timeshares are in nice locations: Disneyland, Hawaii, Scottsdale, Lake Tahoe, Scotland.
I know it's hard to believe, but if you proceed with this purchase, you will regret it later.
Look at all the free timeshares right here on TUG: http://www.tugbbs.com/forums/index.php?forums/bargain-deals.55/
I own 12 weeks right now: I bought one from the developer, paid nothing for half of them, and less than $2,000 for the rest.
These timeshares are in nice locations: Disneyland, Hawaii, Scottsdale, Lake Tahoe, Scotland.
I know it's hard to believe, but if you proceed with this purchase, you will regret it later.
Look at all the free timeshares right here on TUG: http://www.tugbbs.com/forums/index.php?forums/bargain-deals.55/
Are you familiar with Bluegreen? Deeds lose Charter affiliation when buying in a person to person sale. Only way to maintain charter affiliation is to purchase from Bluegreen or their authorized resaler Pinnacle. So I bought the smallest timeshare in the history of man at 1k pts for the Charter affiliation and BOOM I will add points on the cheap later.
DeniseM
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The problem is that you are new to timesharing, so you are not familiar with all the other timeshare systems - to be quite honest with you Bluegreen is not one of the top systems. You can do better, for far less money.
You have nothing to lose by taking a step back and doing your research. If you research this for a month and decide you want it after all, it will still be there. But if you buy it now without doing your homework - you will be stuck!
I guarantee that if you buy this, after you learn about your other options, you will have serious buyers remorse - and be stuck with a contractual obligation that you can't get out of.
*If you go back to the salesman and tell them this - they will deny it all, to protect their commission. You have to do your own research.
You have nothing to lose by taking a step back and doing your research. If you research this for a month and decide you want it after all, it will still be there. But if you buy it now without doing your homework - you will be stuck!
I guarantee that if you buy this, after you learn about your other options, you will have serious buyers remorse - and be stuck with a contractual obligation that you can't get out of.
*If you go back to the salesman and tell them this - they will deny it all, to protect their commission. You have to do your own research.
The ONLY person winning on YOUR deal .. it the commission only timeshare sales person.
Keep your $3000 .. .buy a resale $1 deed with the same number of points ... with your $3,000 paying for "charter' piece of paper.
Bet the $3000 will pay 4 years of MFs for a better resort and a better match to your needs.
Agree with DeniseM .... rescind. Learn WAY more. Make a better INFORMED choice.
Keep your $3000 .. .buy a resale $1 deed with the same number of points ... with your $3,000 paying for "charter' piece of paper.
Bet the $3000 will pay 4 years of MFs for a better resort and a better match to your needs.
Agree with DeniseM .... rescind. Learn WAY more. Make a better INFORMED choice.
DeniseM
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I'm sorry, but we won't delete it, because even if you don't want to consider other options, it may help someone else considering buying from the developer.
You still didn't answer my question. Hypothetically if I purchased a timeshare from a 3rd party for free essentially, what are the pros and cons of listing my wife on the deed?
DeniseM
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There is no simple answer, because it depends on what state you live in and what the laws are in that state. It probably doesn't matter if she is on the deed, because they are going to make her be on the loan to be sure you are both responsible for the payments.
T-Dot-Traveller
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I would assume the primary reason not to have a spouse on the deed - is if you split up - it makes sorting things out more difficult since
you would have to redo all the TS deed info and that may be percentage wise costly on a $ 3000 purchase .
Find out if Blue Green has specified fee structure for any deed / title change .
******
There are times ( rare ) when buying from the developer adds enough value to make sense . I have no idea what value "Charter" gives you in Blue / Green .
For example - if it gives you the right to book Club La Pension New Orleans - 18 months ahead and that means you can book Mardi Gras Week every year and then rent it for $ 1000 + more than your cost , spending $ 3000 could make sense
you would have to redo all the TS deed info and that may be percentage wise costly on a $ 3000 purchase .
Find out if Blue Green has specified fee structure for any deed / title change .
******
There are times ( rare ) when buying from the developer adds enough value to make sense . I have no idea what value "Charter" gives you in Blue / Green .
For example - if it gives you the right to book Club La Pension New Orleans - 18 months ahead and that means you can book Mardi Gras Week every year and then rent it for $ 1000 + more than your cost , spending $ 3000 could make sense
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DeniseM
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Even if they split up, the lender will not take either one of them off the loan - taking one of them off the deed does not change that.
And that is the other thing, I am guessing that you be paying a high interest rate on this with a loan or payments to a credit card? As a young couple, don't do this to yourself. Back off, hang around with us for awhile, and figure out what you really want to buy, and get it for free or nearly free.
We have young people who come here every day and say that they bought a timeshare, and then lost a job, had a baby, had financial problems, and now they can't make the payments any more, and they have been turned over to collections by the finance company (who couldn't care less) and they don't know what to do.
Don't do it...
And that is the other thing, I am guessing that you be paying a high interest rate on this with a loan or payments to a credit card? As a young couple, don't do this to yourself. Back off, hang around with us for awhile, and figure out what you really want to buy, and get it for free or nearly free.
We have young people who come here every day and say that they bought a timeshare, and then lost a job, had a baby, had financial problems, and now they can't make the payments any more, and they have been turned over to collections by the finance company (who couldn't care less) and they don't know what to do.
Don't do it...
I agree with the above. Primarily death I was concerned about.
DeniseM
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So you are taking your nest egg that you have been working so hard to save up and spending it on this? Honestly, this is not what you want to do.
Do yourself a favor - look at all the timeshares you can get for free, and re-think this:
http://www.tugbbs.com/forums/index.php?forums/bargain-deals.55/