Transferring Ownership. Why so confusing?

[Jaybee]

First, I would like to say how much I appreciate the admin people on this site. I haven't been active here for a number of years, but reading here and there. I have Macular Degeneration now, and I tend to panic when I can't see clearly. I had somehow forgotten how to use the site, and couldn't even use my brain enough to use the "HELP" sites. So, I've been whining, and have been treated with unbelievable patience and kindness.

Now, in my advancing age, I've offered my timeshares to my kids. Now the fun begins. I went to the resort, and talked to one of the managers, who does transfers. She gave me some bad information, very complicated stuff, so I went to the resale company we bought the unit from, and it sounds pretty simple, until it came to the costs. The first person said it would cost $250, but didn't mention any escrow fees. The realtor also said $250, plus $730 for escrow fees. My daughter-in-law and I both thought that seemed a little high, but I haven't done things like this. When I questioned her about it, she replied with something a bit sarcastic, and I didn't answer. Now I'm back to square one, and I know I've read on here about relatively inexpensive transfers, but what about the escrow fees? I don't know where else to go for good advice.

 

[TUGBrian]

not sure the need for escrow when you are simply making a change on the deed to add relatives.

what resort?

 

[tschwa2]

What resort? Is it a US Deeded timeshare? Does the resort charge a transfer fee?
A simple transfer with a US Deeded timeshare resort should cost: the resort transfer fee (if any) plus about $200-$250 for deed prep and filing with a company like LT transfers. You shouldn't need any escrow for a gift.

 

[VacationForever]

You may contact LTT to do the transfer... cheap and very good...

 

[Talent312]

I also endorse LT Transfers. See their website: http://www.lttransfers.com/
I bought 2 TS's from others using their service. Their fees LT $200. No escrow.

You could also D-I-Y, if you had the gumption. Essentially, all you are do is:
1. Copy your deed, but change the names where it says "grantor" + "grantee."
2. Record the deed in the county where the TS is located (it's returned to you).
... There are minor fees to pay the county for this service.
3. Send the TS transfer person at the resort a copy of the recorded deed.
... Plus any transfer fees and paperwork they require.

.

 

[e.bram]

"You could also D-I-Y, if you had the gumption. Essentially, all you are do is:
1. Copy your deed, but change the names where it says "grantor" + "grantee."
2. Record the deed in the county where the TS is located (it's returned to you).
... There are minor fees to pay the county for this service.
3. Send the TS transfer person at the resort a copy of the recorded deed.
... Plus any transfer fees and paperwork they require."

.AMEN!!!!

.[/QUOTE]

 

[DeniseM]

Here is the contact info for LT Transfers - they are very nice - just call them and they will be happy to go over everything with you.

Also - there is no escrow with a transfer between families - escrow is a licensed account to hold the funds during the transfer.

L.T. Transfers
Lisa Short and Mary Pless
http://www.lttransfers.com/
readylegal@gmail.com
706.219.2709

 

[DeniseM]

BTW - Trying to do it yourself and making an error could cost you far more in the long run, to get it straightened out. For your own peace of mind, let a professional do it.

 

[Jaybee]

What resort? Is it a US Deeded timeshare? Does the resort charge a transfer fee?
A simple transfer with a US Deeded timeshare resort should cost: the resort transfer fee (if any) plus about $200-$250 for deed prep and filing with a company like LT transfers. You shouldn't need any escrow for a gift.

BTW - Trying to do it yourself and making an error could cost you far more in the long run, to get it straightened out. For your own peace of mind, let a professional do it.

Yes, it's Harbortown Pt., in Ventura.CA. and what the realtor told me, her fee is $250, but I don't understand why transferring the ownership should cost more than the annual maintenance fee. $980 sounds a bit much. I'll check out LT transfers. Thank you.
I'm obviously not familiar with the newer website. I think I'm answering 2 notes at once. Denise, I have no interest in doing it myself. That's why I went looking for help.

 

[DeniseM]

LT Transfers is usually less than $200.

 

[theo]

$980 sounds a bit much.

More bluntly stated, that figure borders on outright larceny. LT Transfers will handle everything for $200.
The resort may charge a separate (gratuitous) "transfer fee" but if so they might waive it for a intra-family transfer.

Btw, whoever even spoke the word "escrow" to you for a "no money" transfer to a family member is either clueless or looking to take advantage of you.

 

[Jaybee]

As to the resort transfer fee, the realtor included that ($180) in with the escrow fees. I'm not selling a house, but that's how I'm feeling.

 

[Jaybee]

More bluntly stated, that figure borders on outright larceny. LT Transfers will handle everything for $200.
The resort may charge a separate (gratuitous) "transfer fee" but if so they might waive it for a intra-family transfer.

Thanks... I knew I could get some common sense from you guys.... (Y'all?)

 

[Jaybee]

You may contact LTT to do the transfer... cheap and very good...

Thank you all. I'll try LTT.

 

[Jaybee]

I also endorse LT Transfers. See their website: http://www.lttransfers.com/
I bought 2 TS's from others using their service. Their fees LT $200. No escrow.

You could also D-I-Y, if you had the gumption. Essentially, all you are do is:
1. Copy your deed, but change the names where it says "grantor" + "grantee."
2. Record the deed in the county where the TS is located (it's returned to you).
... There are minor fees to pay the county for this service.
3. Send the TS transfer person at the resort a copy of the recorded deed.
... Plus any transfer fees and paperwork they require.

.

Thanks for all the good help. You guys are great. Since I'm having trouble even remembering how to find my way around TUG, I'm not about to try to do any legal transactions myself. I may be ignorant, but, hopefully, I'm not stupid. LOL!
BTW, I love the Ron White quote.

 

[Jaybee]

BTW - Trying to do it yourself and making an error could cost you far more in the long run, to get it straightened out. For your own peace of mind, let a professional do it.

Denise, you are priceless! When I got into this mess, I thought, "Why didn't I ask TuG first?" Not about to try to do this myself. Thanks ever so much.

 

[Jaybee]

I contacted Isabella at LT Transfers today. She is so sweet, and helpful....just as you said. With the help of my daughter, I got the request filled out (Just remembered I forgot to do one for the second timeshare...Damn!), made copies of everything, and sent them to the mailbox. Now I seem to have one more request to do. This is me, hanging my head.....

 

[pianoetudes]

I don't understand this. You want to give away timeshare to children and you have to pay? What company is that? I believe wyndham does not charge transfer fee to give the ownership to your own children.

Sent from my Moto G Play using Tapatalk

 

[swittner]

I am glad also to have looked again at Tug, especially for this information on a reputable company. Those ads were sounding tempting, even as I realized the scam. I have had our timeshare in Bargain, marketplace for months, with no real response. Since we live too far to use it, co own it with my now elderly parents, and neither want to use it for exchange ( yearly fees cost more than a vacation using exchange now), I saw on here that children don't have to take it as inheritance, if it is not listed in will. We plan to sell our half to my parents, and let it go. We have no other alternatives, and the annual fees are draining us. I will contact LT on Monday, find out what I need to do the transfer. I had contacted the management at Edgewater, about giving it back to inventory, they weren't interested. Of course not, float weeks there are useless at that cost.

 

[Talent312]

... I saw on here that children don't have to take it as inheritance, if it is not listed in will...

Even if it is listed in a will, heirs do not have to accept any inheritance.

Our will adds this to the bequest: "If no heir accepts a timeshare, the [executor] may dispose of it by sale, gift, deed in lieu of foreclosure, suffer a foreclosure or abandon the same, at his or her absolute discretion."

.

 

[Jaybee]

Even if it is listed in a will, heirs do not have to accept any inheritance.

Our will adds this to the bequest: "If no heir accepts a timeshare, the [executor] may dispose of it by sale, gift, deed in lieu of foreclosure, suffer a foreclosure or abandon the same, at his or her absolute discretion."

.

But, as I understand it, if the heirs don't accept it, that still leaves the executor with the same problem, right? And if it's a family trust, isn't it still a problem for everyone? I don't know much about it, but I wouldn't want to leave my co-trustee having to deal with it.

 

[Talent312]

But, as I understand it, if the heirs don't accept it, that still leaves the executor with the same problem, right? And if it's a family trust, isn't it still a problem for everyone? I don't know much about it, but I wouldn't want to leave my co-trustee having to deal with it.

This particular issue could be in it's own thread, and it has in the past. But to sum up:
1. The estate may be liable for costs of its disposal, but not the executor or heirs. They have no personal liability for it.
2. Trusts: Costs may flow thru to the trustee or bene's, depending on the terms of the trust or requirements imposed by the resort as part of the transfer to the trust.

 

[swittner]

This particular issue could be in it's own thread, and it has in the past. But to sum up:
1. The estate may be liable for costs of its disposal, but not not the executor or heirs. They have no personal liability for it.
2. Costs may flow thru to the trustee or bene's, depending on the terms of the trust or requirements imposed by the resort as part of the transfer.

so it sounds like my idea for getting rid of it will work out- transfer our half to my parents who will then be sole owners- in their 90's with really no assets, when they pass on, so will this timeshare.

 

[HolidayLover]

First, I would like to say how much I appreciate the admin people on this site. I haven't been active here for a number of years, but reading here and there. I have Macular Degeneration now, and I tend to panic when I can't see clearly. I had somehow forgotten how to use the site, and couldn't even use my brain enough to use the "HELP" sites. So, I've been whining, and have been treated with unbelievable patience and kindness.

Now, in my advancing age, I've offered my timeshares to my kids. Now the fun begins. I went to the resort, and talked to one of the managers, who does transfers. She gave me some bad information, very complicated stuff, so I went to the resale company we bought the unit from, and it sounds pretty simple, until it came to the costs. The first person said it would cost $250, but didn't mention any escrow fees. The realtor also said $250, plus $730 for escrow fees. My daughter-in-law and I both thought that seemed a little high, but I haven't done things like this. When I questioned her about it, she replied with something a bit sarcastic, and I didn't answer. Now I'm back to square one, and I know I've read on here about relatively inexpensive transfers, but what about the escrow fees? I don't know where else to go for good advice.