First Ovation NOW Tribute by Wyndham

Got this in an email today, but can't find anything else online yet.

"Tribute by Wyndham enables qualified owners to transfer deeded and non-deeded contracts to a family member at no cost."

Saw that, too....want to make it easy for heirs to get the deeds and keep things paid up!

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This could be a good move. Of course it depends upon the definition of "family". But for those that were thinking of buying a small contract to add their adult kids onto their account... this may give you a no-cost solution.

Bigrob said:

This could be a good move. Of course it depends upon the definition of "family". But for those that were thinking of buying a small contract to add their adult kids onto their account... this may give you a no-cost solution.

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Plus, it would take the ownership TOTALLY out of the parents' estate. Wyndham would NOT have to know what 'price' it was transferred to the family member.

Wyndham would have to look at this as a clean and smooth transfer before the elderly incur end of life costs and years of being 'held' in an estate.

It depends on if it's developer or resale points (sorry Eric, the resale contracts don't get transferred for free).

I called the Ovations line @ 855-312-9040. They were very easy to talk to and will go through your contracts.

#1 - everything must be paid in full and maintenance up-to-date
#2 - for me, they would take back any or all of my contracts (developer and resale)
#3 - they will waive transfer fees to immediate family (sibling, children or grandchildren) for developer purchases, the waiving of transfer fees does not apply to resale.

I still can't believe they waive all transfer fees for immediate family. Surely we'd have to paid to have the deed changed? I could see them waiving the wyndham transfer fee (even that helps). But she did say no fees.

Has anyone does this? Otherwise, I'll be transferring some developer contracts soon and I'll let you know how it goes.

If this is executed, do the "parents" still stay on as owners? There is a benefit to having multiple names on the account.

I am sure wyndham would want the original owners off the deed.

That would be my guess as well (i think this needs to be a transfer vs. adding addt'l owners).

In my case, it's not an issue (but a good point/consideration).

I will only be transferring the developer contracts my Dad purchased. I have additional resale contracts that have my Dad's name (as well as mine). Thus he will still be listed as an owner on the account.

Sandi Bo said:

That would be my guess as well (i think this needs to be a transfer vs. adding addt'l owners).

In my case, it's not an issue (but a good point/consideration).

I will only be transferring the developer contracts my Dad purchased. I have additional resale contracts that have my Dad's name (as well as mine). Thus he will still be listed as an owner on the account.

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So after transferring the contracts to your name, they will leave those contracts in the same account? (is that because both you and your dad are on the others?)

My expectation is everything stays in the same account. Today my father is the common thread (name is on all deeds), in the future it will be mine (but he'll still be on at least one resale contract).

I'll let you know for sure how it goes, although I expect it to take months. I've yet to initiate the transfer (I have some estate things to get in place first). Wyndham estimated 2-3 months once it's initiated.

My dad owns two deeded red weeks at Kona Coast II which he and my late mother bought in 1992, so I'm pretty sure they are developer weeks. At our recent Owners Update/sales visit in Princeville (DH and I signed up for the sales visit to get the gift, Dad wanted to come too, and they split him off and then brought him back to meet with us), to my surprise he said he wanted me to have both of those weeks when he passes on. Wyndham tried mightily to get him to convert to points then and there and to buy more, adding my name to the contract at the same time, but he refused (yay, Dad! ).

Would the Tribute program allow him to transfer those weeks to me now at no cost? Or would he have to convert to points and then transfer the points contract? Just wondering!

TheHolleys87 said:

My dad owns two deeded red weeks at Kona Coast II which he and my late mother bought in 1992, so I'm pretty sure they are developer weeks. At our recent Owners Update/sales visit in Princeville (DH and I signed up for the sales visit to get the gift, Dad wanted to come too, and they split him off and then brought him back to meet with us), to my surprise he said he wanted me to have both of those weeks when he passes on. Wyndham tried mightily to get him to convert to points then and there and to buy more, adding my name to the contract at the same time, but he refused (yay, Dad! ).

Would the Tribute program allow him to transfer those weeks to me now at no cost? Or would he have to convert to points and then transfer the points contract? Just wondering!

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Tribute should not require conversion to points, it is just a waiver of transfer fees.

I wonder if the entity that you are transferring to could be a family trust?

I'm guessing not, but wouldn't that be pretty cool?

pagosajim said:

I wonder if the entity that you are transferring to could be a family trust?

I'm guessing not, but wouldn't that be pretty cool?

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On May 23rd I called Ovation and asked. They had to check and get back to me, here is their followup email:

Trusts are eligible to participate in the Tribute program.

If you have further questions, please feel free to contact us at 1-855-312-9040, Option 2. Ovation by Wyndham’s hours of operation are Monday – Friday from 9:00 am -5:00 pm EST.

Sandy VDH said:

Got this in an email today, but can't find anything else online yet.

"Tribute by Wyndham enables qualified owners to transfer deeded and non-deeded contracts to a family member at no cost."

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I am using Tribute to transfer my Wyndham ownership to my son. You have to stay on them, but it seems to be going OK.

I had this conversation with Wyndham back in November as well. The understanding I got was that they were trying to move all family transfers to a different department than the regular title services. Apparently in the past some transfers which were not family had been coded as family (shocking that they could make a mistake I know). So I was told a different 'team' was handling family transfers now. I'm curious what documentation you had to provide for the transfer to go through.

Also I added someone to my account a few years back as an additional owner and there was no fee for this. Is that still the case or is there a fee to be charged if you 'add' someone to the account?