Just wrote DRI about selling questions

Bill4728 · Aug 29, 2014

I hope that I can get some written policies from DRI about selling my trust points

I have questions about selling my Monarch Grand points (MGV). Also can you direct me to the written policy about what happens when someone buying my MGV points?

1. I've been told that when I sell, all points for the current period (Sept 2014-Aug 2016) will be forfeited. TRUE/False?

2. All pending reservations made with those points (either II or MGV) will be cancelled. TRUE/False?

3. The buyer will be able to use points only at the MGV and will be unable to trade the points per the MGV II exchange policy TRUE / False?

www.cms.diamondresorts.com/sites/default/files/MONARCH_GRAND_VACATION_II_EXCHANGE.pdf

If 3 is true and the new buyer of my points can not use II with the MGV pts Can they make a reservation and deposit that week in II?

Thank you

(Bill4728)

Bill4728 · Aug 30, 2014

Here is their response

Good afternoon ,

I will be happy to provide you with the transfer of ownership information. In your contract’s terms and conditions under the Membership in the Association, list the details of when a buyer takes over the account; they then have 100% of the rights, privileges, and obligations of the ownership. I have also attached the Monarch Grand Vacation Master Declaration of Restrictions and Bylaws. Section 2.8 titled Transfer of Interest goes into the details of transferring an ownership as well. Transfer of ownerships can take anywhere from 90-120 days to be completed and processed; so during that processing time you are able to still have use of your points and book vacations until the process is completed.

(when the ownership transfer is complete) At that point, you are no longer the owner and any reservations as well as points are forfeited.

Anything that you have through Interval International will be still available for your use since they are a separate entity.

Once the account is transferred over to the buyer, the buyer is able to get their own Interval International membership to do exchanges if they chose to.

I hope this information was helpful for you.
Please let me know if you have any further questions. I hope you have a fantastic holiday weekend.

Should you have further questions regarding this or any other matter, you may reply to this e-mail atMonarchclubconnection@diamondresorts.com or contact a Monarch Owner Services Agent at 1.800.828.4200.

Thank you for being a valued member of Diamond Resorts International and we look forward to serving your future vacation needs.

Respectfully,

- Taylor --
Monarch Owner Services Email Correspondence Coordinator

So below I answered the questions I sent them in red
1. I've been told that when I sell, all points for the current period (Sept 2014-Aug 2016) will be forfeited. TRUE/False? So this is true all points are forfeited when the transfer takes place

2. All pending reservations made with those points (either II or MGV) will be cancelled. TRUE/False? This is both true and false All MGV reservations are cancelled BUT all Interval reservations remain as long as you keep your II account active.

3. The buyer will be able to use points only at the MGV and will be unable to trade the points per the MGV II exchange policy TRUE / False? False If they open an II account they should be able to trade their MGV points in II

So some good news. I'm still unsure about the other DRI collections but once transferred it seem that the new MGV owners will still be able to trade in II using their MGV points. The only thing is you will lose any points for the current period you have in your account which in MGV accounts are almost alway 24 months worth of points. :crash:

kalima · Aug 30, 2014

weird

I think it is because that is the rules for your specific collection....DRI has told U.S & Hawaii peeps that you cannot purchase your own II account and use Diamond points...but pretty sure that your TS works quite differently...Good news for you though

Just wrote DRI about selling questions

Bill4728

Bill4728

kalima