Closing Paperwork on resale with points

Hi,

I am new to timeshares but have purchased a timeshare with points and I had a few questions.

1. The sales included x number of RCI points and it has been stated on several documents, but when I got the closing contract it only states that I am getting 2 bedroom unit etc, with no mention of points. Is this normal, or should I have somewhere in writing that I will be guaranteed the agreed upon number of points?

2. The closing company has taken in escrow the payment for the timeshare, closing costs, home resort transfer fee. Some of the documentation RCI transfer contract and Home Resort transfer contract request funding, how is distribution of the funding managed?

3. The property appears to be on the points system, is there a possiblitythat that I could be charged a conversion fee by the resort, even if the orginal owner has points?

4. The ownership I am purchasing seems to be floatng weeks 1-52, when I get enrolled into RCI as a transfer am I guaranteed to get the same amount of points as the previous owner. I'm not sure how this process works since the resort points vary from 44-77k I'm not sure if RCI assigns a points value to a resort as a whole based on your bedrooms etc,or if different members get different points even if room configuration is the same and resort is red all year.

5. Lastly, it appears some of the contract information has not been filled in by seller but the closing company wants me to complete all the signature areas, is this standard as most of the non ts contracts I have worked with are completely filled out by seller prior to me signing.

Thanks in advance, I know I have asked a lot of questions, but I want to make an informed decsion prior to signing.

Closing on a property like this is the same as any other closing, except there is an RCI Membership Transfer Application that must be signed by seller & buyer and sent along with the fee to RCI. The deed will have no indication that it is enrolled in RCI points, as this program is optional.
You probably don't have to worry about paying a new conversion fee. You should get the same amount of points as the previous owner. As for the paperwork, both parties have to sign. If you want the sellers signatures first, advise the closing company, but be aware your request might take additional time. Sometimes, the closing company will send separate forms for both buyer & seller to sign & then combine them into one document.

You will own the timeshare, but RCI owns the points. However many you get this year is not necessarily how many you will get next year. They do make changes to the points charts.

maxheadron said:

1. The sales included x number of RCI points and it has been stated on several documents, but when I got the closing contract it only states that I am getting 2 bedroom unit etc, with no mention of points. Is this normal, or should I have somewhere in writing that I will be guaranteed the agreed upon number of points?

Click to expand...

As said above, normally the deed only has info about the unit and not the number of points assoc with the unit.

2. The closing company has taken in escrow the payment for the timeshare, closing costs, home resort transfer fee. Some of the documentation RCI transfer contract and Home Resort transfer contract request funding, how is distribution of the funding managed?

Click to expand...

Hopefully you have a good closing company and it's their job to take care of all that.

3. The property appears to be on the points system, is there a possiblitythat that I could be charged a conversion fee by the resort, even if the orginal owner has points?

Click to expand...

Most TS once converted to RCI points, allow the new owner to be a RCI point memeber without a second conversion fee, BUT some TS will charge a second fee ( can be >$3000) and some don't even let you convert. So, it is very important before you sign, to contact the resort and find out what their policy is.

4. The ownership I am purchasing seems to be floatng weeks 1-52, when I get enrolled into RCI as a transfer am I guaranteed to get the same amount of points as the previous owner. I'm not sure how this process works since the resort points vary from 44-77k I'm not sure if RCI assigns a points value to a resort as a whole based on your bedrooms etc,or if different members get different points even if room configuration is the same and resort is red all year.

Click to expand...

Again this varies with the resort policies, contact the resort and find out.

5. Lastly, it appears some of the contract information has not been filled in by seller but the closing company wants me to complete all the signature areas, is this standard as most of the non ts contracts I have worked with are completely filled out by seller prior to me signing.

Click to expand...

No it isn't standard to be asked to sign a contract which isn't fully filled out. Ask them to fix this before signing.

Good Luck and welcome to TUG

Thanks for the information it was very helpful.