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Purpose of W 9 for buying a resale.

Discussion in 'Buying, Selling, Renting' started by Panina, Oct 11, 2018.

  1. Panina

    Panina TUG Review Crew: Expert TUG Member

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    I already own a fixed week at Blue Ridge Village that is now managed by Bluegreen. I acquired another week and bluegreen told the closing company a W9 is required for the transfer to take place. What would be the reason they need it?
     
  2. SmithOp

    SmithOp TUG Member

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    They don’t need it, its a way to get your SSN to report income to the IRS but I can’t think of a reason a timeshare resale purchase is going to generate income.


    Sent from my iPad using Tapatalk Pro
     
  3. andysnovel

    andysnovel TUG Member

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    According to a prior Tug Thread, no good reason. Contact Blue Green directly and ask them, sometimes closing companies are “mining” for information. This was the conclusion and experience of folks here!!!
     
  4. timesharepro

    timesharepro TUG Member

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    Bluegreen points transfer agreements have a form that looks like a pseudo credit application form. It is required on that form. They also request a W-9 with the transfer documents. I don't know whether they will transfer without it, or just the last 4 of the SSN, but it is on their transfer forms
     
  5. Panina

    Panina TUG Review Crew: Expert TUG Member

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    I am trying to find out the why. I called Bluegreen. They cannot connect me to the transfer department but supposedly sent my questions to them.

    I also asked the closing company if they have a phone number or email as they gave me the name of the rep asking for the required w9 at Bluegreen.

    I can understand if the hoa wants to do a credit check to make sure I can make my payments but that is not what is being presented. Was thinking maybe there is another reason. I already own there so really can’t understand the why. I don’t like them having my ss# if there isn’t a valid reason. They already have a copy of my drivers license. I wonder if their intent is to see if I am credit worthy for one of their future owner updates.
     
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  6. timesharepro

    timesharepro TUG Member

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    Finding out why might be an exercise in futility. They are just going to say "Because it is required." They being the closing company and Bluegreen. Just stick to your guns and tell them you are already an owner so all that information is on file. They don't need any additional information. You may have some luck calling the resort direct and asking for a manager. See if you can send him/her a copy of the deed and a transfer fee and he can put it in the system.

    I doubt they are trying to see your credit worthiness at this point. You are already an owner so they know you have purchased at least once.
     
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  7. timesharepro

    timesharepro TUG Member

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    I just looked at the last Blue Ridge Village unit we closed and there is no W-9 in the final transfer documents we sent to Bluegreen. Bluegreen received the docs in August and confirmed transfer last month. They don't need it unless something has changed in the last 4-6 weeks, which is unlikely.
     
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  8. Sugarcubesea

    Sugarcubesea TUG Member

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    Most of the timeshares I’ve bought have required a SS#. Is that not the norm?
     
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  9. timesharepro

    timesharepro TUG Member

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    Based on the 60k closings we have done I would say maybe 30-40% request it. Depends on the state and management company.
     
  10. Panina

    Panina TUG Review Crew: Expert TUG Member

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    I looked at some older tug posts. This is one of the posts from 2015. Wonder the legality of it.

    “I just spoke with a Bluegreen rep in order to answer this question. Bluegreen informed me that they require the social security number of the buyer in order to protect themselves from the buyer in the case that he or she would refuse to pay club dues or maintenance fees.

    In the event that a title owner and benefits recipient ceases to make agreed upon payment on club dues and maintenance fees, they have the ability to report it to the credit agencies as a missed payment.

    This is necessary for Bluegreen's protection even if the mortgage tothe property is paid in full.”
     
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  11. Panina

    Panina TUG Review Crew: Expert TUG Member

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    Just some info I found online.

    • What should you do if you receive a request for a W-9 from an unexpected source? By law, you are only obligated to provide a W-9 to parties that intend to pay you interest, dividends, non-employee compensation, or any other type of reportable income. If someone unexpected asks for a W-9, ask them why they need it. If their answer doesn’t align with any valid reason, you legally don’t have to provide one.
    Now getting bluegreen to back off is probably not going to happen but I want in writing the why.
     
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  12. Panina

    Panina TUG Review Crew: Expert TUG Member

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    For me, no. My memory thinks once I had to but don’t remember which. I will have to go look. I think I was told needed for the closing company for their records for proof I was who I said. My deed is already transferred. This is for bluegreen which is handling my fixed week transfer.
     
    Last edited: Oct 11, 2018
  13. chapjim

    chapjim TUG Member

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    I have W-9s on file at several resorts and agencies -- resorts that I sometimes ask to accept a week into their rental program and rental agencies that rent my weeks to clients.

    There's no valid reason to provide a W-9 to someone who is not going to be sending you payments -- except refusing to provide it may stop the deal.
     
  14. mpumilia

    mpumilia TUG Review Crew: Veteran TUG Member

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    I don't know what W9 is, but I think(?) when we acquired our free Pollard Brook timeshare they asked for SS #'s.
     
  15. dioxide45

    dioxide45 TUG Review Crew: Veteran TUG Member

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    W9 is just the official form used to collect a SSN. You would have signed one if you ever took out a home mortgage.
     
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  16. chapjim

    chapjim TUG Member

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    It is a perfectly routine form. The W-9 requester is someone who has to report to the IRS payments made to a taxpayer. To make the report to the IRS, the W-9 requester needs to know the taxpayers SSN or Taxpayer ID.

    Here's the form.
     

    Attached Files:

  17. vacationtime1

    vacationtime1 TUG Member

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    It is a perfectly routine form -- when there is a need to disclose one's SSN.

    Unless one is receiving taxable income from someone, there is no need for that someone to have the taxpayer's SSN.
     
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  18. chapjim

    chapjim TUG Member

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    We are in violent agreement. See my Post #13 in this string.
     

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