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How much will it cost to transfer ownership?

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  • How much will it cost to transfer ownership?

    Can anyone give me a general idea of what the likely cost for transferring ownership of one week of time share (it is an RCI Red Week in Rhode Island if that makes any difference at all).

    A family member intends to give this week to me. It is in an area that my family frequents so we would be acquiring it to use and not as any form of investment.

    But I'm havign a hard time understanding what the cost to me to take ownership will likely be. Can anyone help give me some idea what to expect?
    Thanks.

  • #2
    Depending on the cost of transferring the deed if could cost as little as $10 to a sum of around $400. I have never transferred Rhode Island deeds, but find that the most I have ever paid was for hawaii and that was in the $400 range. If the resort charges a transfer fee on top of the deeding of the unit that would be additional. Some resort charge nothing other chage as much as $200, with the median being in the $150 range.

    This is from the RI web site:


    LAND EVIDENCE
    (Recording fees below are cost of first page and $1.00 for each additional page)


    Mortgage $64.00

    Deed $84.00

    Mortgage Discharge $49.00

    Bill of Sale $49.00

    Power of Attorney $49.00

    Other documents vary in cost

    These costs, plus what ever the resort charges and whatever the person preparing the deed charges will be your costs.

    Joy
    “ Peace, if it ever exists, will not be based on the fear of war but on the love of peace. ”

    — Herman Wouk

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    • #3
      Thank you, Joy!

      What about taxes? Do you have any idea if there is tax liability to the State (on the Sale) even though there will be no exchange of money?

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      • #4
        I've never done a deed transfer in Rhode Island, but I think if the amount of the sale is $0.00 there should be no tax. Usually when I do a deed it is for the consideration of $10 to $500 and tax is minimal.

        Joy
        “ Peace, if it ever exists, will not be based on the fear of war but on the love of peace. ”

        — Herman Wouk

        Comment

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