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Please understand that this is NOT verified information as of yet as I am not aware of any transfers that have actually been completed and it has been very difficult to obtain ANY information about this subject. This is information I have received from Marriott Owner Modifications but until a completed transfer goes through, I still consider it pending confirmation. If you are a Destination Club owner, check with Marriott as well to reconfirm everything and I would recommend that you get the information in writing.
For this program, it is important to understand that there are different underlying ownership types.. If the seller is a converted week's owner (often referred to as a legacy or enrolled owner), they are only able to sell their underlying week's ownership and the Destination Club privileges do not transfer on the secondary market.
Example: John A. purchased a platinum season 2br villa at Marriott's Grande Vista in 2008. In June of 2010, he enrolled in Destination Club (DC) points. In January of 2011 he contracts to sell his ownership. Upon conveyance, the buyer will only receive the original underlying ownership at Grande Vista and will not have access to any Destination Club reservations.
If the owner purchased from the developer after June 2010, they will most likely be a UDI points owner into one of the Destination Club trusts. These ownerships can be transferred on the secondary market, but are subject to mandatory "re-enrollment" fees that must be paid to Marriott in order for the buyer to make reservations.
These UDI ownerships are individually deeded in allotments of 250 points. Marriott refers to each of these deeds as a Beneficial Interest (BI). This means that it is not unusual for a DC owner to have twenty to fifty deeds!
Now comes the tricky part!
Marriott Vacation Club requires a re-enrollment fee be paid for each Beneficial Interest or deed transferred. The current re-enrollment fee is $200 per deed (with a minimum required charge of $2,000)..
Marriott is also charging a $25. transfer fee per deed, and a $95. right of first refusal waiver request fee per transaction.
In summary, using the specific example I've been working on for a seller with 6,500 destination club points.
Estimated closing costs are:
Deeding $650. + doc stamps (with attorney placing all legal descriptions onto a single recordable conveyance)
Re-Enrollment fee of $5,200.
Transfer fee of $650.
Waiver request fee of $95.
This creates the potential transfer costs for this ownership at $6,595.
For this program, it is important to understand that there are different underlying ownership types.. If the seller is a converted week's owner (often referred to as a legacy or enrolled owner), they are only able to sell their underlying week's ownership and the Destination Club privileges do not transfer on the secondary market.
Example: John A. purchased a platinum season 2br villa at Marriott's Grande Vista in 2008. In June of 2010, he enrolled in Destination Club (DC) points. In January of 2011 he contracts to sell his ownership. Upon conveyance, the buyer will only receive the original underlying ownership at Grande Vista and will not have access to any Destination Club reservations.
If the owner purchased from the developer after June 2010, they will most likely be a UDI points owner into one of the Destination Club trusts. These ownerships can be transferred on the secondary market, but are subject to mandatory "re-enrollment" fees that must be paid to Marriott in order for the buyer to make reservations.
These UDI ownerships are individually deeded in allotments of 250 points. Marriott refers to each of these deeds as a Beneficial Interest (BI). This means that it is not unusual for a DC owner to have twenty to fifty deeds!
Now comes the tricky part!
Marriott Vacation Club requires a re-enrollment fee be paid for each Beneficial Interest or deed transferred. The current re-enrollment fee is $200 per deed (with a minimum required charge of $2,000)..
Marriott is also charging a $25. transfer fee per deed, and a $95. right of first refusal waiver request fee per transaction.
In summary, using the specific example I've been working on for a seller with 6,500 destination club points.
Estimated closing costs are:
Deeding $650. + doc stamps (with attorney placing all legal descriptions onto a single recordable conveyance)
Re-Enrollment fee of $5,200.
Transfer fee of $650.
Waiver request fee of $95.
This creates the potential transfer costs for this ownership at $6,595.