Hyatt Vacation Ownership transfer requirements and fee info.......

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

Hyatt Vacation Ownership transfer requirements and fee info.......

Hyatt ownership transfers require a right of first refusal process in which written terms of the sale must be provided to the developer giving the developer the opportunity to replace the buyer "at the same terms" if they feel the sales price is too low.

Once the ROFR process is completed, the closing can be completed by a title company, attorney, or closing agent. A $500. transfer fee payable to Hyatt Vacation Club is required with the new deed and change of owner information.

Be aware, there are several Hyatt resorts that are subject to ground leases, which effectively end your ownership rights upon expiration. Also, Gold Passport privileges can only be acquired via resale at a sold out resort (Currently- High Sierra Lodge is the only resort to which this rule applies. for all other resorts, Gold Passport is not available upon secondary transfer.)

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

Slight change to Hyatt closing process for Florida resorts..

Hyatt is now asking for the estimated taxes for the current year to be paid at closing, instead of billing it with the annual dues in Jan of the next year....

Either buyer or seller can pay this at closing, but it will need to be detailed in the contracts and specified to the title agent.

This applies only to Florida properties (since Florida bills property taxes in arrears).. Hyatt has run into a few problems with resale buyers who are upset because they did not understand how taxes were billed, and have been disputing the billing statements since they didn't occupy the unit during the previous usage year.

The buyer's first m. fee invoice will be credited with the amount paid at closing.