Tweet
OK.. This one may get confusing (*RCI point transfers between individuals are always confusing)... I apologize in advance!
If you are not aware, Orange Lake (Holiday Inn Club Vacations) has taken over the management of this resort.. In the past, South Beach has been sold as RCI points, and had a policy to allow the attached rci accounts to transfer.
There currently seems to be quite a bit of confusion between RCI, Orange Lake, and the onsite management of South Beach as to how resale transactions will be processed.
A phone call with onsite personnel gave the indication that the RCI points would transfer to the buyer after deeding, and a conference call with RCI initially confirmed that the transfer should occur.
However, the client then asked the RCI rep whether Orange Lake, as the new management company, would have to OK the buyer's point enrollment. RCI agreed that the resort's management company does have to authorize the enrollment before it becomes active in their system.
RCI then conferenced in a rep from Orange Lake.. Orange Lake stated that the points would not be allowed to transfer to the buyer without an upgrade fee (he could not say what that cost would be, but kindly offered to transfer the call to their internal sales department). He stated that the ownership would simply transfer as the underlying week and unit.
When challenged on this by the seller (this specific ownership was bought not as a week, but as RCI points and thus should be able to be transferred), the Orange Lake rep backtracked a little- saying the account should eventually be allowed to transfer, but due to the recent change in management, current RCI point transfer requests were expected to take at least a year to process and approve.
If you are currently involved in the purchase or sale of one of these ownerships, you may want to contact your closing agent to make them aware of this current confusion.
*The biggest problem with transferring a rci points account via resale, is that the deed transferring ownership has to be recorded before the RCI enrollment is addressed. If the developer doesn't authorize the enrollment and points to be transferred to the buyer- a new deed has to be recorded transferring ownership back to the seller...
If you are not aware, Orange Lake (Holiday Inn Club Vacations) has taken over the management of this resort.. In the past, South Beach has been sold as RCI points, and had a policy to allow the attached rci accounts to transfer.
There currently seems to be quite a bit of confusion between RCI, Orange Lake, and the onsite management of South Beach as to how resale transactions will be processed.
A phone call with onsite personnel gave the indication that the RCI points would transfer to the buyer after deeding, and a conference call with RCI initially confirmed that the transfer should occur.
However, the client then asked the RCI rep whether Orange Lake, as the new management company, would have to OK the buyer's point enrollment. RCI agreed that the resort's management company does have to authorize the enrollment before it becomes active in their system.
RCI then conferenced in a rep from Orange Lake.. Orange Lake stated that the points would not be allowed to transfer to the buyer without an upgrade fee (he could not say what that cost would be, but kindly offered to transfer the call to their internal sales department). He stated that the ownership would simply transfer as the underlying week and unit.
When challenged on this by the seller (this specific ownership was bought not as a week, but as RCI points and thus should be able to be transferred), the Orange Lake rep backtracked a little- saying the account should eventually be allowed to transfer, but due to the recent change in management, current RCI point transfer requests were expected to take at least a year to process and approve.
If you are currently involved in the purchase or sale of one of these ownerships, you may want to contact your closing agent to make them aware of this current confusion.
*The biggest problem with transferring a rci points account via resale, is that the deed transferring ownership has to be recorded before the RCI enrollment is addressed. If the developer doesn't authorize the enrollment and points to be transferred to the buyer- a new deed has to be recorded transferring ownership back to the seller...