Might be obtaining some BG Pt's 12k - Harbor Lights MB

[GuitarKidd Junior Member Find all posts View Profile Close GuitarKidd]

Hi All,

My wife and I have been interested in TS's and I have been doing some research on TS's. That lead me to finding TUG site and I have looked on here as well, just didn't join till today.

To make a long story short, we are being offered 12K Pts, deeded week 26 at the Harbor Lights resort in MB. This is a 2bd/2bth. For my wife and I with 2 kids that is a perfect set up and time frame. The only thing we pay is the transfer cost and the yearly membership fee which I believe includes the RCI membership and of course the MF's which are estimated for 2013 around $860.00. We are not paying anything for it other than to transfer the deed.

I am going to assume that this is technically going to be considered a "resale" correct, thusly we would not be eligable for premier status and other perks, is that correct?

Also, what does this mean "Trust Fund E sales type Y".

Also, since this would be resale how likely are we to be able to use other BG resorts within the BG network. For example: Let's say we wanted to get a Ocean Front resort in MB, 1 bedroom example.

I guess in short, any drawbacks in being deeded a property (resale) vs Buying directly from BG. Anything that we won't be able to do. We would be thankful to have a place in MB during prime season for the MF's.

So let me known and thanks again. Great site by the way.

PS. I have asked the current owner the same information and if he sees this post, this is in NO WAY meant to think that I don't trust his answers, I just want to make sure that I cover all my bases.

[VA_Traveller Senior Member Find all posts View Profile Close VA_Traveller]

Hi All,

My wife and I have been interested in TS's and I have been doing some research on TS's. That lead me to finding TUG site and I have looked on here as well, just didn't join till today.

To make a long story short, we are being offered 12K Pts, deeded week 26 at the Harbor Lights resort in MB. This is a 2bd/2bth. For my wife and I with 2 kids that is a perfect set up and time frame. The only thing we pay is the transfer cost and the yearly membership fee which I believe includes the RCI membership and of course the MF's which are estimated for 2013 around $860.00. We are not paying anything for it other than to transfer the deed.

I am going to assume that this is technically going to be considered a "resale" correct, thusly we would not be eligable for premier status and other perks, is that correct?

Also, what does this mean "Trust Fund E sales type Y".

Also, since this would be resale how likely are we to be able to use other BG resorts within the BG network. For example: Let's say we wanted to get a Ocean Front resort in MB, 1 bedroom example.

I guess in short, any drawbacks in being deeded a property (resale) vs Buying directly from BG. Anything that we won't be able to do. We would be thankful to have a place in MB during prime season for the MF's.

So let me known and thanks again. Great site by the way.

PS. I have asked the current owner the same information and if he sees this post, this is in NO WAY meant to think that I don't trust his answers, I just want to make sure that I cover all my bases.

Hi!
Hope I can answer some of your questions.

First, this would be a resale, and would not be eligible for the developer perks. You would get "bonus" time at your home resort, but not other resorts in the system. If you decide to buy this, over time you can get a feel if buying some developer inventory is worth it for you or not. I would not fret not getting it right away.

"Trust Fund E sales type Y" - Each timeshare deed belongs to a trust fund. A through E, the type indicates the anniversary date and when maint fee's are due. If you ever decide that you want ~more~ points, you would want to stay in the same trust. At 12K points, the E fund is the best for getting the biggest bang for your buck.

Even though your deeded week is at Harbor Lights, you would be able to reserve any room at any BG resort, as long as you have the points, and its available. Since you would not be a premier owner (neither am I), you are able to book rooms 11 months out, but the longer you wait, the more chance that I might of booked it first

If you decide you want to actually use your week, at your resort, you have that right, you simply need to contact BG 13 (12?) months out and tell them. That room is yours and will not go in the pool.

Personally, I don't think there is a huge disadvantage in having a resale only. If I had found this site sooner, I would probably only have resale points!

Hope this helps.

Greg

[pdocteroff Junior Member Find all posts View Profile Close pdocteroff]

Keep in mid that you are deeded to week #26 so you can keep that week for yourself and not allow it to go into the "pool." However, since it is your deeded resort, you are also elligible for bonus nights. So, you may consider booking Sunday thru Thursday for about 5000 points and possibly get bonus time for around $60/night. In this case you will still have 6000-7000 points to book another 3 or 4 days at another resort or at your deeded resorts.

Bluegreen experts, please fact check my post.

[gandalf252002 Senior Member Find all posts View Profile Close gandalf252002]

You have be careful when doing this for a couple of reasons. Bonus time is only available within 45 days of reservation. So if you are looking for a full week, the Friday and Saturday may not be available.

Secondly, if the Friday and Saturday are available there is no guarantee that they will be able to "add" it to your points reservation. Meaning, you may have to move for the two additional days. Depending on the size of your group, and the management at the resoert this can be quite cumbersome.

Finally, some people have been known to cancel their points reservation when they are within the bonus period. Then immediately rebook the whole 7day reservation. This can be a very risking proposition though and their are no gaurantees. Due to logistics, just because you got Sunday to Thursday points and Friday / Saturday are available does not mean you will be able to get the whole week together.

Keep in mid that you are deeded to week #26 so you can keep that week for yourself and not allow it to go into the "pool." However, since it is your deeded resort, you are also elligible for bonus nights. So, you may consider booking Sunday thru Thursday for about 5000 points and possibly get bonus time for around $60/night. In this case you will still have 6000-7000 points to book another 3 or 4 days at another resort or at your deeded resorts.

Bluegreen experts, please fact check my post.

[GuitarKidd Junior Member Find all posts View Profile Close GuitarKidd]

Thanks for the info all. So for the most part, there is no reason we can't have our 26th week every year as long as we book early enough at that 13 month spot?

TS's seem relatively simple, what muddies the waters are all the secondary thigns that are awarded and what not.

[BocaBum99 Super Moderator Find all posts View Profile Close BocaBum99]

Hi All,

My wife and I have been interested in TS's and I have been doing some research on TS's. That lead me to finding TUG site and I have looked on here as well, just didn't join till today.

To make a long story short, we are being offered 12K Pts, deeded week 26 at the Harbor Lights resort in MB. This is a 2bd/2bth. For my wife and I with 2 kids that is a perfect set up and time frame. The only thing we pay is the transfer cost and the yearly membership fee which I believe includes the RCI membership and of course the MF's which are estimated for 2013 around $860.00. We are not paying anything for it other than to transfer the deed.

I am going to assume that this is technically going to be considered a "resale" correct, thusly we would not be eligable for premier status and other perks, is that correct?

Also, what does this mean "Trust Fund E sales type Y".

Also, since this would be resale how likely are we to be able to use other BG resorts within the BG network. For example: Let's say we wanted to get a Ocean Front resort in MB, 1 bedroom example.

I guess in short, any drawbacks in being deeded a property (resale) vs Buying directly from BG. Anything that we won't be able to do. We would be thankful to have a place in MB during prime season for the MF's.

So let me known and thanks again. Great site by the way.

PS. I have asked the current owner the same information and if he sees this post, this is in NO WAY meant to think that I don't trust his answers, I just want to make sure that I cover all my bases.

If you get a contract with the seller, Kris of Sterling Title can help you transfer it quickly. She would verify everything on the account is as the seller says it is and we could escrow funds to be dispersed after the account transfers into your name. Send me a private message if you are interested.

Jim

[GuitarKidd Junior Member Find all posts View Profile Close GuitarKidd]

If you get a contract with the seller, Kris of Sterling Title can help you transfer it quickly. She would verify everything on the account is as the seller says it is and we could escrow funds to be dispersed after the account transfers into your name. Send me a private message if you are interested.

Jim

Does this require a title agency to get involved? Here is a statment from the current owner.

Because this is a perpetual membership contract based on a beneficial interest in the trust rather than on deeded property, closing does not require a recorded deed - making the process easier. I have emailed Bluegreen's transfer company asking them about the fees and hope to hear from them tomorrow. I believe everything could be finished by June 1, if not actually earlier.

I'll be back to you again tomorrow with their answer.

Thanks

[BocaBum99 Super Moderator Find all posts View Profile Close BocaBum99]

You can do it yourselves between the parties. But, you have to trust the seller that he is doing what he says he will do.

The only way to transfer title of Bluegreen points is to go through a licensed and bonded title company that is authorized to do Bluegreen points transfers. There are only 3 of them today. No matter what you do, one of them will do the transfer. That actually protects all the parties. The only question is whether or not you want escrow and verification of the ownership.

Jim

[GuitarKidd Junior Member Find all posts View Profile Close GuitarKidd]

You can do it yourselves between the parties. But, you have to trust the seller that he is doing what he says he will do.

The only way to transfer title of Bluegreen points is to go through a licensed and bonded title company that is authorized to do Bluegreen points transfers. There are only 3 of them today. No matter what you do, one of them will do the transfer. That actually protects all the parties. The only question is whether or not you want escrow and verification of the ownership.

Jim

Jim, I'm sorry, I'm a little confused by the statement.

We can do it between ourselves. That means transferring the deed and obtaining total ownership of the property?

Then you say "The only way to transfer title of bluegreen points is to go through a licensed and bonded title company that is authorized for Bluegreen"

I'm sorry, so we can do it just between us or we have to have a title company?

[amoljac Junior Member Find all posts View Profile Close amoljac]

Sorry Jim(Boca), trying to help.
I believe there are 2 separate processes that occur when one acquires or transfers Bluegreen points/property. The week or points you are buying are backed up by a specific physical building/property.
1) Is the agreed upon price or goods and services that are exchanged for the the timeshare. This exchange is the paperwork that goes to Bluegreen Corporation that get recorded in their records. They will change the names in their records and I suspect there is a fee for Bluegreen to do this.

2) There is the deed or legal document for the property has to be "recorded" in the county or other municipality in which the timeshare exists. This transfers or records and verifies that you are the owner of that property according to the 'government.' There is a fee that is charged to make this change that the Title Company handles. Because this process varies some from state to state and county to county, it is easier to just pay the fee and have them handle the paperwork. Cound you do it yourself? Probably, but by the time you would travel to the county where the property is deeded, spend a night and meals, gotten everything notorized, figured out the paperwork, fill in all documents including dotting the "i's" and crossing the "t's", paid the document fees, dealt with underpaid civil(and sometimes un-civil) public servants, gotten copies of everything, still had to pay fees to transfer the paperwork to your name and returned home; you may be glad to pay the title company.

I have dealt with Resort Title a long time ago. If you want a nightmare, an eternity(6-9 months) and a frustrating process....deal with them

I love my Bluegreen and have 4 vacations planned through Thanksgiving. From my perspective it is cheaper than a motel especially if you eat in.

Boca is a great guy and I would not hesitate one second to purchase from him. He has been a great help in getting my Bluegreen straightened out after purchasing from Bluegreen. He also has monthly specials, you may want to get on his email list for those....you WILL have many happy and enjoyable vacations in the future!!!

[BoardGirl Senior Member Find all posts View Profile Close BoardGirl]

My experience with Resort Title was not a long frustrating nightmare so that is not a universal truth.

That said, I would go with Jim and his recommended folks because:
1) they know what to do / how to do it ; it will all be vetted
2) efficient
3) known and trusted

If you are looking to save a few bucks, by all means attempt to do so. Just be sure that you cover all the bases so that you get what you think you are buying.

Nothing worse than arriving at a beautiful resort to find that you actually own ... the air in your car.

[GuitarKidd Junior Member Find all posts View Profile Close GuitarKidd]

Thanks all for the help.

I would much rather pay a little more to make sure that it is done right. I certainly do not have the time to try and process everything myself.

[BocaBum99 Super Moderator Find all posts View Profile Close BocaBum99]

Jim, I'm sorry, I'm a little confused by the statement.

We can do it between ourselves. That means transferring the deed and obtaining total ownership of the property?

Then you say "The only way to transfer title of bluegreen points is to go through a licensed and bonded title company that is authorized for Bluegreen"

I'm sorry, so we can do it just between us or we have to have a title company?

Sorry for the confusion. Let me see if I can make it clearer. The reason it is confusing is because Bluegreen uses the same process for simple name changes as it does for title changes. That is the root cause for the confusion.

If you want to do a simple name change, you can complete a form online with Bluegreen. The fee will be $250 to do the name change. The name change is done with a document called an "Assignment of Owner Beneficiary Rights." That document conveys title change. The document is prepared by PCS Title (or whatever name it goes by now for such transfers) and the name changes are done by Bluegreen once that document is approved. PCS Title is a licensed and bonded title company. When you use this process, I consider this doing it on your own because the only thing PCS is doing is preparing the AOBR. Everything else is done by the buyer and seller.

In addition, there are 2 other licensed and bonded title companies that also are authorized to prepare the "Assignment of Owner Beneficiary Rights" document. Those 2 companies and PCS Title (3 in total) also provide full service title transfers and closings. Additional services include verification of ownership, escrow services, and more.

If the buyer and seller completely trusts each other and they know what they are doing, a simply name change can be done for the $250 transfer fee.

If the buyer and seller need a third party to escrow funds and to do other services, then a full service transfer company gets involved and they charge more than the $250.

So, doing it yourself means you fill out the online form and PCS helps you out. Getting full service means you go to one of the three full service firms, you pay them a bit more and you get much more service.

I hope this helps.

As an FYI, Sterling Title processes lots of business for wholesalers. Many of her clients chose Kris to do their transfers because of how efficient and accurate she is. They in essence pay her more because of her timely and accurate services. To those clients, that means a lot.

[crwisconsin Senior Member Find all posts View Profile Close crwisconsin]

No deed paperwork involved

I believe there are 2 separate processes that occur when one acquires or transfers Bluegreen points/property. The week or points you are buying are backed up by a specific physical building/property.
1) Is the agreed upon price or goods and services that are exchanged for the the timeshare. This exchange is the paperwork that goes to Bluegreen Corporation that get recorded in their records. They will change the names in their records and I suspect there is a fee for Bluegreen to do this.

2) There is the deed or legal document for the property has to be "recorded" in the county or other municipality in which the timeshare exists. This transfers or records and verifies that you are the owner of that property according to the 'government.' There is a fee that is charged to make this change that the Title Company handles. Because this process varies some from state to state and county to county, it is easier to just pay the fee and have them handle the paperwork. Cound you do it yourself? Probably, but by the time you would travel to the county where the property is deeded, spend a night and meals, gotten everything notorized, figured out the paperwork, fill in all documents including dotting the "i's" and crossing the "t's", paid the document fees, dealt with underpaid civil(and sometimes un-civil) public servants, gotten copies of everything, still had to pay fees to transfer the paperwork to your name and returned home; you may be glad to pay the title company.

The only thing one has to do is Paragraph #1 when dealing with BG Points. This is the process that Boca is talking about.

Paragraph #2 refers to changing the name on the deed. Since BG Points are backed up by a deed held by the BG Vacation Trust, the actual deed never changes hands and the County Registrar of Deeds never gets involved. The simple paperwork involved in Paragraph #1 does have to be duly notarized to make it a legal, binding contract but that all is done by mail. Very easy.

Paragraph #2 processes only become involved when buying points directly from BG and BG handles the paperwork. But that does not pertain to Guitarkidd.

Charles

[Tom in GA Member Find all posts View Profile Close Tom in GA]

I Second That

Boca is great to deal with. Honest and as fast as possible in the legal world of TS real estate.