Newbie - Questions: Deed vs No Deed

[itchn2go Junior Member Find all posts View Profile Close itchn2go]

Hi all,

I am new to this and i have been reading but still dont make heads and tails out of much.

I am a deeded owner in DRI in Tahoe. I am also a full club member. I know the deed give me real ownership of part of a unit but in the DRI system does the deed do anything else? (5500 points).

[Bill4728 Super Moderator Find all posts View Profile Close Bill4728]

As a deeded owner of real estate, if someone wish to take the deeded week away from you for, let's say not paying your maintenence fees, they would have to foreclose on your deeded property.

If you gave up your deed to belong to the Trust ( the 19 DRI resorts which share ownership) they can cancel your ownership in the trust for breaking any of the rules of ownership. (Such as being more than 3 months late on your MFs) there are reports that they can do this without having to foreclose.

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

Hi all,

I am new to this and i have been reading but still dont make heads and tails out of much.

I am a deeded owner in DRI in Tahoe. I am also a full club member. I know the deed give me real ownership of part of a unit but in the DRI system does the deed do anything else? (5500 points).

Having a deed only means you have an ownership in that one resort and if THE Club were to fold or you got tired of THE Club you could pull out and still have your Tahoe ownership. Also gives you HRA Home Re3sort Advantage to book from the deeded inventory 12months out.

[itchn2go Junior Member Find all posts View Profile Close itchn2go]

Thanks...How does the TRUST differ from the Club? I see a lot of talk about the TRUST and the 19 resorts...it is confusing to me.

As a deeded owner of real estate, if someone wish to take the deeded week away from you for, let's say not paying your maintenence fees, they would have to foreclose on your deeded property.

If you gave up your deed to belong to the Trust ( the 19 DRI resorts which share ownership) they can cancel your ownership in the trust for breaking any of the rules of ownership. (Such as being more than 3 months late on your MFs) there are reports that they can do this without having to foreclose.

[itchn2go Junior Member Find all posts View Profile Close itchn2go]

Thanks Spence. I hear you are the local DRI expert. I will be pickign your brain if that is okay.

Having a deed only means you have an ownership in that one resort and if THE Club were to fold or you got tired of THE Club you could pull out and still have your Tahoe ownership. Also gives you HRA Home Re3sort Advantage to book from the deeded inventory 12months out.

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

Thanks...How does the TRUST differ from the Club? I see a lot of talk about the TRUST and the 19 resorts...it is confusing to me.

The Trusts are stand alone groups that are sold retail as part of a Club membership, but when resold, all you get is the Trust resorts until you re-up with DRI/pay them more $.

[itchn2go Junior Member Find all posts View Profile Close itchn2go]

so, if i sell my deeded property it comes with the trust but not the club or points? is that correct?

Thanks,
Ed

The Trusts are stand alone groups that are sold retail as part of a Club membership, but when resold, all you get is the Trust resorts until you re-up with DRI/pay them more $.

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

so, if i sell my deeded property it comes with the trust but not the club or points? is that correct?. Thanks, Ed

No Ed,
From what you have said you have nothing to do with any trust, you said that you own a deed for a week at LTVR. Pieces of LTVR were sold as deeds to people like you. Other 'weeks' were put into a Trust, be it the original Florida Trust AKA CSV-1/Club Sunterra Vacations - 1 AKA DRUSC - Diamond Resorts US Collection. The trust holds deeds similar to what you hold and the owners of the that Trust get points that represent their share of ownership in that Trust which coincidentally is the same denomination as points in THE Club.

So if you sell your deed, all the buyer will get is that deed. Some deeds are for a fixed or floating week, some deeds are structured to represent a share of points in a set of units that coincidentally are the same points as if they were in THE Club, but if not in THE Club become harder to use as they can only be used at the subject resort and cannot be borrowed or saved and may be required to book full week only depending on rules at the specific resort.

[itchn2go Junior Member Find all posts View Profile Close itchn2go]

got it. thanks for the clarification.

Ed

No Ed,
From what you have said you have nothing to do with any trust, you said that you own a deed for a week at LTVR. Pieces of LTVR were sold as deeds to people like you. Other 'weeks' were put into a Trust, be it the original Florida Trust AKA CSV-1/Club Sunterra Vacations - 1 AKA DRUSC - Diamond Resorts US Collection. The trust holds deeds similar to what you hold and the owners of the that Trust get points that represent their share of ownership in that Trust which coincidentally is the same denomination as points in THE Club.

So if you sell your deed, all the buyer will get is that deed. Some deeds are for a fixed or floating week, some deeds are structured to represent a share of points in a set of units that coincidentally are the same points as if they were in THE Club, but if not in THE Club become harder to use as they can only be used at the subject resort and cannot be borrowed or saved and may be required to book full week only depending on rules at the specific resort.