What happens to the existing reservation after sale?

[milan468 Junior Member Find all posts View Profile Close milan468]

Hi! I had a question, hoping that one of the TS gurus would have a quick answer.

I have a Platinum membership in Club Regina and an active reservation for Spring 2009. If I were to sell my membership with the remaining points, would I be able to keep the reservation, or would it have to be canceled and its balance sredited to the account?

Thanks,
Milan

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

points vs. fixed week

I am not a guru but do understand sales of fixed weeks so I will post what would be the case in the sale of fixed week.

The fixed week if already reserved would remain yours and you would take the vacation as planned. The usage would therefore be set to "first usage in 2010."

In the case of a pts contract, you would most likely adjust the contract price to reflect the number of points you used this year. Or maybe you could work out a sale price for the entire lot with full contract pts in 2009 and then turn around and sign a rental agreement for the pts already used. Either way you will end up at the same place.

BUT others will be able to answer your question better than me.

Welcome to TS4Ms!!!

[T. R. Oglodyte Moderator Find all posts View Profile Close T. R. Oglodyte]

Hi! I had a question, hoping that one of the TS gurus would have a quick answer.

I have a Platinum membership in Club Regina and an active reservation for Spring 2009. If I were to sell my membership with the remaining points, would I be able to keep the reservation, or would it have to be canceled and its balance sredited to the account?

Thanks,
Milan

What would happen is whatever you and the seller agree should happen. It's totally negotiable.

The only caveat is that if you sell the membership prior to the time that you use the reservation, you would need to be confident that the buyer wouldn't cancel the reservation.

If you decide you can't trust the buyer, one workaround would be to simply not complete the sale until after you completed the rental. You likely would want to have an escrow hold onto the funds until the date specified between you and the buyer.

[bezerk Moderator Find all posts View Profile Close bezerk]

I have really very little understanding of points systems, must have a block...like writers block....anyway we sold a fixed week unit that we had already banked 2 years in advance. We of course also paid the MF's for those two years so the contract just reads first year use 2010.

Well actually it has not closed as yet, but if it does not sell then we will be fine to keep it anyway, but the banked or reserved weeks are yours in weeks as long as in writing up front.

Good luck.

[milan468 Junior Member Find all posts View Profile Close milan468]

Thank you all for your replies. I wouldn't have thought of a possibility that the new owner might cancel my existing reservation, that comment was very helpful. Thanks!

[T. R. Oglodyte Moderator Find all posts View Profile Close T. R. Oglodyte]

Thank you all for your replies. I wouldn't have thought of a possibility that the new owner might cancel my existing reservation, that comment was very helpful. Thanks!

I just noticed this is Club Regina - you say Platinum so this is probably a Raintree Vacation Club membership, not one an unconverted Club Regina ownership.

You should also check with Owner services to verify that you won't need a guest certificate if the sale closes before your use date. If you do need a guest certificate, you will need to arrange to have the new owner get the guest certificate and decide who is going to pay for it.

Frankly if a gc would be needed, I would be inclined to not close the deal until after your use of the unit - but I would create an escrow instead of just delaying close so that the buyer can't walk away from the deal.