David A.
What does deeded mean ?
David A.
William P.
This means you have exclusive rights to a particular unit, at what ever resort, on that particular week, if it's bi-annual or annual it's your to say if you want to use it or convert. It can be passed on, if the heirs want to continue with MF's.
Last edited by williamp511 on Feb 02, 2017 07:03 AM
KC
davida494 wrote:What does deeded mean ?
More specifically, "deeded" means that you actually OWN some real estate (...yes, timeshare weeks are very often real estate), whether it's a fixed week OR a "floating week". A deed for the ownership is officially recorded locally (usually in County offices in the U.S., although it's done within individual towns in a few places (in Vermont, for example).
"Deeded" is distinctly different from "right to use" (RTU). Almost all Mexican timeshares are RTU contracts. There are some RTU's within the U.S. as well, such as in "vacation clubs". In a RTU you own NOTHING and therefore no deed is involved or relevant. In a RTU contract or vacation club, what you actually have is a MEMBERSHIP (as opposed to any OWNERSHIP), giving you access to that property for week(s) that you reserve in advance. In Mexico, RTU contracts are generally 20 - 30 years in duration. In the U.S., they are often "open ended".
To be clear, you will and must still pay maintenance fees REGARDLESS of whether a timeshare is a deeded ownership or a RTU contract.
I hope that this satisfactorily and thoroughly answers your posed question.
Last edited by ken1193 on Feb 09, 2017 10:04 AM
David A.
Thanks
Dinah K.
If you buy a unit at a resort do you only have access to that resort
Carcj
If owner passes away, what happens to ownership?
Lance C.
carola576 wrote:If owner passes away, what happens to ownership?
This can vary from state to state or country to country. Like with any other possessions, the deceased owner's estate still owns it. The executor would have to take care of getting rid of it. Understand that the owner's kids or heirs are not required to take possession. That is a scare tactic that a lot of these exit companies try to spread.
Also, it's not recommended that the owner or executor of the estate use any of these exit companies.
Wendy L.
Is there is real reason to give up your deed for points. I went through a sells pitch that promised I could resell my points and have enough to pay for the new contacted price.