If you own a timeshare, there is a very good chance you have been relentlessly bombed with phone calls, postcards and emails about getting out of your timeshare. There are hundreds of companies out there that will give you a long winded phone presentation, an internet based "webinar", or some will even come to your home to explain to you that you are in major financial stress due to your timeshare ownership. They use simple math to create a situation where it makes absolutely no sense to keep your timeshare, and all the sense in the world to pay a few thousand dollars to get out of it. It works like this: Right now your maintenance fee is $850.00 a year. Over the next 10 years, you will pay AT LEAST $8500.00 in maintenance fees for a property you rarely use. Now if you take into consideration that maintenance fees go up every couple of years, you are probably looking at ten to twelve thousand dollars. And god forbid there is a special assessment. That number could easily put you at the $14,000.00 to 15,000.00 threshold. If you work with us today, we will charge you only <insert number less than 14-15 thousand> and you will be free and clear of your liability to your timeshare. And that works sometimes better than 40% to 50% of the time. And owners feel that they made a good business decision. But what is the actual cost of transferring your timeshare? Well, let's start with your resort. Many resorts charge what is known as a "resort transfer fee". This is the fee the resort charges to "transfer" the property to a new owner within their system, and recognize the new owner as the new owner. These fees range from $0.00 to a couple thousand dollars. Diamond International, for example, charges $250.00. Wyndham charges $299.00. Reba Management charges $1500.00 plus another $100.00 "transfer acknowledgement fee" AND ANOTHER $400.00 general fund fee. But in all three of these examples, they do the exact same thing. While I don't really see a problem with a small fee for the administrative work, it is ridiculous (and just another revenue stream) for those who charge excessively. In many cases, the deed and title work is not performed by the resorts. It is performed and paid for by the transfer company or title company. This costs money. An average title company charges between $250 and $450 for "quit claim" and "warranty" deeds. And then you have the prep work, mailing costs and minor overhead. So lets just say another $250.00. Some resorts may charge a fee for the "estoppel" as well. It still amazes me that some charge up to $150.00 to tell you (the person who paid for the property) exactly what you own. Ok, time to tally them up. So you own one Wyndham unit. Here is what it looks like:
$299.00 resort transfer fee
$400.00 deeding and recording
$150.00 estoppel fee
$250.00 internal administrative
$1099.00 TOTAL TRANSFER FEES
Yes, that is $1099.00. And yet there are companies that will charge you between $2500 and $5000.00 (or more) to transfer your Wyndham property. And many times that is justified by the amount of your maintenance fees and how many points you own. But truth be told, if all of your Wyndham points are on the same Verification of Ownership Interest (VOI, which is Wyndham's estoppel), they are transferred as one. So make sure you ask questions before it's too late.