deeded vs. right to own

could someone please explain to me the difference? I am currently looking to buy a week in Las Vegas. Has anyone heard anything about the Jockey club? Any info would be greatly appreciated by this newbie.

I assume that you actually mean "right to use"...... There are, by way of specific example, numerous "vacation clubs" in which your MEMBERSHIP involves a "right to use" (most often, an annual week). In essence, in "right to use" you have "membership" as opposed to "ownership". Perennial Vacation Club is one such entity with which I am personally familiar. They have 6 different locations and your MEMBERSHIP (lifetime duration) entitles you to use one week per year at any one of their 6 locations, with no actual OWNERSHIP at ANY of those 6 individual locations. I believe that "lifetime right to use", by its very definition, probably precludes passing on that "membership" to your survivors. You pay annual "club dues" rather than "maintenance fees" as you would in deeded ownership, but the net cost is pretty comparable. You can sell your membership at any time as you see fit.

Deeded ownership, on the other hand, is just exactly that. You own unit/week(s) at particular resort(s) and your "ownership" is recorded in county records just like any other real estate transaction. Rights of survivorship can be (and often are) part of a deeded ownership. You pay annual "maintenance fees" (which generally include your "fraction" of the resort property taxes).

What's the difference in terms of your actual use? Not much at all. Edit addition >> Do be mindful, however, of the fact that an "expiration date" possibility exisits in some "memberships". Some might well see it that an "expiration" date could actually be a blessing of sorts, but that depends on your individual situation. While the particular "club" which I referenced above in my original reply has "lifetime membership", other "clubs" do not. Some have defined expiration dates and might very well "expire" before you do. That's an important point which I originally overlooked. I didn't want you to interpret my posting as stating that ALL club "memberships" are "lifetime"; they are NOT.<<

I don't claim to know a thing about the Jockey Club, except that it's listed as #0067 in the RCI directory. Looks like 9-10 floors, has studios, 1 BR and 2BR units, located about 4 miles from the airport. I'm willing to go out on a limb and speculate that there is probably no tidal beach anywhere nearby...... ;-)

To add to Ken's explanation of deeded vs right to use. Deeded = you own the week outright. Right to use = you, in essence, lease the week until a certain date in the future.

Most, if not all, Mexican timeshares are RTU.

costap wrote:

could someone please explain to me the difference? I am currently looking to buy a week in Las Vegas. Has anyone heard anything about the Jockey club? Any info would be greatly appreciated by this newbie.

I can't answer your question about deeded vs. right to own, but can tell you that we've been to Vegas twice in the past three years and personally would not stay at this property, unless your budget doesn't allow for anything else. It is located on the main strip but looks a bit dated.

All right to use agreements have an expiration date. Most are 99 years, some are shorter. Important to check.

The reality is you can sell rent or transfer a right to use property to your heirs. Outside of the US deeds are almost unheard of, all are tight to use.

It really makes little difference as long as you are good with the expiration date.

I am in the process of considering purchase of a RTU 2 bedroom/2 bath unit in the Carib., avail. mid-May. It's a 99 yr. lease, with 75 years left on it (per the current "owner"). He says he has had it since about 1991. Is selling it for about $2500 (maint. $800+/yr). I'm interested, but don't want to buy a pig-in-a-poke. He doesn't have pictures of the unit (I've been to the resort so I know what the facility looks like). I like the idea of a place where I can vacation each year and that I enjoy. But, I'm nervous:

What should I receive in the way of documents?

How should monies change hands?

What are the (or some of the) pitfalls I should be wary of ?

He says he'll pay the transfer fee, I'll need to pay the maint. for 2008. Are there any additional, hidden costs, that he's not telling me about but of which I should be aware?

Do I have a time period to reconsider (and possibly change my mind about the purchase)?

Should I have a lawyer involved for handling document transfer as oppose to his telling me we can meet and he'll have all the documents for me?

I have a million questions (and anxieties) about this, but also feel it could possibly be a good deal (he says he's selling because he hasn't been to the property for about three years due to time of year (mid-May) and his children (age 9 and 10) are in school at that time.

Help!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

joannes115 wrote:

What should I receive in the way of documents?

You must first find a reputable timeshare closing service to perform all paperwork and to act as escrow (holding all monies until transaction is complete).

The seller has to send a copy of his deed of ownership to the closing service and they take it from there drawing up a new deed, handling the transfer of ownership with the resort and holding the money. You can search 'closing companies' at the right hand side of this page for reputable ones that we recommend here.

Quote:

How should monies change hands?

As stated above the closing company acts as escrow and holds all monies until the transaction is complete.

Quote:

What are the (or some of the) pitfalls I should be wary of ?

Actually, if you know what you want and this person has it for sale at a price you deem reasonable and you go through a reputable closing company, I see no pitfalls.

Quote:

He says he'll pay the transfer fee, I'll need to pay the maint. for 2008. Are there any additional, hidden costs, that he's not telling me about but of which I should be aware?

Sounds like everything is above board and you're ready to deal. Normally, if you want usage of the 2008 week then you, the buyer, pay the 2008 maintenance fees.

Quote:

Do I have a time period to reconsider (and possibly change my mind about the purchase)?

This is a tricky question as I know of no rescission period for resales from individuals. If you know what you want, and you seem to, why would you change your mind?

Quote:

Should I have a lawyer involved for handling document transfer as oppose to his telling me we can meet and he'll have all the documents for me?

No, all you need is a reputable closing service.

Two reputable closing companies that we recommend here are JRA Services: http://www.timeshareresaleclosings.com/

and www.timesharetransfer.com - however you have to make sure they will do closings in the Caribbean.

Redweek uses First American Title and you can search the forums for comments concerning that closing company.

jayjay stated: >>... all you need is a reputable closing service.<<

.....Maybe not. Some RTU's handle all of their own "membership" transfer paperwork "in house", utilizing only their own contract documents. The prospective buyer should probably determine this detail for himself, by contacting the resort directly. I know this fact / procedure only by virtue of having had a RTU membership myself, which I sold earlier this year. There was no closing company involved at any point in the process, again because the RTU (Perennial Vacation Club, in my case) generates, processes and recognizes ONLY its own documents.