An estoppel letter in its
simplest form, is a verification of the actual ownership of a Timeshare
Interval according to the Timeshare Resort's records.
These are commonly
used by potential buyers to verify that the person selling the
timeshare is indeed, actually the owner of said Timeshare, and to
identify if the interval has any outstanding unpaid maintenance fees or
taxes, as well as to determine if there are any outstanding loans
against the Timeshare.
How do you get an
Estoppel Letter?
Estoppel
letters can only be requested by the owner of the Timeshare (or by a
Legitimate Licensed Timeshare Closing service if you are using one),
and generally only take a phone call from the owner to the Timeshare
Resort requesting the Estoppel Letter be sent directly to the Buyer for
confirmation. In some cases both the buyer and seller can be
on the phone with the resort and confirmation can be done verbally, and
in other cases many large resorts have ways to request the Estoppel
letter be generated and sent via email for convenience!
In any example, this
is a simple and cheap way to obtain a bit of added confidence in a
seller when researching a timeshare to purchase in the resale market,
and is highly suggested for any resale transaction! You can
also view a large and detailed checklist of other items to ask the
resort and the seller when looking to purchase a Resale Timeshare here:
Timeshare Purchaser Checklist!
What does an Estoppel
Letter look like, do you have an example?
Estoppel
letters can vary from resort to resort, but all of them should obtain
the same basic information. This example was pulled from the
following TUGBBS forum post and is an example of a Wyndham Timeshare
Estoppel letter:
- Current Date Listed Here
-
Name of Company making the Request: (Example: Timeshare Closing
Services)
Name of Owner(s) ______________________________
Contract Number**** ________________
Member Number ________________
Statement Type (M/A) ______
PAC (Yes/No) _____
Monthly/Annual Maintance Fee Amount * (Example 50.55 monthly)
Current Due on Account: (Example -0-)
Next Due Date: (Example: April 1, 2010)
Points of Contract (Example 154,000 Every Year)
Points Available: (Example: 0 for 2010/154,000 for 2011)
Use Year of Contract (Expiration Date) (Example: 4/1 thru 3/31)
Is Property Deeded Y/N ____
Is Account in Collections Y/N ____
Previous Year's Property Tax 2009**________
Active Loan Y/N***______
Maintenance Fees apply to current year's points on UDI contracts and to
next years points on all Fixed Weeks contracts converted to points.
*Information provided is good thru above date and is subject to change.
If Buyer is a current FSP owner maintenance fees may differ from the
above amount.
**Only applicable to Florida Properties. Property taxes are included in
maintenance fees on all other properties.
***Payoff quotes please call loan services @ 1-888-739-4016
****
Contract numbers are required to obtain the information
from the correct account. * Please allow seven days for the
completion of all requests***
All transfer of ownership requires a $100 processing fee. Please
forward documentation to:
Wyndham
Vacation Ownership
Title Services
8427 So Park Circle Suite 500
Orlando FL 32819
FAX: 407-370-5222
To read more about title insurance or ask specific questions, please
see the Buying, Selling and Renting section of the TUGBBS online forums
here:
