What are TTR’s Basic Transfer Policy Recommendations?

Simply, TTR’s recommended estoppel and transfer procedures require that a prospective transferee (entity or individual) provide:

  1. An accurate statement of identity; including proof of legal standing within the State where the resort is located (registered as an entity with the State);
  2. A serviceable address – a physical address in case you need to collect, or take legal action;
  3. If conditions discovered from research of public records so indicate, proof of the Transferee’s liquidity to meet the Assessment obligations of the timeshare estates that public records show that the Transferee owns;
  4. A proforma of the conveyance documents that will be used in the transfer; and
  5. If the transfer is to be processed under a Power of Attorney, then the document creating the power must be valid, enforceable and only exercised by the named attorney.

TTR provides standardized forms to request this information and provides model letters to process a transfer in a systematic and uniform manner for all transferees.

Requesting all of the above information is reasonable. Actually, if your transfer policy doesn’t currently require this information from a new transferee, you probably are not adequately performing the fiduciary duties of the Association.

Subscribers can download both TTR’s standardized forms and model letters from the Downloads sub menu under the Registry Tab.