Resort Timeshare Closing and Selling

[canuck12]

We have a timeshare at a Canadian resort. The timeshare was purchased approx. 20 years ago with a 40-year term. We have 20 years left on the agreement.

The property was never really kept up per the agreement, but we've enjoyed it and paid all fees/ etc.

We have recently learned the owners have sold the resort, the land, the property and are closing this year. They have informed us the new owners have no intent on maintaining the resort, but using it privately. They have not mentioned anything about current leases.

Has anyone ever been through this? We've heard of a few who have already taken liens on their units/timeshares, but not sure. Is there any legal precedent about this? The agreement doesnt make any reference to this sort of thing and I suppose we never really assumed this would happen (our family has been going there for 50+ years).

Anyways, someone suggested I ask here so here I am!

Any thoughts, suggestions?

 

[vacationtime1]

What do you own? Is there a deed? What does the deed say? Is it an interest in real estate or a right to use ("RTU")? Does your reference to "the agreement" mean that your interest in the project is contractual rather than an interest in real property?

If you have a deeded interest in the property, even for a term of years, you are an owner; "the owners" you say sold the resort have nothing to sell except possibly a management contract.

But if you can give us more details (starting with what resort you own), we can be more specific.

 

[Saintsfanfl]

Did you mean to leave out the name of the resort? Also, are you a deeded owner, or is this timeshare a "right to use" only? I suspect it's right to use only and not deeded based on your information. What do you mean by others "taken liens"? Do you mean they are liening the property?

 

[canuck12]

Thanks

We have a lease/timeshare agreement for a specific week (let's say Week 32) for a 3-bedroom cottage at the resort for 40 years. The agreement calls it "Timeshare Ownership." Our contract talks about it being deeded and registered with the local county no clue if that ever happened.

And yes, I didn't want to put the name of the place.

We are going on rumors right now from one owner talking to another. The rumor is a few other owners have taken liens out against their agreements, or the property, or I'm not entirely sure!