# Morritt's "Ownership Exit Program"



## Kaelyn (Dec 27, 2013)

Morritt's apparently isn't too happy with their owners selling cheap on the resale market, and people like me buying. Just got a letter detailing their "Ownership Exit Program".  If you have a mortgage, it must be fully paid off, and you must be current on MFs. Transferor will have trading privileges and use rights for the year in which the interval is transferred. Here's the bottom line quote on how it works.

"Owners who desire to participate in the exit program should complete the enclosed election card and mail it back to the Developer.  Phone calls and  /or emails will  NOT be accepted. Once the election card is received by the Developer, contact number will be verified and names will be placed on a listing by postmark date of the card.  As the Developer elects to transfer intervals of specific unit types from time to time during the year, owners of unit types with the earliest postmark dates will be notified and transfer documents executed.  Please do not forget to affix proper postage on the post card prior to mailing."

Interesting that there is no guaranteed buy back, and until they decide to pick up your unit, you're still on the hook.  I think that they're going to offer these units as "specially discounted" lower cost alternatives in their sales dept, and when they get a buyer, they'll transfer the unit to themselves, then sell it and keep whatever they can get as pure profit. They get a buyer who wants to come, and profit in the meantime. They also get a little bit of control over the resale market. I wonder if they'll try to stick the selling owner with their $300 resort transfer fee, or if they'll absorb it.

Any thoughts?


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