# Hyatt resale question:  how many years does the new owner get?



## cookinmamma (Sep 3, 2007)

Hi - -  We've been looking for awhile at Hyatt High Sierra Lodge, and are hoping to get something soon.  Thanks to all the Hyatt owners here for the very helpful advice that I've gleaned thru reading threads and Kal's websites.  I hope to report a successful resale transaction in the near future (but no paperwork yet), and I owe my (small but growing) Hyatt resale knowlege almost entirely to this site.

I'm wondering what term of ownership an owner gets from Hyatt - - it's not a fee simple, right?  My sister (who bought a bronze wk @ Hyatt SanAntonio from Hyatt) thought it was for 75 years, but didn't have time to dig out her deed and read it for me.  I was hoping someone here might know.  

My question is:  if we buy resale from an owner who bought from a developer, do we get the remainder of years left which Hyatt sold to the original owner?  So, assuming my sister is correct and the term of ownership is 75 yrs, if we buy resale from an owner would we get only whatever interest the orig. owner has left (ie., if they bought it 10 yrs ago, would we get only 65 yrs)?

We unfortunately won't be using it 65 or 75 years from now, but our kids are still in grade school and could, so I'm just wondering . . .

Thanks in advance!

k&h


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## nanette0269 (Sep 3, 2007)

I believe your thinking is correct...but not all Hyatt locations have the same issue.  For example, Hacienda del Mar I is a limited life, but Bonita Springs is in perpetuity.  So, definitely check the original deed and don't assume that they are all the same.


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## cookinmamma (Sep 3, 2007)

*Thanks Nanette.*

That makes sense. . . . 

I just can't wait to get a copy of the deed to review!

k&h


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## Kal (Sep 3, 2007)

Go *here* for a list of how each resort property ownership is structured.  For the RTU resorts I would think a resale purchase does not change the term.  If you buy directly from Hyatt that might be a different issue.


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## cookinmamma (Sep 3, 2007)

*Thanks Kal.*

I thought I checked out everything on your webpage but must've missed the ownership structure info.  

k&h


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## vacatiionking (Sep 6, 2007)

k&h said:


> I'm wondering what term of ownership an owner gets from Hyatt - - it's not a fee simple, right?  My sister (who bought a bronze wk @ Hyatt SanAntonio from Hyatt) thought it was for 75 years, but didn't have time to dig out her deed and read it for me.  I was hoping someone here might know.
> 
> My question is:  if we buy resale from an owner who bought from a developer, do we get the remainder of years left which Hyatt sold to the original owner?  So, assuming my sister is correct and the term of ownership is 75 yrs, if we buy resale from an owner would we get only whatever interest the orig. owner has left (ie., if they bought it 10 yrs ago, would we get only 65 yrs)?
> 
> k&h



I checked my deed at Windward Point.  There was no mention of the 75 year RTU.  I checked the restrictions on file with Monroe Cty for WP and it describes a 99 year land lease ending in the year 2100.  
I am not a lawyer but it seems to me the entire ownership is bound by the covenants so it doesn't matter when you buy.  The ownership will have to decide as will the lessor (Hyatt) if they want to continue the lease and under what terms some time prior to the expiration.
Does anyone know for sure whether I am right or wrong on this?
Jim


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## Kal (Sep 6, 2007)

vacationking - Did you purchase from Hyatt or resale?  If from Hyatt, look at all your contract documents.  If resale, you need to get the purchase documentation from the seller.


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## robertr55 (Sep 19, 2007)

vacatiionking said:


> I checked my deed at Windward Point.  There was no mention of the 75 year RTU.  I checked the restrictions on file with Monroe Cty for WP and it describes a 99 year land lease ending in the year 2100.
> I am not a lawyer but it seems to me the entire ownership is bound by the covenants so it doesn't matter when you buy.  The ownership will have to decide as will the lessor (Hyatt) if they want to continue the lease and under what terms some time prior to the expiration.
> Does anyone know for sure whether I am right or wrong on this?
> Jim



I don't know for sure, but I had this experience with my non-Hyatt resort in Hololulu which had a 50-year lease that was renewed this last year - all owners had the same expiration date (and we paid $620 for a lease renewal fee). So I bet you're right - I'd guess something similar will apply to any Hyatt property where the lease is expiring - the lease should be associated with the whole property, not the individual timeshare "pieces".


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