Interval Ownership Expiration (Not II Related).

[AlmostRetired]

When I purchased my second Monarch unit a number of years ago, in a moment of boredom I read the deed. On the first page it has on it "the interval ownership ends in 2042." I emailed the attorney to understand what this meant. He replied "on this date, the interval ownership renews for another 50 years, unless 75% of the owners vote to discontinue. In which case, the project would be sold and you would get 1/6344 of the proceeds (122 units times 52 weeks = 6344)." He ended the email " call me in 2041 to discuss in depth. Have a great day. "

This is not a question of concern but one of curiosity. Is the renewal of interval ownership common in timeshare deeds?

 

[kds4]

When I purchased my second Monarch unit a number of years ago, in a moment of boredom I read the deed. On the first page it has on it "the interval ownership ends in 2042." I emailed the attorney to understand what this meant. He replied "on this date, the interval ownership renews for another 50 years, unless 75% of the owners vote to discontinue. In which case, the project would be sold and you would get 1/6344 of the proceeds (122 units times 52 weeks = 6344)." He ended the email " call me in 2041 to discuss in depth. Have a great day. "

This is not a question of concern but one of curiosity. Is the renewal of interval ownership common in timeshare deeds?

I'm not sure the modern timeshare ownership product has been around long enough for any resorts to actually go through a 'sunset'/renewal event yet. Maybe someone else knows differently?

 

[tschwa2]

A sunset clause is common. How a resort has to deal with one can vary greatly depending on how it is addressed in the offering statement. I am not sure if the state law at the time the timeshare was formed influences. Some require a simple majority, some a super majority, some disallow HOA or developer votes to count while others do. Most HOA's start to deal with getting the required vote several years before the actual sunset.

 

[kds4]

A sunset clause is common. How a resort has to deal with one can vary greatly depending on how it is addressed in the offering statement. I am not sure if the state law at the time the timeshare was formed influences. Some require a simple majority, some a super majority, some disallow HOA or developer votes to count while others do. Most HOA's start to deal with getting the required vote several years before the actual sunset.

For those interested in that piece of data, I wonder if we could assemble a list of the various 'sunset' dates/terms for the various MVCI resorts? I don't actually know when any of ours will.

 

[bazzap]

Several of our home resorts ownership weeks are Right To Use (RTU) with different end / renewal dates
Club Son Antem-2078,
Phuket Beach Club-2081
Playa Andaluza-2052.
I am fairly certain that no MVC resorts have reached or are near the relevant date yet, but when they are the property goes to the land owner and if the lease is renewed then the usage of the weeks for the owners will still continue.

 

[TheTimeTraveler]

Several of our home resorts ownership weeks are Right To Use (RTU) with different end / renewal dates
Club Son Antem-2078,
Phuket Beach Club-2081
Playa Andaluza-2052.
I am fairly certain that no MVC resorts have reached or are near the relevant date yet, but when they are the property goes to the land owner and if the lease is renewed then the usage of the weeks for the owners will still continue.

Marriott's Custom House (Pulse) in Boston also has an RTU which comes due in 2057.




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