TUGBrian
Administrator
Do you have a link to one? I already linked to an example where the opposite happened.
Also, the resort began on July 1, 2013, to allow owners to choose how many years of deeded ownership they want to retain. The deeds are supposed to self-destruct in 2020. “Owners can pay now to surrender their deed and not be an owner, but still have the usage,” Weinland says. “I don’t know how it’s going to work.
The Sep/Oct 2013 edition of Timesharing Today (page 19) had a short description of an interesting scheme at Vacation Villas at FantasyWorld in Kissimmee to allow owners to pay at the time of purchase to surrender their deed in 2020:
If those intervals were subsequently resold (e.g. on Ebay), the new owner may be in for a surprise in 2020 when the deed "self-destructs."
I'm still scratching my head about this one.
Brian, this is also included on the deed for Foxrun/Fairway of the Mountains in Lake Lure, North. Carolina.
Still have several friends and family that DO own there....wonder what the ramifications will be?
I went to the owners meeting at Fairways of the Mountain this year and the sunset provision came up.
I was a little surprised but the VRI rep did not seem to consider it to be very likely. While I liked the VRI rep, I do wonder if self-interest was involved (i.e. VRI would prefer the timeshare to continue so that they continue to receive the fees).
My impressions from the meeting were that the Fairways ownership tended to skew heavily to the older/retired demographic...and if that doesn't change over the next 10-12 years, with younger families taking over ownership, I don't see how continuing the timeshare would be realistic.
well, the biggest issue that I understood (there were many more in real estate-ese that I did not, but I do seem to recall it immediately converted to residential use)...is that the moment these clauses take effect, the timeshare must cease to operate period. (believe most say within 30 days of the clause taking effect).
so with that...noone will be able to check in or stay there.
Id really like to start a list when folks can confirm the clause exists...so at least owners can begin to query their HOA/BOD!
P.S. As correctly noted already by Steve N. above, this "sunset clause" matter is not applicable to developer trust-based systems, only to independent (i.e., no remaining developer affiliation) timeshare properties.
I'm pretty sure that it shouldn't be a problem. At this time DRI is accepting deedbacks plus they control the votes for all intervals that were converted into the points system. With (strong) developer controlled resorts they will vote as a block and make it easy and seem imperative to vote to continue.
Does anyone have any updates ref. --- deed " self-destructs" in 2020 ? What does it mean if you are still a owner and have been one for over 20 years?Vacation Villas at FantasyWorld in Kissimmee?
The Sep/Oct 2013 edition of Timesharing Today (page 19) had a short description of an interesting scheme at Vacation Villas at FantasyWorld in Kissimmee to allow owners to pay at the time of purchase to surrender their deed in 2020:
If those intervals were subsequently resold (e.g. on Ebay), the new owner may be in for a surprise in 2020 when the deed "self-destructs."
I'm still scratching my head about this one.
According to my Marriott Grande Vista deed, it will terminate unless it is extended. So if no quorum is met, it would terminate. You don't lose your ownership, it just converts to Tenant in Common. Meaning, you can't really use it like a timeshare any more. The property would really just have to be sold and owners get a share of the proceeds.I meant above that at least 51% of those a the quorum would have to vote to discontinue the timeshare otherwise it would continue on as is?
FYI
Found my deed from 2003 and the date is "4 pm on the first Friday in 2020"
Foxrun is going through this currently. Ends in 2020, but the consensus seems to be with keeping it as a timeshare. I am game. I use the weeks for PIC in Wyndham. It puts me into the platinum status, so I am somewhat relieved.