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[ 2010 ] Estoppel example please

M

mango32953

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I have requested an estoppel letter from a resort, and the response I got was "what's that"? The reply was not from a desk clerk, but the resort manager (the resort and manager will remain nameless for now).

I explained what the document was supposed to contain (and that he is required by Fl law to provide one within 15 days). He keeps asking for an example, as if I'm making it up.

Does anyone know if an example is posted somewhere online? Or does anyone have one they can email me (with details blacked out of course) showing the proper format?

I really appreciate any help.
mango32953@yahoo.com
 
An estopple letter should include all info relevant to the TS owned.

So It might say:

Mar 1st 2010

Mr & Mrs James Jones own an annual 2 bd deeded week at our resort

It is a floating week from May 23 to Sept 9th

They have currently reserved week 27 Aug 5-12th

The MFs in the amount of $753 are current for 2010 year.

Our records show that the loan on the TS is paid in full as of Dec 2005.

As of this date there are no special assessments due/planned for our resort.

Thank you

John Smith
Resort Manager
Click to expand...

Hope this helps
 
If it is point system, it will also show these :
point available 2010 : xxx
point available 2011 : yyy
point available 2012 : zzz
 
May I suggest that you go to post # 6 within the following thread that was recently created with the title: Buying resale-how can I find out if there is an outstanding mortgage?

http://tugbbs.com/forums/showthread.php?t=116365&highlight=Wyndham+Estoppel+Letter

The Estoppel Letter example presented involves the purchase of a UDI points contract; but you can easily adjust the wording to comply with the situation involved in the purchase of a Weeks contract.

Let us know if this satisfies your need or not.
 
If I win an ebay auction, from whom do I request the letter of estoppel?
 
The closing company is the one who usually request the estoppels. More often then not the ebay seller already had one. Individual owners would rarely have one when listing on ebay. The bad sellers (IMHO) rely on the current owner of record saying what they own. I tried to explain to one that many owners don't understand what they own and even if they sign a notarized document stating what they own, in many cases they are wrong. It doesn't mean that the personnel who fills out the estoppel is right 100% of the time either. It all makes it very difficult to do your due diligence but sometimes the ebay prices are good enough and you just rely on the good or decent reputation of the seller to make it right if there is a problem.
 
In fact, some companies (like Starwood) will not issue an estoppel letter to the buyer or seller - only to the closing company.

The main point is to be sure they estoppel is prepared and issued by the TS management company - not the seller, and not the closing company.
 
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I've removed my offer to provide a good, recent estoppel sample, having failed to notice until now that the OP post / request was from early March --- of 2010. :doh:
 
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DeniseM said:
In fact, some companies (like Starwood) will not issue an estoppel letter to the buyer or seller - only to the closing company.

The main point is to be sure they estoppel is prepared and issued by the TS management company - not the seller, and not the closing company.
Click to expand...

One reason (of numerous others) I like LT Transfers is that once they obtain the completed and signed estoppel certificate from the seller's resort management company, LT Transfers then promptly provides copies of same to both the buyer and the seller, no overt request necessary. Nice touch, at least in my book.
 
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tschwa2 said:
The closing company is the one who usually request the estoppels.
Click to expand...

If that's the case, what can the buyer do when an estoppel letter reveals issues with payment of maintenance fees or the loan? Is the buyer already in escrow at this point and can they back out? What occurs with any deposit that has been made if adverse conditions regarding the timeshare are found?

Thanks,
Harold
 
ontilt said:
If that's the case, what can the buyer do when an estoppel letter reveals issues with payment of maintenance fees or the loan? Is the buyer already in escrow at this point and can they back out? What occurs with any deposit that has been made if adverse conditions regarding the timeshare are found?

Thanks,
Harold
Click to expand...

I would not pay any money, until I saw the estoppel.
 
I am in the process of a transfer as a buyer and LTT is the closing company. We are waiting on the estoppal letter from Starwood. In the meantime, LTT gave me the option of sending them money now, which would be held in escrow and fully refundable if there are issues w/ the estoppal. Otherwise, once I get a copy, I send LTT the money.

The only drawback of waiting to send the money is that it may hold up the closing by a few days. However, a good closing company should give you the option.
 
Thank you both -- very helpful info :)
 
Thank you all. I brought this thread back to life. (I used google, but I could not find a more recent thread.)

Even though the OP is no longer a participant, it is a valuable thread for many of us.
 
The agreement is what matters. If the reality, which can differ from a so-called estoppel, does not match up with the agreement the buyer can back out and should receive all monies paid.

Estoppels from ebay sellers can be worth about as much as used toilet paper. They can be full of mistakes, forged, old and therefore outdated, or the situation changes post estoppel. If you need one it is best to demand a current one, but that still doesn't prevent the current owner from then depositing a week that showed on the estoppel as available.

One ebay reseller was using the same estoppel to sell multiple units of the same type. Buying through a reputable reseller or broker that will bend to make it right is the way to go.
 
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