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Contract question

colemi3

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Hi All -

I won an ebay auction for a timeshare in Orlando and timeshare closings is handling it. I consulted with a lawyer in Florida who said the contract was not a standard one. Has anyone ever come across this before and is it anything I should worry about? He said all the disclosures were not included. He said I should be sent all condo documents with a copy of the budget. Also the managing entity should be listed. Any help would be greatly appreciated!

Thank you

Michele
 

derb

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I purchased about 18 timeshares,many from ebay and two thru timeshare closings. I still have 11. I have never received condo docs or info on management. Budgets only came after ownership. Sounds like attorney is trying to justify his existance.

timeshare closings is very slow but eventually comes thru. Not to worry.
 

ctyatty

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anything can be made more complex

If you were buying a condo for $300K, then yes there are more documents to review for due diligence. For a TS, what do you expect for a few hundred bucks?
 

Tia

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You can request the budget and condo documents from the managing company once you know who they are. I'd say it's all important information to have, then you know more of what your getting into.


Hi All -

I won an ebay auction for a timeshare in Orlando and timeshare closings is handling it. I consulted with a lawyer in Florida who said the contract was not a standard one. Has anyone ever come across this before and is it anything I should worry about? He said all the disclosures were not included. He said I should be sent all condo documents with a copy of the budget. Also the managing entity should be listed. Any help would be greatly appreciated!

Thank you

Michele
 

RLG

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I purchased about 18 timeshares,many from ebay and two thru timeshare closings. I still have 11. I have never received condo docs or info on management. Budgets only came after ownership. Sounds like attorney is trying to justify his existance.

timeshare closings is very slow but eventually comes thru. Not to worry.
I second these remarks. What you got (i.e. nothing) is standard for timeshares bought through ebay.

The secondary market price of a timeshare in Orlando should have been very close to zero. Your lawyer's bill is going to be more than the purchase price.
 

Talent312

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If you were buying a condo for $300K, then yes there are more documents to review for due diligence. For a TS, what do you expect for a few hundred bucks?
I concur that the attorney is being unnecessarily persnickity. TS contracts are often tailored to fit particular systems, so I would not be too concerned that its not "standard," as long it has the essentials.

I would certainly like to examine the TS docs, if they could be made available without to much difficulty. But if I had a basic understanding of how the TS was managed, I'd be willing to wait B4 wading thru it. Getting a handle on that stuff can take months, and there'll be time enuff after the closing.
 
Last edited:

calgarygary

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The lawyer may be recognizing that the eBay seller is a developer under Florida law and subject to a higher level of standards. Virtually every eBay seller (except one timers) is a developer in Florida (8 resales will make you a developer). This little known statute protects buyers as it prevents an eBay seller from using anyone but a legitimate 3rd party for closings (in theory at least). When I was experiencing difficulty in my eBay purchase, the research that brought this to my attention, and therefore the seller's attention, provided a very satisfactory conclusion to my deal.
 
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