I bought a Sedona Summit Unit from Ebay.(1 bed 1 bath) When I called the resort they informed me that the contract was a 2 bedroom lockoff. Did I luck into a two bedroom or can you sell a lockoff bit by bit? Thanks in advance.
Do you have a contract from the Seller? If so, how does it describe the unit?unlikely that I lucked into a 2 bedroom lockout?
Probably not, but it some cases you can subdivide your side yard & sell it off separately from your own property, depending on local zoning laws, etc.Can you sell of one or two bedrooms of your house?
But to sub divide your property, you'd have to do significant legal filings. You just couldn't submit a dead saying you sold your side yard.Probably not, but it some cases you can subdivide your side yard & sell it off separately from your own property, depending on local zoning laws, etc.
Neighbors near us ran up $30,000 or so in legal bills in preparation for a hearing before the board of zoning appeals that ultimately was successful.But to sub divide your property, you'd have to do significant legal filings. You just couldn't submit a dead saying you sold your side yard.
Very true, if they were deeded separately, but isn't it unlikely that they would be deeded that way?It depends on how the lockoff is deeded. If it is deeded as two separate units, you can split them.
The proper analogy is selling 2 different condos in a common building, not a single room off of a single condo.
It just depends on how the lockoff was originally deeded and whether or not the resort sells them separately.
For instance, a lock off unit could be deeded as Week 42, unit 1344AB at a given resort. It could be possible to split them into Week 42, unit 1344A and Week 42, unit 1344B.
One unit is a studio. The other is a 1br unit. Together they form a 2br lock off.
No, lots of resorts deed them separately so that they can sell them separately or together. It gives them more options for selling and exchanging.Very true, if they were deeded separately, but isn't it unlikely that they would be deeded that way?
It is also true that you could sell an EOY interest in an annual TS but only if the developer sold it to you as 2 EOY TSs.
I am familiar with lots of examples where splitting is supported AND where splitting is NOT supported.At Cypress Pointe Resort (Orlando FL), all ownership is floating-week 3BR lock-off units. The only variations are every-year or alternate-year, & Diamond Season (any week, subject to availabililty) or Emerald Season ("quiet time" off-season weeks).
At The Grande Villas (Cypress Pointe Phase 2, right across the street) ownership comes in those varieties plus 2BR units & 1BR units & various oddball UDIs designed to match up with the timeshare company's proprietary points-based reservation system.
Even though there already are deeds for standalone 1- & 2BR units at Phase 2 that are the same as the 1BR "B" units & 2BR "A" units of the 3BR lock-offs, the deeded 3BR units cannot be subdivided into separate 2BR & 1BR units. Nor can owners of multiple oddball UDI deeds glom those together into larger ownerships via re-deeding them.
Likewise, the every-year units on both sides of the street cannot be subdivided into EEY & EOY units, nor can existing EEY & EOY units be glommed together into every-year deeds.
The restriction against further subdivisions of the Phase 1 & Phase 2 deeds are spelled out in the Master Condo Association Documents recorded down at the courthouse with all the individual unit & UDI deeds, & incorporated by reference into each & every 1 of those deeds.
Just because that's how those 2 timeshares do it, however, that doesn't mean there aren't other timeshares out there that possibly do allow units to be re-deeded in various ways. I'm guessing, however, that the standard practice is to disallow re-deeding just as a way of keeping an already complicated fractured ownership from becoming even more complicated.
I don't think there's anything in the anti-subdividing provisions, though, that would prevent an owner from signing a contract with a 3rd party regarding, for example, alternate-year use of an every-year timeshare.
-- Alan Cole, McLean (Fairfax County), Virginia, USA.
Nor can owners of multiple oddball UDI deeds glom those together into larger ownerships via re-deeding them.
Click here for the Phase Two POS (in PDF form). I'm pretty sure page 28 says owners can sell their timeshares, but can only sell the whole unit that they own, not just part.Are you absolutely sure about this?
I just read page 28 and I believe your interpretation is incorrect. It is true that you can only sell a complete timeshare interest. But, what page 28 does NOT indicate is whether or not a lock off is one or two interests. If a 2 br lock off is considered 2 interests, then they can be sold off separately.
Maybe the professional closing services agents at companies like Timeshare Transfer Inc. & Timeshare Closing Services Inc. & JRA Services Inc. are familiar with the various restrictions on dividing & recombining timeshare ownerships.I would contact someone in the title department at the resort to find out for sure.