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Legalese

go-rebels

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I understood that my timeshares were "in perpetuum", never to expire. But when I read my contracts I see:

(Signed in 1995) "TOGETHER with a vested remainder over, on the first Saturday in the year 2025 at 4:00 o'clock p.m. Eastern Standard Time, in fee simple absolute as a tenant in common with all other time-share owners in the aforesaid time-share unit, as all wed and provided by Article XIV, of the aforesaid Project and Time-Share Instrument.

(Signed in 1998) That the Grantors, in consideration of Ten dollars and other good and valuable consideration to them paid by the Grantees, the receipt of which is hereby acknowledged, have bargained and sold, and by these presents do grant, bargain, sell and convey, subject to the restrictions, easements, and other conditions hereinafter contained, unto the aforesaid Grantees, their heirs, devisees, successors and assign, the following described property from 4:00 P.M. on the first day until 4:00 P.M on the last day assigned to said Grantees during the below described Lot Week(s) Number(s) as said Lot Week is numbered an defined in the Declaration of Individual and/or Interval Ownership recorded in the public records of Jackson county, North Carolina, in the Book at the page number hereinafter described below, which estate is to be succeeded forthwith by a succession of other estates in consecutive and chronological order, revolving among the other Lot Weeks described in the aforesaid Declaration of Individual and/or Interval ownership, in order annually, it being the intent of this instrument that each Lot Week shall be considered a separate estate held separately and independently by the respective owners thereof for and during the period of time assigned to each in said Declaration, each said estate being succeeded by the next in unending succession governed by sad Declaration until 4:00 P.M on the first Friday in the year 2023, as of which date said estate shall terminate, unless extended as provided in said Declaration.

Do these timeshares expire in 2023 and 2025?

Does someone have their 20 year old sales contract handy to see if it contains similar text?
 
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tschwa2

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Is this at a specific resort? Is it one that predated Wyndham? Many resorts in the timeshare world (including what is now Wyndham) had sunset clauses where if the owners did not vote to continue as a timeshare that the timeshare HOA would cease to exist. It certainly isn't going to be a problem at a resort where Wyndham controls the HOA. Wyndham will make sure that the vote will be to continue and to remove any dates that would automatically end the timeshare. This means that instead of needing a super majority to continue the Timeshare, it would take a super majority vote to discontinue.

It was very very common in timeshares that began in the 80's to have an end date 40-50 years in the future. It is uncommon for anything built these days to have that type of clause.
 

go-rebels

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Is this at a specific resort? Is it one that predated Wyndham? Many resorts in the timeshare world (including what is now Wyndham) had sunset clauses where if the owners did not vote to continue as a timeshare that the timeshare HOA would cease to exist. It certainly isn't going to be a problem at a resort where Wyndham controls the HOA. Wyndham will make sure that the vote will be to continue and to remove any dates that would automatically end the timeshare.
Really at any of the older 'Fairfield' resorts. I remember being told that my timeshares could be deeded to my children... that they were forever, but I never read the fine print like I have recently done.

The dates shown in my deed are fixed. I don't believe Wyndham can legally 'remove' the dates that would automatically end my timeshare without my agreement, and signature (in writing). How I read it, my timeshares end 25 and 30 years after I signed the contract in the 1990s, regardless of what I was told.

Back in the day Fairfield probably thought they would be worth something to resell...
 

tschwa2

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All they need is a majority or super majority depending on additional clauses to remove that clause from the document, as evidenced in the clause "unless extended as provided in said Declaration". In developer controlled properties, it isn't going to be more than a formality to extend. I believe with Wyndham everyone who converted to points assigned that type of voting right to Wyndham. Resorts with more non converted deeded owners may need to scramble a bit more to get the needed votes.
 

raygo123

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Back in the 80's I owned at fox run HOA, part of fairfield mountains. This was just after Wyndham was formed and the points system. Fox run voted to break away from fairfield mountains and go their separate ways. The only way to remain with Wyndham was to buy into the points program. I don't think that will happen today, with all the consolidating going on. It also proved to be a mistake.

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