there may be no deed, but there is a a note, if the membership was financed, and there is a agreement to pay maintenance fees. On my club wyndham access assessment summary they call it a HOA Fee
Call it what you will; the end is the same, they will take back your "ownership" and you wont have the legal protection that you would if it was real property.
And Im sure they can employ big men with last names that end in vowels, and with baseball bats to break your knees if you dont pay, to collect what they are owed...But the real consequence will be reporting you to the credit bureaus. If good credit is important to you, thats probably the biggest deal