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Special assessment fee question

S

Skittles1

TUG Member
Joined
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Location
Pennsylvania
I've read several recent posts that have mentioned special assessment fees. My question is do all timeshare properties from time to time charge these fees, and if so, is there any warning that it would be coming? I hate surprises, and would not be pleased to have to pay this in addition to MF, without some notice.
 
All properties do not charge special assessments, and usually it's an unpleasant surprise.

Some things that may indicate that a SA is on the way:

Poor maintenance at the resort - run down appearance.
Under funded reserves.
Change in management.
 
More reasons for SA's

Also too many owners walking away from their obligations. (strategic foreclosures- unwise buy-backs)

Slow sales of HOA owned weeks.

Unexpected damage- water- flood- hurricane.

Every 5 years on many RTU's in Mexico.

And most unexpectedly- just because a developer controlled board can do it.

Jim
 
Last edited:
DeniseM said:
All properties do not charge special assessments, and usually it's an unpleasant surprise.

Some things that may indicate that a SA is on the way:

Poor maintenance at the resort - run down appearance.
Under funded reserves.
Change in management.
Click to expand...

What Denise said!

We still own at the first resort we purchased in the mid-90s. It is very well maintained with modest increases in the maintenance fees and no special assessments while we've owned there.

Sheila
 
Thanks for the info! I've only had my timeshare for two years now, and have been doing my homework here on TUG learning all about it. I think my husband would have a heart attack if we received one of these.
 
heart attack is not a good result to SA notification.. :mad:

they are a part of timeshare life it seems.. some resorts are better run than other so depending on your HOA you may never have a SA thrown at you.

not that it impossible at any place.

enjoy and learn
 
Skittles1 said:
I've read several recent posts that have mentioned special assessment fees. My question is do all timeshare properties from time to time charge these fees, and if so, is there any warning that it would be coming? I hate surprises, and would not be pleased to have to pay this in addition to MF, without some notice.
Click to expand...
I would add low annual fees. Many people think "Oh, cool - that means this resort must have better management" when that isn't the case at all. The fees are often low because needed capital reserves are being underfunded.

I would find out if the resort has had a reserve requirements study done and what the status is of the funding of the accounts. It isn't sufficient to simply ask about funding of reserve accounts, because it's also important that resort management know exactly what is needed. If the capital needs are underestimated, the reserves will still be inadequate even through the established reserve accounts are fully funded.

******

Another item to be suspicious of is underfunding of reserves when the resort is still in active sales. If the developer does not expect to be involved with the resort after sales are complete, there is considerable incentive for the developer to short the capital reserve accounts to enhance sales. Since the developer usually controls the Board of Directors for the resort, it's easy for them to keep the fees low during sales, then leave the owners to deal with the situation later when the Developer is long gone.
 
Curious to know how a special assessment work on bi annual timeshare? Would the current year owner be responsible for the easement when it is declared, or would it be divided between both owners or three owners in the case of tri annual timeshare?
Andex
 
There are no rules

Except in most cases the current owner of record on the date the assessment was passed will be the one responsible. As to a every other year, each owner of record would more than likely be billed 50% of the annual amount. For an every third year, 33%, etc.

Greg

andex said:
Curious to know how a special assessment work on bi annual timeshare? Would the current year owner be responsible for the easement when it is declared, or would it be divided between both owners or three owners in the case of tri annual timeshare?
Andex
Click to expand...
 
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