Time share legislation... (giving resorts back to the developer)

[rainbow4jd]

Been thinking about this thought for awhile and apologize IF it's been covered elsewhere.

Each year in Florida, my maintenance fees include a $5 voluntary donation to the Time Share association (or some other political action committee that is supposed to fight for times share owners' interests in the Florida legislature.)

I'm not surprised to learn that there appears to be NO standardized process for "giving back" a paid in full time share to a resort. (Not that THAT action is always financially prudent, but what the heck, if I just wanted to walk away free and clear, that's kind of my business, right?)

It seems to me that a standardized LAW should be adopted... something to the effect of...

Timeshare condominium associations shall make available to existing owners the option to return ownership of the deeded timeshare units to the condominium association under the following terms and conditions:

a) all maintenance fees and taxes must be current to within 90 days from date of reaquisition request.
b) deed must be free of any mortgage or lien
c) owner must provide a deed and lien search record
** condominimum association may optionally charge a seperate fee for this provided service
d) condominium association may charge a reaquisition and administrative fee not to exceed one annual period's maintenance fee (exclusive of any taxes)
e) owner must provide a signed release of all claims concurrent with request for reacquistion by condomimium association
f) condominium association must provide signed termination of rights and ownership by return mail to owner within 90 days of approved reacquisition request


Does anyone have any contacts with the Florida Timeshare association that might suggest this idea?

I'm thinking it would be reasonable that 1 annual maintenance fee payment (as a cap) would be a fair walkaway fee (and high enough that someone would think about reselling it on their own rather than just turning it back in)

 

[DeniseM]

Various flavors of this idea have been proposed for many years, but forcing the developer to take back a timeshare is simply not feasible because in most cases, the developer is long gone, and has no ongoing affiliation with the timeshare.

Example: Starwood used to be a big developer of timeshare properties (Westin and Sheraton), then they sold out to the parent company of Interval International, who then sold out to Marriott. Starwood is no longer in the timeshare business.

A more feasible goal is for resort HOA's/boards of directors, to develop programs to take back and resale/rent unwanted deeds.

 

[bogey21]

A more feasible goal is for resort HOA's/boards of directors, to develop programs to take back and resale/rent unwanted deeds.

This is the only logical way. Only the HOA knows the economics of their Weeks like which Weeks can be resold or rented and on what terms. If HOAs were required to take back all unwanted Weeks they would be stuck with a lot of unpaid MFs, the cost of which would be the burden of the remaining Owners...

George

 

[LannyPC]

And then there's a big difference between legislating (forcing) and encouraging. YEs, HOAs should realize the overall situation and have protocol in place to address the glut of disgruntled owners of unwanted timeshares. But legislating and forcing them to take these back, for many reasons, is not feasible.