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Timeshare Conversion

cedars

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One of our timeshares (SA) is talking about converting to apts or full time rentals. If I use spacebanked weeks from this resort and make successful trades what happens if it closes or converts before our trip??? I am afraid to book airfare for fear of it being rescinded? Thanks for your thoughts.
 

Ron98GT

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Is the TS in the USA? Is it a deeded week? Do you pay property taxes (usually as part of your MF)? If so, they can't, it's subdivided recorded real property.
 

cedars

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conversion

Thank you for your response-no the timeshare is a fixed week in South Africa. My maintenance fees have been paid for 2012. I was planning to exchange for a unit in Cabo in Oct 2012 but am hesitant without knowledge of what would happen if it is then converted. MaryAnn
 

Carolinian

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Check the South Africa board on this site.

There is a scam artist company called Club Leisure Group, headed by Stuart ''the Bullfrog'' Lamont, which has a collection of points clubs and other operations, and its timeshare management arm is called First Resorts. They have been crashing timeshares they control in South Africa and I would be very concerned if your resort is managed by Froggie's management company.
 

e.bram

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[IMGR][IMGR][/IMGR][/IMGR]If you own an off season unit in a VERY seasonal area, it is the best thing that could happen. And probably will in the future as aging owners bail with no sales in sight.
 

cedars

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Many thanks for the responses-yes Carolinian I am aware of all issues with First Resorts and follow th SA forums and that is why I was seeking thoughts on what would happen if I used an existing spacebanked week to trade and the resorts closes as a timeshare in the meantime. I have had my week with RCI for over a year so I guess one could argue that it could have been used in that time. Thanks, MaryAnn
 
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