When you buy a resale, what contract are you signing?

[Ridewithme38]

When you sit through a TS meeting and buy retail...you're sat down and you sign a contract that goes along with the deed.....But buying resale, you never see a contract or any association documentation...its JUST a transfer of the deed...Right?

I'm a little confused...and not that aware of real estate laws...by buying a resale TS and taking over a deed, where am i agreeing and signing on to follow any type of contract?

I know this is a dumb question...and maybe i shouldn't be seeing the TS contract and the deed as seperate things....but aren't they?

 

[DeniseM]

Nope - you sign a contract when you buy resale.

 

[ace2000]

Nope - you sign a contract when you buy resale.

Definitely not always... I know Sumday Vacations (on eBay) does not require a signature. At least they didn't a few years ago.

 

[Ridewithme38]

Nope - you sign a contract when you buy resale.

Definitely not always... I know Sumday Vacations (on eBay) does not require a signature. At least they didn't a few years ago.

interesting...so sometimes you do sometimes you don't...i'd love to do a tug survey on this...how many people signed onto the TS Contract when they bought resale

 

[eal]

I have purchased numerous resale timeshares over the years, and I have always had to sign at least a purchase agreement that spelled out the situation in detail before moving forward.

 

[Ridewithme38]

I have purchased numerous resale timeshares over the years, and I have always had to sign at least a purchase agreement that spelled out the situation in detail before moving forward.

Now do you remember...generally what that purchase agreement spelled out...i.e. you will abide by all current and/or future changes within the original contract and/or documents....Or did it just say, you agree to take over the deed of this TS ?

 

[ace2000]

One more comment to add... I also purchased from an individual and he only processed a quit-claim to me and did not require a signature either.

 

[DeniseM]

Now do you remember...generally what that purchase agreement spelled out...i.e. you will abide by all current and/or future changes within the original contract and/or documents....Or did it just say, you agree to take over the deed of this TS ?

This hasn't changed since the last time you asked:

You don't have any choice - when you assume ownership, you assume ALL inherent obligations of ownership.

Think about it - if this wasn't true, you could even say you hadn't agreed to pay the maintenance fee every year, because you didn't sign a contract with the developer - it would be chaos.

 

[Ridewithme38]

This hasn't changed since the last time you asked:

You don't have any choice - when you assume ownership, you assume ALL inherent obligations of ownership.

Think about it - if this wasn't true, you could even say you hadn't agreed to pay the maintenance fee every year.

I don't remember asking before...Please link the thread for me.........

My thoughts are alot of TS resalers have NO idea what they're doing, and they are just absently transfering the deed and NOT signing over the contract....If i buy a Deed to a Condo...i ALSO have to sign on to the Condo Rules and Regulations..if somehow i don't it doesn't invalidate the Deed...it just means they're going to make my life very very hard until i do and there is NO WAY a legal document like that could transfer without a signature

Weather it would be Chao's or not...If you didn't sign anything...you only own the deed...i could be wrong about that...but i'm pretty sure i'm not wrong because 'it would be chaos' if i'm wrong there's some legal guidline behind it

 

[DeniseM]

You are incorrect - and it's been discussed many times before, in threads you participated in.

I don't have time to look through your old posts, but if you'd like to - click on "quick links" and "your posts."

Whether or not the seller knows what they are doing has nothing to do with your obligation when you become the owner. If you don't fulfill those obligation, first you lose access to your timeshare, then they turn you over to collections, and then they foreclose on you.

 

[Ridewithme38]

You are incorrect - and it's been discussed many times before, in threads you participated in.

I don't have time to look through your old posts, but if you'd like to - click on "quick links" and "your posts."

Whether or not the seller knows what they are doing has nothing to do with your obligation when you become the owner. If you don't fulfill those obligation, first you lose access to your timeshare, then they turn you over to collections, and then they foreclose on you.

You not really answering the question...your just assuming that it HAS to be that way...not why or how just....it has to....So....let me ask a different way...so you don't continue to be mad at me...

How can i be contractually obligated to a contract i didn't sign?

 

[DeniseM]

So....let me ask a different way...so you don't continue to be mad at me...

How can i be contractually obligated to a contract i didn't sign?

Because the LAW says that when you assume ownership of property, you assume all the obligations as well - you don't have any choice.

I am not angry with you - but you have already pursued this argument in other threads.

 

[Ridewithme38]

Because the LAW says that when you assume ownership of property, you assume all the obligations as well - you don't have any choice.

I am not angry with you - but you have already pursued this argument in other threads.

Thats interesting...so if i sign a contract that says i own my house but must pay my Daughter $4800 a month to occupy it...then sell that deed to someone else...they automaticly take on that obligations, without having to sign anything or even see or be told about the document?....Sweet!

I can make some money that way!

Hmm...Does a TS Contract count as a Lien against the property?

 

[Ridewithme38]

So by taking the deed in your name you are esentially signing that you agree with everything in the TS documents...no signature required

Interesting

 

[DeniseM]

Thats interesting...so if i sign a contract that says i own my house but must pay my Daughter $4800 a month to occupy it...then sell that deed to someone else...they automaticly take on that obligations, without having to sign anything or even see or be told about the document?....Sweet!

You are really comparing apples and oranges here. You are comparing something you added on to your home ownership, to the original covenents in a timeshare deed. - Not the same thing.

As I'm sure you know, when you buy a house, there is a title search, and if this was done legally it would come up in the title search, and anyone with a clue would refuse to buy the house.

However, when you buy a timeshare, all terms in the original timeshare documents transfer to you. It's the law - you can't pick and choose the terms you want to comply with.

One more time - think about it - if your theory worked, couldn't you legally refuse to pay the maintenance fees because you didn't sign a contract agreeing to pay them?

 

[Ridewithme38]

However, when you buy a timeshare, all terms in the original timeshare documents transfer to you. It's the law - you can't pick and choose the terms you want to comply with.

I'm just trying to figure out, if thats accurate...so far its just one persons opinion...lets get a few more opinions in here before we shot that down, to me it just sounds like your baseing you opinion on what you THINK it should be instead of any legal precident...It may very well be the law...but its kinda scary that someone could sign onto ebay buy a TS and never know what there buying could cost then 10's of thousands of dollars, atleast when buying retail you get to see the documents and physically sign them...without ever having to see or sign anything...i would think it would think hiding of debts or contractual obligations

 

[DeniseM]

Buyers are responsible for their OWN due diligence and there is zero reason to go in blindly on an ebay purchase - or any timeshare purchase!

When you buy resale, you have every opportunity to pay for a title search - and should if a lot of money is involved.

You can ask the seller for a copy of the original documents.

You can ask the resort for an estoppel letter.

If you don't, well, that's on you.

If you buy on ebay, and find out that you've been duped, you can walk away with no penalty - TS auctions on ebay aren't binding.

 

[am1]

its just the way it is. If you do not want to be obligated to fees do not buy a timeshare. Is there is a possibility that you cannot pay fees in the future you are probably best to not buy a timeshare.

There are resorts where you only pay when you use but still have to pay a fee every so many years.

For a lot of people renting timeshares is a much better option.

I have a rental business but I still think it is good advice.

 

[Ridewithme38]

its just the way it is. If you do not want to be obligated to fees do not buy a timeshare. Is there is a possibility that you cannot pay fees in the future you are probably best to not buy a timeshare.

There are resorts where you only pay when you use but still have to pay a fee every so many years.

For a lot of people renting timeshares is a much better option.

I have a rental business but I still think it is good advice.

I'm not looking for a way out...what i'm trying to understand is the proper way in...It looks like the TS documents may follow the deed the way "deed restrictions" do...but i'm having trouble locking down exactly how the TS contracts would transfer with the deed, usually with real estate it's just Debts that transfer...is there something written on the deed itself that says 'by buying this property you also agree to all terms and conditions of the TS and BOD contracts"?

I'm trying to understand the entire buy process from start to finish...i don't want to get into something i'm not already prepared for or at the very least educated about

 

[AwayWeGo]

Contract Or No Contract, The Obligations Of Ownership Are In The Condo Documents.

I'm a little confused...and not that aware of real estate laws...by buying a resale TS and taking over a deed, where am i agreeing and signing on to follow any type of contract?

I know this is a dumb question...and maybe i shouldn't be seeing the TS contract and the deed as seperate things....but aren't they?

The timeshare closing service agencies we used had buyer & seller both complete & sign a sales agreement, which serves the same purpose as a purchase contract.

However that may be, timeshare owners are also bound by the terms & conditions spelled out in the specific condo association documents officially recorded down at the courthouse. Those specify the procedures for reserving paid-for time (e.g., fixed weeks, floating weeks, etc.), for setting up a homeowner association & electing board members -- also the duties & responsibilities & powers of the HOA-BOD, & above all the owners' requirements to pay maintenance fees & assessments.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[timeos2]

You not really answering the question...your just assuming that it HAS to be that way...not why or how just....it has to....So....let me ask a different way...so you don't continue to be mad at me...

How can i be contractually obligated to a contract i didn't sign?

Very easily as the deed carries the obligations/conditions/agreements with it. The seller, other than the original seller, does not have to provide those as once the original buyer signs and ties the deed to the property all rules, regulations, conditions, covenants and whatever else they tie in goes forever on for the ride. All that needs to happen to convey those rights/obligations is to have a new deed drawn up and recorded transferring them to the new owner. Everything else remains as it was on the day of sale and applies to the new owner exactly as it did to the old one. Technically the seller is supposed to pass on all documentation but failure to do so has no impact on the rights/obligations transferred to the new owner.

 

[Ridewithme38]

The timeshare closing service agencies we used had buyer & seller both complete & sign a sales agreement, which serves the same purpose as a purchase contract.

However that may be, timeshare owners are also bound by the terms & conditions spelled out in the specific condo association documents officially recorded down at the courthouse. Those specify the procedures for reserving paid-for time (e.g., fixed weeks, floating weeks, etc.), for setting up a homeowner association & electing board members -- also the duties & responsibilities & powers of the HOA-BOD, & above all the owners' requirements to pay maintenance fees & assessments.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

Ok, so condo association...i.e. BOD-HOA contract automaticly transfers, is there also a contract with the developers...or once you have the mortgage paid off for the retail purchase that contract is pretty much null & void?

Basicly What am i asking the Seller to mail me before i sign on the dotted line and buy a TS resale? What contracts and paper work will i be legally binded to once i sign the deed...i would NEED to read those

 

[DeniseM]

usually with real estate it's just Debts that transfer

Real estate also has terms and covenents.

If you buy into a community with HOA fees, you have to pay the fees, even if you are not the first owner who bought directly from the developer.

If there are strict terms and convenents about changes to your home appearance - you have to comply with those.

It's the same with homes.

 

[DeniseM]

Basicly What am i asking the Seller to mail me before i sign on the dotted line and buy a TS resale? What contracts and paper work will i be legally binded to once i sign the deed...i would NEED to read those

See my suggestions in post #17.

 

[Ridewithme38]

All that needs to happen to convey those rights/obligations is to have a new deed drawn up and recorded transferring them to the new owner. Everything else remains as it was on the day of sale and applies to the new owner exactly as it did to the old one. Technically the seller is supposed to pass on all documentation but failure to do so has no impact on the rights/obligations transferred to the new owner.

Ok...so would it say somewhere on the deed what documents hold the obligations/conditions/agreements that transfered as part of the deed...basicly...if i buy a TS on ebay...and the seller only transfers my name on the deed...how do i know what documents to seek out or what obligations/conditions/agreements i'm libel for?