Timeshare Resale Purchase Agreement

Deeded Timeshare Ownership. In a part-time company, you either own your vacation unit for the rest of your life, for the number of years set out in your sales contract, or until you sell it. Their interest is legally considered a real estate. You buy the right to use a specific unit every year at any given time and you can rent, sell, exchange or inherit your part-time unit of use. You and the other timeshare owners together own the property of the resort. Be careful with offers to purchase timeshares or overseas vacation plans. If you sign a contract outside the U.S. for part-time use or a vacation plan in another country, you are not protected by U.S. law.

If you want to get an idea of the value of a timeshare stock you want to buy or sell, you should consider a timeshare evaluation service. The examiner should be dismissed in the state of the service. Check your status to see if the license is up to date. If you`re thinking of selling a part-time stock, the FTC warns you to interview resellers – real estate agents and brokers who specialize in reselling timeshare usage rights. You can say that the market is “hot” near you and that they are overwhelmed by buyer demands. Some might even say that buyers are willing to buy your stock part-time, or promise to sell your stock part-time in a while. 5 GUIDE TO USE OF FLORIDA ADDENDUM TO RESALE AGREEMENT FLORIDA ADDENDUM should be added to the resale contract in the following situations: 1. The timeshare unit is located in Florida or 2. The contract is signed by one of the parties in the State of Florida. Under a Florida statute adopted in 1995, the purchaser may cancel the transaction at any time up to one year after closing if a contract in Florida or with a part-time interest in Florida does not contain the provisions of the FLORIDA ADDENDUM.

You must provide certain information to complete the FLORIDE ADDENDUM; This may require you to call the resort to get some of the information. 1. In paragraph 1, enter the amount of the last periodic assessment and the date on which the payment is due each year. 2. If you do not receive a separate property tax bill in addition to your annual maintenance bill, activate the box for the second paragraph. If you receive a separate tax bill, activate the checkbox for the third paragraph and enter the amount of the last tax bill for your unit. 3. If the maintenance tax or property tax is not up to date, you must activate the box for the third paragraph and fill in the outstanding amount. If there is a daily fee for interest or late fees, fill this amount as a “plan for” fee in paragraph 3.

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