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I'm trying to help someone sell a 98 yr RTU with 84 years left. According to the resort, there is no deed. The only record they have is the satisfied promissory note. We're waiting to hear back from them about what it takes to transfer ownership. The resort is the Flagship in Atlantic City. If there is no deed, what do we use to record the sale?
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The sale will be recorded by the resort. With an RTU you have a club membership or right to use for a specified period and there is no public recording (usually). -
Sometimes, you get a "Certificate" that states you have "shares" in the property. I believe for one of our timeshares that is a "right to use" we received a " Class A- Shares Certificate". This represents our ownership of the timeshare, and can be transfered to another party.Angela
If you change the way you look at things, the things you look at change.
BTW, I'm still keeping track of how many times you annoy me.
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ok, my deal fell through because the prospective owner wanted some kind of official looking document that stated what he was buying. Who clould blame him? I called the resort to ask what kind of documentation they usually get for a sale like this. They said they would send something out right away. When it showed up it was a letter saying not to pay an upfront fee and a suggestion to place an ad on TUG and tstoday?!?!Comment
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