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Here goes another one that can cause a ton of confusion!
Two types of usage contracts were sold at this resort: membership at Oyster Bay, and membership into American Resorts Int'l Holiday Network. The affiliation with ARIHN has ended, and those contracts can no longer use the Oyster Bay facilities. Many owners aren't even aware that they no longer have access to that particular resort, so it's very common for ads to be listed and marketed incorrectly.
Your resale agent should be able to distinguish between the contract types by reviewing the original purchase agreement of the certificate of membership- but a shortcut is to simply ask the owner how their annual dues check is made payable.. If they answer "Iron Shore"- it is an Oyster Bay contract.. (As always- you will need to doublecheck this info as resorts have a tendency to change procedures frequently..) I also believe that all the Oyster Bay contracts were originally sold as a 98 year leasehold term.
The resort will require notarized letters from both buyer and seller requesting the transfer.. They will then prepare an "assignment and assumption agreement" for both parties to execute. This agreement should also clearly state that future usage is at Oyster Bay.
This document will have to sent in with a $200. transfer fee payable to Pearl Development. Dues can be paid monthly, and the account must be kept current until the transfer completes.
These transfers can take a VERY LONG time as the management office seems to have only a few employees who are responsible for everything! It's not unusual for two months to pass while you wait for the assignment form, or again while you wait for the transfer to finally be completed in their system (although they normally return estoppels within a week!). Patience is very important from all parties!
Two types of usage contracts were sold at this resort: membership at Oyster Bay, and membership into American Resorts Int'l Holiday Network. The affiliation with ARIHN has ended, and those contracts can no longer use the Oyster Bay facilities. Many owners aren't even aware that they no longer have access to that particular resort, so it's very common for ads to be listed and marketed incorrectly.
Your resale agent should be able to distinguish between the contract types by reviewing the original purchase agreement of the certificate of membership- but a shortcut is to simply ask the owner how their annual dues check is made payable.. If they answer "Iron Shore"- it is an Oyster Bay contract.. (As always- you will need to doublecheck this info as resorts have a tendency to change procedures frequently..) I also believe that all the Oyster Bay contracts were originally sold as a 98 year leasehold term.
The resort will require notarized letters from both buyer and seller requesting the transfer.. They will then prepare an "assignment and assumption agreement" for both parties to execute. This agreement should also clearly state that future usage is at Oyster Bay.
This document will have to sent in with a $200. transfer fee payable to Pearl Development. Dues can be paid monthly, and the account must be kept current until the transfer completes.
These transfers can take a VERY LONG time as the management office seems to have only a few employees who are responsible for everything! It's not unusual for two months to pass while you wait for the assignment form, or again while you wait for the transfer to finally be completed in their system (although they normally return estoppels within a week!). Patience is very important from all parties!
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