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

[Ridewithme38 Senior Member Find all posts View Profile Close 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?

[Glitter Brunello Super Moderator Find all posts View Profile Close Glitter Brunello]

If you are buying a deeded week, it's done like a r/e transaction with a new deed in your name. Deeded by seller to buyer. Contract up front should cover sales price, beginning of usage and maintenance fees, deposit, closing costs, etc.

If you are buying points, it's done differently as there is no traditional "deed" - someone else will jump in if that's what you're asking.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

I have both bought and sold re-sale, and, yes, when I was buying there were contracts to spell out the details (not that Stroman . . . on one of them . . . honored their side of the contract).

The ones we have bought from post card companies absolutely had contracts, presented electronically.

There are deeds on all the ones we have owned . . . Florida, Colorado, & Missouri.

On one I resold myself, I don't recall if I/we executed a contract, but I do agree stating to the buyer that the entirety of our email correspondence spelled out the details of our agreement. I could look if it is really important, because, after all, I do save everything.

Other than Stroman being rip-off artists, and having to ride herd on post card company closing agents, I have not had problems with resales . . . well except until now that there is no market.

Oh yeah, I have only been doing this for more than 20 years, so you may wanna ask someone with less experience, as they generally seem to be convinced they know more.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

maybe i shouldn't be seeing the TS contract and the deed as seperate things....but aren't they?

Yes

[Ridewithme38 Senior Member Find all posts View Profile Close Ridewithme38]

I have both bought and sold re-sale, and, yes, when I was buying there were contracts to spell out the details (not that Stroman . . . on one of them . . . honored their side of the contract).

The ones we have bought from post card companies absolutely had contracts, presented electronically.

There are deeds on all the ones we have owned . . . Florida, Colorado, & Missouri.

On one I resold myself, I don't recall if I/we executed a contract, but I do agree stating to the buyer that the entirety of our email correspondence spelled out the details of our agreement. I could look if it is really important, because, after all, I do save everything.

Other than Stroman being rip-off artists, and having to ride herd on post card company closing agents, I have not had problems with resales . . . well except until now that there is no market.

Oh yeah, I have only been doing this for more than 20 years, so you may wanna ask someone with less experience, as they generally seem to be convinced they know more.

What obligations/conditions/agreements transfer automaticly with the deed and what obligations/conditions/agreements need the new buyer to specificly sign off on them?

Is there something on the deed itself that specifies obligations/conditions/agreements or the documents they are held in...or is that something the buyer would have to seek out themselves?

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

Analytical personalities should always review the Condominium Documents and all recorded Amendments thereto prior to signing a contract to purchase the timeshare interest. The condo docs will include information regarding the governance and operations of the resort. It may not provide every detail, but should give you plenty of information to chew on..

To find and obtain a copy of the Condo Docs, start by contacting the resort management company to discover if a copy is available. Most will charge a reasonable fee of approx $50. If they cannot provide you a copy, you can always order a copy from the country clerk. This can be expensive, but there is no better way to study and learn about a specific timeshare regime.

If you preview a legal description for a deed of the resort you want to buy, it should include a reference to the book and page of the condo docs.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

My answer would be that one would not find out anything about obligations of ownership by reading a deed, similar to the fact that one would not find out anything about the obligations of owning a house by reading a deed.

Granted, when you purchase a condo or a timeshare, you take on obligations different that when you buy a house, but a deed is a document of ownership, not of obligation. I'll go read a couple and see if it mentions "timeshare obligations."

If you are unclear about obligations, you should insist on a contract spelling them out. But, in the timeshare world, you learn about many things as you go along.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

On the first deed I grabbed, it refers to Exhibit A, which is a description of the timeshare week and the controlling documents, including:

*the Supplemental Declaration of Covenants and Restrictions (the "Condominium Declaration"), and

*the Declaration of Covenants and Restrictions (the Original Declaration)

There is no mention in the deed of obligations of ownership, but the buyer is assuming the obligations in those documents.

This is one we bought from a post card company and we executed a brief Contract for Resale when we bought it. It does refer to maintenance fees and reservations, but not for the purpose of disclosing obligations. The obligations are assumed. More the purpose of spelling out that it is the Buyer's obligation to state what they want done with weeks that may come up during the escrow period.

When we resold it, our emails with the buyer were the contract, their final one saying, "If all we need to do now is trade check for deed . . . "