Risk of buying now for 2017 use

[MPERL]

I see many TS for sale now with 1st use 2017. Is there a risk becoming an owner now yet not have use until next year? If I become owner of record(deed) in say Aug 2016, with 1st use in 2017, and the seller(or his renter) is booked to use it between Aug and end of year 2016, what happens if the TS gets damaged before Jan 2017? If I am the owner of record, am I not liable?

 

[DeniseM]

This is not something I would worry about at all, because you will not be considered the owner for the 2016 usage. If you have a properly written contract and deed, it will be clear that you are the owner of the 2017 usage.

When an owner or guest checks in, the front desk runs their credit card for any room charges or damages.

Please be aware that timeshare damages are really rare - we hardly ever hear about them, so I would not give this another thought.

 

[VegasBella]

It's always a risk since you never know exactly how long it will take to close and you cant be certain the ownership wasn't signed up for an exchange or rental already. But I think it's low risk.

The first two timeshare resales I bought there was no problem using them the next year. But the third one had been entered into a rental program without my knowledge or consent and the resort refused to give me the week. I argued my way into getting another similar week to use so I did get usage that year.

 

[Ty1on]

I think with your "timeshare damage" question, you may be asking about Special Assessments in the face of a catastrophic event. Special Assessments are levied on owners of record at the time the SA is voted by the board, not when the actual cause of need has occurred. With ANY timeshare ownership, there is a risk of Special Assessment. In 2017, 2018, or 2019. Or beyond. I understand that some boards are looser with the decision than others.

Also, if the deed has been filed in your name, and the HOA has recognized you as the owner in October, 2016, for example, you are responsible for the assessment. It is independent of whether there was actually any usage for you within the year.

 

[bogey21]

The real risk is an unanticipated large increase in MF and/or an unanticipated Special Assessment.

George

 

[VegasBella]

I think the OP is actually saying that they are buying a timeshare this year for use next year but this year's usage will actually take place after the sale but by the old owners. They are worried that the old owners might damage the unit? Is that right?

 

[Saintsfanfl]

You are not the owner of record for the usage so you would not be held liable for the damage. There is a difference between the owner of record for the real estate and the owner of record for the timeshare usage.

The exception would be if you are the owner of record for the usage but due to your contract you are allowing the prior owner to use it. In that case you would ultimately be responsible.

Each property may look at the transfer differently but in either case there really isn't much to worry about.

 

[csxjohn]

You are over thinking this. If it's what you want, buy it. Just make sure you are not paying the MFs for this year and not able to use it until next year.

 

[dioxide45]

This is actually the norm. I wouldn't usually look to buy a timeshare unless the use year was the following year.

 

[alexadeparis]

This is actually the norm. I wouldn't usually look to buy a timeshare unless the use year was the following year.

Dioxide is right. This is normal. I have bought and sold over a dozen timeshares this way, no problems ever.

 

[birddog31]

The real risk is an unanticipated large increase in MF and/or an unanticipated Special Assessment.

George

What does special assignment mean?

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[DeniseM]

What does special assignment mean?

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A resort-wide expense that is not covered by the maintenance fee, and is charged to the owners, as a separate billing. For instance: hurricane damages.

 

[birddog31]

A resort-wide expense that is not covered by the maintenance fee, and is charged to the owners, as a separate billing. For instance: hurricane damages.

Ahhhhh, gotcha. That would SUCK!?! Haha

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[DeniseM]

Ahhhhh, gotcha. That would SUCK!?! Haha

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Pretty much...