This is an entirely NEWBIE question, but do you get a deed even if you have a mortgage on your timeshare/vacation club and how long does it take to get one? If not received in a certain amount of time is it ever a loophole to get out of a timeshare?
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Can someone explain deeds?
- Thread starter babycakes
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DeniseM
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A deed is the document that proves your [timeshare] ownership. When you buy a house you also get a deed.
Vacation clubs, that are purely a membership club, do not have deeds - but you will have some kind of membership documents.
In Mexico, where timeshares are "right to use" you get ownership documents, but it's not really a deed.
In most states, you have 5-10 days to rescind your purchase (back out legally.)
What resort are you talking about?
Vacation clubs, that are purely a membership club, do not have deeds - but you will have some kind of membership documents.
In Mexico, where timeshares are "right to use" you get ownership documents, but it's not really a deed.
In most states, you have 5-10 days to rescind your purchase (back out legally.)
What resort are you talking about?
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Some timeshares are basically "usage contracts", commonly referred to as RTU (right to use), with no ownership of anything, so there is no deed.
RTU's are basically contracts granting only a right to use, with no actual ownership of anything, so deed does not apply.
In a "deeded" situation such as the example you cite, you literally own a particular interval --- hence, the deed.
Whether a timeshare is deeded ownership or a RTU contract, maintenance fee obligations are attached.
It's not clear to me whether you have already made this purchase and, if so, whether you purchased in the resale market or directly from a developer.
If it's the latter, state law allows a specific and limited period in which you can rescind (cancel). Missouri law, for example, provides five calendar days.
It's the state in which the developer contract is executed that determines the applicable rescission period. Occasionally, a developer contract is executed in a state different from the state where the timeshare property is actually located; contract execution state determines the applicable rescission period.
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ottawasquaw
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Are you wanting to back out or just concerned about your deed? Sounds like you already have a mortgage. Deed and title are used interchangeably. The Deed is supposed to be recorded as soon as you close. The mortgage lender would want their lien recorded immediately too. However, there's generally a delay before you receive your copies. It should be sent with your title work. When did you close?
Keep in mind, what's important in real estate is what's recorded at the courthouse. That's public record. You can always get another copy.