Question for legal, and RE guru's

[runzwithsizorz]

In early Feb.09 we traded in 2 of our timeshares for one more suitable for us. The resort we bought from gave us an $8000 discount for these 2 properties, and they have honored that deal. We then received a request from a marketing co. (third party?) for quitclaims, on these 2 properties, which we sent. Last week we received a bill for maint.and taxes. Phone calls to the county clerks where these 2 properties are located reveal that this marketing co. filed for deeds on several properties, BUT NOT OURS. Reading the fine print of my contract it states that the process of transference can take up to 12 months. Anyone with a brain knows that this is B.S. Had I known it was going to take so long we could have rented these two properties at a giveaway price of at least $2000 MINIMUM! Never the less, it *appears* that I'm on the hook, by contract for the property assessments, at least until, ????. Now here?s the kicker, this marketing co. no longer exists!!
The WB Marketing Company
1500 Beville Road #606-323
Daytona Beach, Florida 32114
Phone and Fax 1-386-756-4512
Email beth@wbmco.com

Sooo, What now Maynard?

 

[FoBoT]

holy crap, wish i had some good advice

i am guessing the $$ involved makes going to a RE lawyer too expensive?

 

[EagleKeeper]

Check with the resort.

If they do not have a legal record of taking over the property, then they may still be yours.

Especially if the marketing people have gone under (via BK?)

Someone should have obtained the marketing company's asserts.

 

[runzwithsizorz]

Originally posted by: Common Courtesy
Check with the resort.

If they do not have a legal record of taking over the property, then they may still be yours.

Especially if the marketing people have gone under (via BK?)

Someone should have obtained the marketing company's asserts.

Not sure you understand. because we received a bill for maintenance, and tax's on these 2 properties, we are indeed still the owners of record. WB Marketing never filed the deeds with the county clerks, nor took possession at the resorts, which is standard MO, usually less than 60 days. All this time,(since Feb.) I thought it was a done deal. What was I to do, constantly call the clerks office and ask, is it sold yet, is it sold yet, is it sold yet, in hindsight that might have been a good idea. For during this time we could have traded them, or rented them for a vacation for us, or for anyone else, to anywhere in the world. As the owners of record I'm sure we could legally do that, however, selling these two properties, which was/is our intent, when someone, somewhere is holding the quitclaims makes me a bit leery. I should think my questions are obvious, but I will spell it out, how much longer do we have to continue paying for the assessments on these properties till we can legally market them again? Does the resort who arranged this trade bear any responsibility? And who the hell now has these two quitclaims? Something to note, the email addy has not yet bounced back at me, hmmmmm. Something else for you atot pi's wanting to earn some *real* cred's: http://www.sunbiz.org/scripts/...ING&names_filing_type=

 

[alkemyst]

first problem is most don't understand how a quit claim works...(nor a mortgage vs note for that matter).

A quit claim will transfer your ownership, but none of your liability. In a perfect world the new owners pay as agreed and it all works out.

However, if they become deadbeats you are on the hook. Also if they encumber the property further you can be held liable for those new liens.

 

[runzwithsizorz]

Originally posted by: alkemyst
first problem is most don't understand how a quit claim works...(nor a mortgage vs note for that matter).

A quit claim will transfer your ownership, but none of your liability. In a perfect world the new owners pay as agreed and it all works out.

However, if they become deadbeats you are on the hook. Also if they encumber the property further you can be held liable for those new liens.

These are timeshares we're talking about here. It would be impossible for them to incur future, or further liabilities, liens, damages, or encumbrances, without my say so, or WB Marketing taking possession. Taxes, and maintenance fees, well duh, everyone knows this, it's part of what this thread is about. Right now these 2 properties are in limbo. A quit claim filing is just the first part of the two part process of *this* transfer, which would in fact release us of all liability. Since our new resort has already given us $8000 for trading in these two properties, I can only assume WB Marketing paid them.

 

[alkemyst]

A time share is like any other property. People that own them don't always follow the rules. What's the second part of the process and why wasn't it just done from the start?

Also is the third party even affiliated with the timeshare or just an opportunist?

Getting $2000 a week for anywhere in Florida right now is optimistic.

 

[boomerang]

I'm guessing the new resort you purchased from sold those two timeshares to a third party. It seems to me the transaction should have been between you and the new resort initially. In other words, how did the new resort sell timeshares they didn't own to a third party? Some kind of letter of intent from you? Acted as your agent? I know laws vary across the country, but this does not sound kosher to me. I could be way off base.

If you've received the deed to the new timeshare, I guess we can assume they are satisfied with the way this shook down. They must have gotten payment from the third party. So, IMO, you own all three and are liable for the maintenance fees.

This whole deal sounds very suspicious to me. Not from the perspective of your involvement, but from the actions of the other two parties. As I said, laws most certainly vary and I may be way off base.

Disclaimer: I'm not a lawyer and haven't sold real estate in over 30 years.

 

[runzwithsizorz]

Originally posted by: alkemyst
A time share is like any other property.Well kinda, but there are many differences. People that own them don't always follow the rules.True, but my wife,and I have been at this for nearly 30 years, we know the rules. What's the second part of the process Once the the recorded deed is sent back from the county clerk to the marketing co. it *should* be sent to the resort to finalize the process.and why wasn't it just done from the start?Well now, there-in lies the rub

Also is the third party even affiliated with the timeshareWell, yes, and no, kinda like the sub to a builder. or just an opportunist? Hehehehe, you tell me.

Getting $2000 a week for anywhere in Florida right now is optimistic.

The marketing co. is in Florida. Our 7 timeshares are located elsewhere, and it is the *base* locations that determine their trade, rental, and sells value. Let me try and describe these 2 properties in question here. A 1 week stay at a luxury 4 bedroom, 4 bath town home. It has two wood burning fireplaces, sauna, bbq, wifi, 2 fully outfitted kitchens, 2 sofa sleepers, 2 large Jacuzzi?s, washers, & dryers, 6 tv?s, etc, etc. You can do a lockout, and rent the upstairs, downstairs separately. We now live about 3 miles away from this resort, which is why we wanted to sell it. A check of recent rentals shows around $1500. Ya know, with my 3 spare bedrooms, 2 spare baths a den with sofa sleeper, that totals 7 rooms, 6 baths, and 3 sleepers. We could have the biggest atot meet-up of all time in historic Williamsburg. And it would be damn cheaper than the $150 a night Sheridan in Raleigh that Anand recently was at. But I digress. We also have a timeshare for the London Bridge resort at Lake Havasu. It is a VERY large 1 bedroom, with a spiral staircase leading up to your own personal private 400sq.ft. rooftop balcony overlooking the bridge, and marina. Originally there were 2 nice restaurants, and it was gated. They have since turned the restaurants into nightclubs, and have opened the gates to allow hundreds of near naked college girls to roam freely about. Which is why my *wife* wants to sell it. Seems I may have to drop my rental expectations down a notch. But the fact remains, we really don?t care to rent these, WE WANT THEM GONE!