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I own three timeshares in Sheraton Vistana Resorts Lake

Customer Question
Buena Vista Florida., that were...
I own three timeshares in Sheraton Vistana Resorts Lake Buena Vista Florida., that were purchased prior to July 1,2015. S.B. 7025 retroactive, and how am I affected by the new law? Is it retroactive??
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 31 minutes by:
11/13/2015
Real Estate Lawyer: Ray, Lawyer replied 2 years ago
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 43,525
Experience: Texas Attorney for 30 years dealing in real estate
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Hi and welcome to JA. I am Ray and will be the expert helping you today.This bill affected your ownership and the

timeshare terms between owner and time share.

Here is a summary of those changes.

: Specifies that certain provisions relating to condominium board elections do not apply to timeshare condominiums; revises formula requirements for calculating reserves for accommodations & facilities of real property timeshare plans; requires successor in interest to be listed as owner of timeshare interest under certain conditions; requires estoppel letter in certain timeshare resale transfer transactions; prohibits certain activities related to offering timeshare interest transfer services; requires resale transfer agreements to contain specified information; requires establishment of escrow account for certain purposes; provides requirements & duties of escrow agent; providing penalties; revises procedure for trustee foreclosure of assessment & mortgage liens; revises conditions under which trustee may sell foreclosed encumbered timeshare interest; revises & providing notice requirements; provides for perfection of notice; provides requirements for notice of lis pendens; provides exceptions for actions for failure to follow trustee foreclosure procedure. Effective Date: July 1, 2013

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Real Estate Lawyer: Ray, Lawyer replied 2 years ago
Ask Your Own Real Estate Law Question
Real Estate Lawyer: Ray, Lawyer replied 2 years ago

Summary here..

The bill relates to the Florida Vacation Plan and Timesharing Act.

The bill specifies that certain provisions relating to condominium board elections do not apply to timeshare

condominiums. It revises and provides definitions related to timeshare resale transfers.

It revises the formula for calculating reserves set aside for deferred maintenance. The bill

requires an estoppel letter in certain timeshare resale transfer transactions. It prohibits

certain activities related to offering timeshare interest transfer services, and requires

resale transfer agreements to contain specified information. It requires establishment of

an escrow account for certain purposes, and provides requirements and duties for the

escrow agent. It also provides for penalties and applicability.

The bill makes several changes to the foreclosure process for timeshare estates when a trustee is involved.

These changes are procedural in nature.This bill gives regulatory authority for timeshare resale complaints to the Department of Business and Professional Regulation.

I appreciate the chance to help you today.Thanks again.

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Customer reply replied 2 years ago
I have all of that information obtained from the internet. Specifically,I want to know if the the transfer laws apply to existing owerns. For instance , would I be held responsible for CAM and taxes if the buyer fails to pay them ,even after he has a signe deed? My timeshares are deeded fixed weeks. My assumption is that exiting owners,prior to July 1, 2013 would be exempt from the "transfer" part of the law ,but not elimination of the 125% cap elimination on CAM and taxes.
Real Estate Lawyer: Ray, Lawyer replied 2 years ago

You are not liable once the transfer is completed.You need the timeshare to process any transfer forms so that the dues go to the new owner.Once this is done you are out of the picture for any future dues or taxes.But you need to complete the forms required by the timeshare in addition to the deed itself.

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Real Estate Lawyer: Ray, Lawyer replied 2 years ago

If you can leave a positive rating it is always sincerely ***** ***** again.

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Ray
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Category: Real Estate Law
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