Quote:
Originally Posted by BocaBum99
Lastly, if you own the deed and DRI owns the HOA, they can still charge you a special assessment whether or not the deeds are in trust. There are lots of things a resort developer can do to make your lives miserable if they want.
Any HOA can whether its independent or controlled by a resort developer. Focusing on one item like the ease of the foreclosure process to declare that deeded weeks are better than deeds held in trust is a red herring and trivial point. Ownerships are still governed by Florida Real Estate Statutes.
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I'm not focusing on that even though it is a critical part. When you hold the deed YOU vote for whatever Board/resort it is at. When the trust holds the deed you have no vote. If the Developer holds the management spot - deeded or not - that's another whammy against owners. Special assessments will always be the bane of condo's/timeshares - better to hold the power of the vote to at least have some say in the matter vs the developers/managements whims. Finally depending on FL statutes to protect your individual rights as an owner is a fantasy. They write great rules but if systems/resorts (hello Wastegate - is there a rule/regulation they haven't broken in Fl? And their not even a trust) choose to ignore them just try to get any action out of them. They and the developer know it costs big $$ to fight them and most owners aren't willing to spend that so they go on their merry way.
I would never - ever - own a non-deeded timeshare as its far too much power to those who simply want your money in a system already far too tilted toward developers/managers and away from the small owners.
As an example what absolute rights would the Trust "owners" (really lease holders) have if this plan goes through to modify the terms, rules or block it? None. Sure you could file a complaint but lots of luck with that going anywhere. If you buy into a trust based system you are putting all your faith in that system running to your satisfaction. If not you have zero rights to change it - your choice is to get out. They could care less as they can resell it. Not a position I want to be in with my upfront buy in to whatever system it may be.
