Quote:
Originally Posted by timeos2
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.
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I completely disagree. I think you need to read the Bluegreen Vacation Club trust agreement before you render such a judgement. Obviously, it depends on how the trust agreement is written.
The only difference between a deeded week and one held in trust is that the transfer is easier since when a deed changes hands in the Bluegreen Trust, it doesn't need to be re-recorded. So, transfer fees can be reduced. In WorldMark, it's only $150 to do a transfer. In WorldMark, all owners get to vote for the board based on how many credits they have.
I actually believe that timeshare needs to move toward a trust model to get away from the horrendous closing cycles. Why would a stock that is 1000 times more complicated than a timeshare be tradable online and in seconds whereas a timeshare takes an average of 2-3 months to close. It's due to the arcane rules of real estate recording.
When you own a timeshare, you are completely held hostage to the quality, caliber and capabilities of the board whether it is independent or a resort developer. Relying on a deed to protect is foolhardy.
