Timeshare Purchase & Sale Agreement
A timeshare purchase and sale agreement is synonymous with a discontinuous lease. A discontinuous lease is the distribution of property rights between owners. This contract defines the times and dates in which a property owner has entitlement to the property.
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Cost
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Timeshare purchase and sales agreements outline all the costs associated with owning the timeshare. These costs will include the actual cost of the property itself, in addition to any annual maintenance fees, and costs incurred from a property manager or the developer if the timeshare is part of a resort.
Sole Remedy
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A timeshare contact or discontinuous lease includes a clause for sole remedy. While this is not standard language in a typical residential real estate agreement, it is usually included on a timeshare lease. This clause protects all parties that hold stake in the timeshare when one party decides to sell their ownership interest. In other words, should one property owner default on the financial obligations of the timeshare, the remaining owners have an option to call on the sole remedy clause and buy out the defaulted portion, keeping it from foreclosure or opting to buy out the remaining share to become a sole owner of the property.
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Considerations
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Timeshare properties are typically used as vacation homes or as investment properties. When entering into any type of legal, binding real estate agreement it is wise to have that agreement reviewed by a real estate attorney to have all legal language and remedies thoroughly explained and reviewed on behalf of a buyer and/or seller to avoid misunderstandings or misconceptions.
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