Original Message:
Re: Re: My timeshare is paid in full, but I just don't want it anymore (by KC):
allisonp27 wrote:Is it possible if all or the majority of owners agree to sell the entire property?
ONLY if a majority (the exact required percentage will be clearly identified within the “Termination” section of the Declaration of Condominium documents, as recorded in the appropriate County when the timeshare was first built) agree by formal majority vote percentage as reflected in the condo documents, to terminate the timeshare plan. If / after the required majority percentage agrees, the property can be sold off — after settling any liens, loans, tax debts, etc. Proceeds of such a sale will at some point be distributed equally among those interval owners whose account is in good standing (I.e., all fees fully paid up to date). Lawyers, of course, will also take a hefty chunk of money for handling the legal details of the timeshare property dissolution and sale before distributing any money remaining.