Casualty
(6)
We
purchased our annual timeshare in the late 90's. At the time I
recall specifically asking the salesperson “what happens if we
don't want it for the entire 40 years of the contract?” We were
told it would be easy to sell, transfer to a family member, or that
the resort would purchase it back for a percentage of the purchase
price (a clause stating that percentage was even written into our
contract back then, but the more recent contracts do not include that
clause).
Fifteen
(15) years into our contract, our situation changed and we weren't
using it as much as we had previously, so we had some friends offer
to buy it from us. In December of 2012 we contacted Sunchaser to
arrange the transfer of ownership and they sent the forms required to
do so. One of those forms was an “acknowledgement of liability”
form that we, the “current owners” were required to sign. It
stated “____ hereby acknowledge that if the transferee does not
meet the payment obligations that are set out in the Vacation
Interval Agreement that I/We remain liable with respect to future
payment obligations not made by the transferee”. In other words we
were still on the hook if the new owners defaulted on any payments.
We noticed that this new document was written in November of 2012
(one month prior to our contacting them). Needless to say, we
weren't comfortable with this arrangement, so we requested that
Sunchaser offer to purchase our timeshare back from us. We received
no response from them, but a couple of weeks later we received a
letter from them announcing the renovation and what we would be
required to pay for such capital improvements.
