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From the White Paper:
“Will Time Share properties come under the CIF?”
The LTFC/POAB reply:
“NO.”
“Time Shares sales do not go thru the same property recording and closing process.
In addition the sales prices and number of sales are so small, it would cost more to collect than it would be worth.”
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Analysis:
Are the Time Share properties/owners off the hook? Why should we pick up their share?
Since the Time Share properties/owners won’t have to pay the Capital Initiation Fee (and therefore, will want to vote YES for sure) will they be permitted to vote in the CIF election?
How many votes (votes that they can use in the CIF election) does the Time Share properties control in their personal block-of-votes?
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More Part II FAQs analysis to follow…………………
5 users commented in " An analysis of the LTFC/POAB White Paper - “FAQs for the CIF - Number II” "
Follow-up comment rss or Leave a TrackbackHow is voting currently handled for timeshares on any matter? This is a good point that is brought up. If time share owners are not paying a fee / being taxed, should they have a voice in how things are run?
Instead of a CIF, if you did a “monthly assessment” fee increase, wouldn’t the Time Share owners be required to pay for their share of the capital improvements?
And by the way, are the Time Share owners paying the current special assessment?
Sorry, but I must ask: Is this how you buy votes/elections at Big Canoe?
This question was not answered in Part 2 by the LTFC; would they please answer it here?
“For the homeowners who want to bail out of Big Canoe’s financial problems, will the LTFC/POA Board give each of these property owners a one-year no-CIF grace period in which to sell their homes?”
I talked to RAL, the resort managment company for Petit Crest. Petit Crest has 2 votes for each property, 70 votes total. Any vote made will be according to the Petit Crest owners board.
Time Shares sell ‘weeks’, and not the whole property. My understanding is that the current market is less than 2K per week. A 1% fee would yield $20 per week sold.
I don’t know the cost of administration for BC, but I can expect that administration cost would be higher than a $20 fee.
Taylor
Thanks, Taylor.
You said that the Petit Crest Time Shares have 70 votes. Have many votes do the other Time Share properties have?
The LTFC was asked for a total and never gave an answer.
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