Bob Diver Bob, I’m just speculating too, but I think Scott is right. When you buy from trust, you don’t own any specific property. You own a small portion of the trust that owns all the properties. That ownership is expressed as points. When you sell, you sell the actual points. The purchaser gets your points, but with those restrictions.
Don Symons Hopefully that's the case. There are some documents available about the trust. They are very dense and I don't have the patience to read through them all. The link as posted in the fb thread - http://orangelake.com/legaldocuments/index.php Username: holiday Password: welcome!
Scroll down the left hand panel to the trust document section and the trust documents show up in the right panel.
I searched the FL land trust document and found this about rentals... GAE means GlobalAccess Exchange, LLC, the owner and operator of the Club and its successors and assigns.
v. Points Transactions. There are fees associated with various Club Points transactions as follows: Saving Club Points - complimentary Borrowing Club Points – complimentary (however, all outstanding or estimated Timeshare Period Expenses must be paid) Renting Bonus Points - To be determined by GAE from time to time, when available.
13. Non-Recurring Club Points (Bonus Points) From time to time, GAE may, in its discretion, offer Members the opportunity to obtain by a variety of methods non-recurring Club Points. These non-recurring Club Points shall be referred to as "Bonus Points," or otherwise as determined in GAE's discretion. The method by which such Bonus Points may be obtained by Members and others shall be determined by GAE and may change from time to time. GAE reserves the right to restrict the total number of Bonus Points that can be used or obtained within the Club in any one Use Year, the total number that can be rented by a Member during a Use Year, the Reservations for which Bonus Points can be used, the Reservation periods during which Bonus Points may be used, whether or not Bonus Points may be saved or transferred, and every other aspect of Bonus Points. Any applicable payment related to Bonus Points must be made in full prior to a Member's use of such Bonus Points. The availability or use of Bonus Points may be suspended or otherwise limited by GAE from time to time and there is no assurance that a Member will be able to use or obtain Bonus Points at any time during the term of the Membership Agreement. Availability of Bonus Points in any particular Use Year is dependent upon the then current availability within the Club as is determined by GAE in its sole discretion.
Bob Diver Bob, I’m just speculating too, but I think Scott is right. When you buy from trust, you don’t own any specific property. You own a small portion of the trust that owns all the properties. That ownership is expressed as points. When you sell, you sell the actual points. The purchaser gets your points, but with those restrictions.
ReplyDeleteDon Symons Hopefully that's the case.
ReplyDeleteThere are some documents available about the trust. They are very dense and I don't have the patience to read through them all. The link as posted in the fb thread - http://orangelake.com/legaldocuments/index.php
Username: holiday
Password: welcome!
Scroll down the left hand panel to the trust document section and the trust documents show up in the right panel.
I searched the FL land trust document and found this about rentals...
GAE means GlobalAccess Exchange, LLC, the owner and operator of the Club and its
successors and assigns.
v. Points Transactions. There are fees associated with various Club Points
transactions as follows:
Saving Club Points - complimentary
Borrowing Club Points – complimentary (however, all outstanding or estimated
Timeshare Period Expenses must be paid)
Renting Bonus Points - To be determined by GAE from time to time, when available.
13. Non-Recurring Club Points (Bonus Points)
From time to time, GAE may, in its discretion, offer Members the opportunity to obtain
by a variety of methods non-recurring Club Points. These non-recurring Club Points
shall be referred to as "Bonus Points," or otherwise as determined in GAE's discretion.
The method by which such Bonus Points may be obtained by Members and others shall
be determined by GAE and may change from time to time. GAE reserves the right to
restrict the total number of Bonus Points that can be used or obtained within the Club in
any one Use Year, the total number that can be rented by a Member during a Use Year,
the Reservations for which Bonus Points can be used, the Reservation periods during
which Bonus Points may be used, whether or not Bonus Points may be saved or
transferred, and every other aspect of Bonus Points. Any applicable payment related to
Bonus Points must be made in full prior to a Member's use of such Bonus Points. The
availability or use of Bonus Points may be suspended or otherwise limited by GAE from
time to time and there is no assurance that a Member will be able to use or obtain
Bonus Points at any time during the term of the Membership Agreement. Availability of
Bonus Points in any particular Use Year is dependent upon the then current availability
within the Club as is determined by GAE in its sole discretion.
Just noticed that annual membership went up to $136 as well.
ReplyDelete