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declaration and unilaterally approve the recordation of the Termination Agreement, the project documents may require that the owners association give the owners an opportunity to formally vote on the termination. This process is helpful in informing all of the remaining timeshare owners how the project is going to be terminated and how the owners will be compensated for their timeshare interests. If the project documents and state law permit, the easiest way to hold the vote is to send ballots out to all of the owners and require that they return the ballots by a specific date. Step 6: Recording Declaration Amendment and Termination Agreement; Executing Purchase Agreement. Next, the amendment to the declaration and the Termination Agreement can be recorded. Concurrently with the recording of these documents, the Developer and the owners association should execute a purchase agreement, whereby the Developer agrees to purchase the remaining timeshare interests from the owners association. The Developer and the owners association may want to deposit the purchase money in escrow pending the completion of the quiet title action discussed in the next step. Step 7: Quiet Title Action. Most title companies will require that the Developer complete a quiet title action before they are willing to issue a title policy insuring that the Developer owns marketable title to the terminated timeshare interests, free of any timeshare owner claims. Title companies require the quiet title action because there are most likely timeshare owners who (1) have died, (2) are not responsive to the Developer, or (3) are not able to be located—such owners will not have deeded their interests to the Developer. Title companies are not comfortable with record title owners showing in the title records, even though the termination procedures have been strictly followed by the Developer. about Call usance fee n ! maintet incentives n payme • One-on-one personal service for your owners • A brandable exchange platform to compliment any internal exchange program • Owner incentives • Exchange vouchers • Bonus week vouchers Easy, low cost, flexible exchanges Refreshing. It doesn’t have to be so complicated. That’s 800-468-1799 • www.daelive.com September 2009 • Developments North America - Australia - Europe - Asia - South Africa - New Zealand 29

September 2009 Developments

Table of Contents for the Digital Edition of September 2009 Developments

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