Deeding issues
To: Charles Monserrat
From: Jeff Cohen, Kim Thompson
Date: 11/20/2003
There are several issues relating to the deeding of interval interests of which you should be aware. As you know, the timeshare resort is generally governed by a Declaration and set of By-Laws. These documents speak, in part, to when specific interval interests may be deeded. Due to certain technical problems with those documents, our ability to issue and record deeds has been impeded. Attorneys for Equivest St. Thomas, Inc. (Seller) and your owners association are working to resolve these issues, and a resolution is anticipated shortly.
A second issue relates to your responsibility, as an owner, to make payment for real property taxes. At such time as you have made payment in full for your interval interest, Seller will commence the process of providing you with a deed. From that time forward, you shall be responsible for making payment of the real property taxes due upon your individual interval interest.
Finally, due to the limited resources of the USVI government, only a small number of deeds are accepted and/or recorded on a daily basis. Although clearly not under our control, this fact significantly increases the time within which a recorded deed can be delivered to owners.
From: Jeff Cohen, Kim Thompson
Date: 11/20/2003
There are several issues relating to the deeding of interval interests of which you should be aware. As you know, the timeshare resort is generally governed by a Declaration and set of By-Laws. These documents speak, in part, to when specific interval interests may be deeded. Due to certain technical problems with those documents, our ability to issue and record deeds has been impeded. Attorneys for Equivest St. Thomas, Inc. (Seller) and your owners association are working to resolve these issues, and a resolution is anticipated shortly.
A second issue relates to your responsibility, as an owner, to make payment for real property taxes. At such time as you have made payment in full for your interval interest, Seller will commence the process of providing you with a deed. From that time forward, you shall be responsible for making payment of the real property taxes due upon your individual interval interest.
Finally, due to the limited resources of the USVI government, only a small number of deeds are accepted and/or recorded on a daily basis. Although clearly not under our control, this fact significantly increases the time within which a recorded deed can be delivered to owners.
