12/19/16 - Contract Sales: Good News, Bad News, Wild Rumors
Contract Sales: Good News, Bad News, Wild Rumors
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12-19-16: There have been some wild rumors going around the park about whether or not you can sell your membership on a contract sale.
First the good news: The Association does not care about the terms of your sales. Those are between the buyer and the seller and the Association takes no position on recommending them or discouraging them. In most cases, we don't even know what the terms are that were agreed to.
Now the bad news: Since the Association is not involved in any of the actual sale terms, if you sell your membership on a contract, the Association cannot help you enforce the terms of the contract should the buyer default. And if the buyer defaults on the dues and the park forecloses, you could loose the entire balance on the contract.
This article is in response to a member who has been repeating something she heard from her agent who she says heard it from a board member. She didn't take the time to actually ask the board member to verify the conversation, but instead published her understanding in a broadcast to many members. The board member she quotes third hand never said what she claims. He did talk with her agent to explain that the buyer must pass a background & credit check, what the Association does in a closing, and that the real property is not transferable but remains the property of the Association.
Also a reminder: The proper way to contact the board is either in person. by phone, by U.S. Mail, or by email to safari3205@gmail.com. Board members do not monitor other message services (including Google Groups) and thus are generally unaware of postings on those media.
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