Timeshare Resale Contract



TIMESHARE RESALE CONTRACT

Seller Tel

Hyatt Residence Club Number

Address

Buyer Tel

Hyatt Residence Club Number

Address

Seller agrees to sell and buyer agrees to purchase the following timeshare (and all appurtenance thereto) in the HYATT xxxxxxxxxxxxxxxxxx, (address ), situated in ( City, State, Zip including the share of the common elements of this timeshare estate.

CONDOMINIUM UNIT NUMBER ##### UNIT WEEK xx

Occupancy of unit commences: (Date of Week, Date

PURCHASE TERMS:

The total sales price is payable as follows: All cash, of which Buyer agrees to forthwith deposit with Seller held in escrow, the sum of as Earnest Money, to bind this sale, and the balance to be paid in cash at closing.

Buyer shall have the right to the next use of the unit or the right of rental thereof. Subject to the following:

1. Current maintenance fees etc for 20xx have been paid and Buyer will not reimburse Seller.

2. Current maintenance fees etc for 20xx have not been paid and Buyer will pay for same.

3. Current real estate taxes for 20xx have not been paid and Seller will pay $xxx as an agreed upon value.

4. Real estate taxes for 20xx have not been paid and Buyer will pay for same.

5. Any Hyatt Residence Club Points remaining in Seller’s HRC account as of the Contract Date are transferred to Buyer.

If the use rights are assigned to Buyer and Seller fails to provide the necessary facilitation for use to Buyer, Seller authorizes the applicable (maintenance etc.) fees be deducted from the proceeds otherwise due.

Each owner is personally liable for the payment of his/her assessments for common expenses, and failure to timely pay these assessments may result in restrictions or loss of use and/or ownership rights.

There are many important documents relating to the timeshare plan which you should review upon purchasing a timeshare period, including the declaration of condominium or covenants and restrictions; the association articles and bylaws; the current year’s operating and reserve budget; and any rules and regulations affecting the use of timeshare plan accommodations and facilities.

Sellers’ obligation is conditioned upon Hyatt Residence Club not exercising its right of first refusal. This Contract will be submitted to Hyatt and Hyatt will have thirty (30) days in which to decide whether or not to exercise its right of first refusal. If Hyatt exercises its right of first refusal, then this Contract shall be null and void and the Earnest Money deposit shall be returned to the Buyer.

DEFINITIONS: As used in this contract, “timeshare” shall mean any form of ownership providing a right to use and occupy a room, apartment, villa, cottage, or the like for a specified interval of each year, either fixed or varied as to date and place, whether of not such ownership is in fee simple, for a fixed term of years or number of uses, established as part of a condominium regime, club plan or otherwise. “Timeshare unit” shall mean the physical space dedicated to timeshare ownership. “Week” shall mean a seven-day period commencing on 4:00 pm Sunday. Week number 1 is the first week commencing after January 1 of each year; subsequent weeks are numbered consecutively through week number 52 (which shall extend until the commencement of the following week number 1). “Residence club points” shall mean the points established as part of a vacation plan.

PURCHASE AGREEMENT: The Seller agrees to sell and the Buyer agrees to buy (a) the timeshare unit described the allocated undivided interest in the common elements, the use of all furniture and personal property in the timeshare unit, the tight to use and occupy the timeshare unit during the week(s) described, and (b) all credits for prepaid membership and deposited timeshare weeks as set forth or (c) the vacation club points described under “DEFINITIONS”.

PURCHASE PRICE AND PAYMENT: In exchange for Seller’s transferring to Buyer all of Seller’s ownership rights in the property described, Buyer will pay Seller the amount set forth as the Purchase Price. Buyer will pay the Deposit amount stated on the Contract upon Buyers signing the Contract. Buyer will pay Seller the balance of the purchase price at closing of title, but if there is an Escrow Agent, then payment shall be to the Escrow Agent.

LOAN CONTINGENCY: Contract shall be firm and unconditional upon execution by both parties.

CONTRACT DATE AND CLOSING DATE: The contract date shall be 10 days after the date of Buyer’s deposit check, if no contract date is entered into the Contract after it has been signed by both parties. The approximate date for payment of the balance of the purchase price and delivery of the conveyance documents (the “closing”) is not later than 60 days after the date of Contract.

FEES: The buyer shall pay the fee (if any) for the Escrow Agent. Buyer shall pay the cost for recording the deed, Hyatt Residence Club transfer fee, and governmental transfer fees. Seller shall pay charges for cancellation of existing liens.

RISK OF LOSS: Any loss or damage to the property by fire or other hazard is the Seller’s responsibility until the closing. If property suffers damage which has not repaired within 30 days after the scheduled closing date, either party may cancel this Contract and all deposit monies shall be returned to Buyer; the parties shall have no further obligations to each other with respect to this Contract.

TRANSFER DOCUMENTS: TITLE: Seller will transfer ownership of the property and all related rights by a deed in proper form for recording or such other document or documents as necessary to transfer Seller’s full rights of ownership. The Seller shall deliver good and marketable title, free of all liens and encumbrances. In the event Seller is unable to convey such rights of ownership, Buyer’s sole remedy shall be a full refund of the deposit. Seller’s transfer of ownership shall be free of all claims and rights of others, except for (a) municipal zoning ordinances and recorded agreements which limit the use of the property, provided same do not interfere with the present use of the property, and (b) the restrictions, reservations, conditions, and timesharing use or Residence club plan.

CLOSING: POSSESSION: Seller will deliver the document transferring ownership when Buyer pays the balance of the purchase price. Unless otherwise agreed between the parties, closing shall take place by mail. Funds and documents shall be delivered through the escrow agent or, if none, Buyer shall mail the balance of the purchase price to Seller who shall mail the deed or other transfer documents to Buyer promptly upon Buyer’s funds having cleared. Seller shall deliver to Buyer all documents necessary to transfer such exchange network membership and timeshare weeks on deposit. Buyer will also be given constructive possession of the timeshare unit at the time of closing.

TAXES, MAINTENANCE CHARGES: Unless otherwise agreed in this contract, Seller shall pay all real estate taxes, club dues, assessments and common maintenance charges due through the end of the year in which the Contract is signed. Any charges, dues assessments or taxes accruing thereafter will be Buyer’s responsibility. The real estate tax for the year 20xx shall be paid by seller. Since that tax is due at the end of the calendar year, Buyer and Seller agree for purposes of this transaction the real estate tax for 20xx shall be the same as the real estate tax for calendar year 20xx

SATISFACTION OF LIENS: All claims of others against the property, such as mortgage liens, must be paid in full or satisfied on or before the closing. Seller may satisfy such claims from the remainder of the purchase price paid at closing.

BINDING EFFECT: This Contract is binding upon all parties who sign it and all who succeed to their rights and responsibilities. It replaces and cancels any prior written or verbal understandings and agreements. This contract can only be changed by an agreement in writing signed by both Buyer and Seller.

ESCROW:

All deposits and additional funds shall be held in escrow in a non-interest bearing account until documents are transferred. At transfer, all escrow funds are to be released to seller. Escrow Agent will not be liable for any omission or commission only willful acts contrary to this agreement.

The $xxxxxxxx balance of funds shall be paid and held in escrow in a non-interest bearing account at such time that the Hyatt Residence Club approves the sale to Buyer and transfer documents are submitted to the Hyatt Residence Club. At transfer, all escrow funds are to be released to Seller.

OTHER AGREEMENTS:

NONE.

EXECUTION - The parties hereto have executed this Agreement and accept all terms and conditions.

BUYER SELLER

Date: Date:

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