Trustees & Management Companies






TRUSTEES

In order to safeguard the financial standing for individually members, many resorts transfer legal ownership from the Developer to a Trustee Company for a nominal amount. The advantage with this system to owners is the ability to continue with the day to day administration of a timeshare resort, even if the Developer or Management Company go into liquidation. In these circumstances, the Trustee as legal owner would have the authority to appoint a new Management Company and continue trading.

There are numerous Trustee Companies but the vast majority of resorts operating on this basis use one of the three main players in the timeshare industry.





MANAGEMENT COMPANIES

Many Timeshare Resorts set up a separate Management Company to administer the day to day running of the resort. The management company will confirm reservations and in general are responsible for the collection of annual maintenance fees.




MANAGEMENT FEES


All timeshare owners have to pay an annual maintenance fee for the upkeep of the resort. Members who have a bi-annual week (even year only or odd year only) will pay for the year in which they have occupancy, so will be invoiced every two years.

The actual cost will depend on the expenditure level of the resort and will cover items such as: upkeep of the swimming pools, leisure facilities gardens and grounds as well as renewal of furnishings and decorating in the apartments and communal buildings.




TRANSFER OF MEMBERSHIP

Some resorts have a complex system for transferring membership from one owner to another and the criteria laid down by individual resorts can vary widely. A resale agent with ote membership will have the knowledge and expertise to complete a successful transfer and confirm the membership carries no debt.