TIMESHARE

A timeshare or vacation ownership is the right to use specific weeks at a resort during a specific time period. It can also be described as the pre-purchasing of future vacation weeks. Vacation ownership is to be enjoyed and used year after year and can be considered an investment in quality lifestyle but not a financial investment. Ownership of a timeshare is very similar to ownership of a condominium except your rights are limited to certain weeks or seasons during the calendar year.

Our vacation ownership is deeded which means it is an interest that is owned outright forever. It is an absolute right that can be sold, leased or willed to your heirs. Our timeshare UNITS are “floating,” which means you own a style of unit, not a specific unit, (either a one bedroom TYPE II or two bedroom TYPE I). Check-in days are Friday for the 500 and 200 buildings; Saturday for the 100 and 300 buildings and Sunday for the 400 buildings. Our WEEKS (intervals) are also “floating”, which means you have the right to select any available week within the season you own.

There are 3 seasons of ownership at Schooner Landing: YEAR-ROUND which allows the owner to reserve available units anytime within the calendar year, WHITE TIME which allows owners to reserve available units from mid-October to mid-May, and RED TIME which allows owners to reserve available units from mid-May to mid-October.

We have no “fixed” units or “fixed” weeks. If you own a YEAR AROUND week (interval), it is more competitive to find availability during peak times (such as school-out dates). RED and WHITE TIME owners may ONLY reserve in the season they own.

• Flexibility

• Activities

• Communication

• Use

• Non Profit

We use a “Booking Lottery” style reservation system. To participate, you must fill out a reservation request form and make sure that we receive the form by the January 15th deadline each year for date requests for the following year. The reservation request forms are shuffled in a large dryer and drawn one at a time until they are all processed. Owner accounts must be current in order to participate.

Bonus Time is sold at discounted rates to owners and/or their guests. It can only be reserved for a maximum of 45 days in advance of the desired arrival date. Use of this time is NOT based in any way on the timeshare interval you own. Since Bonus Time results from unused regular reservation time, it is inconsistently available and limited during peak demand periods like summer.

If an owner finds he/she cannot use his/her time during a particular year or perhaps has to cut his/her week short, the owner may place his/her unusable time into the rental program. The resort reservations coordinator and front desk staff attempt to rent your time to the general public. If successful, the owner association pays you, the owner, 60% of every rent dollar collected. The remaining 40% is kept by the Association for costs involved in providing daily cleaning, credit card processing, and rental processing. An Owner Rental Contract must be on file and you must complete an Owner Rental Verification Form.

Annual Assessments are due yearly on January 1st.

Owners may split up their 7 nights of ownership into 2 or 3 visits, 2 nights minimum.  However, the owner will be charged a cleaning fee on the second and third visits. Also, owners may only reserve 1 weekend per interval owned. A weekend is defined as a Friday and/or Saturday night stay.

Schooner Landing is managed by its owners. There is a 7-member board of directors elected by the Schooner owners. Each board member must also be a timeshare owner. The board of directors approve final decisions regarding the resort and its overall operation and budgeting. However, there is a “managing agent” for the resort to oversee the day to day operations and perform most corporate administrative and financial reporting functions. Tricom Management Inc., located in California is the managing agent for our company and works closely with the board of directors.

Yes, all owners are invited to attend, however, proxy by mail is also used for those not in attendance.

Sellers, and especially buyers, should give serious consideration to purchasing title insurance in conjunction with a transfer of ownership of a share in the resort. Basically, title insurance will guarantee that the current owners are “in title” and capable of conveying their ownership interest in the property to the purchaser. In addition, it will guarantee that the ownership interest being transferred and conveyed will be free of liens and encumbrances.

Please click here for more information about purchasing titled insurance.