DVC & Certificate of Occupancy

[JudithM]

I got a clarification from a DVC CM regarding certificate of occupancy for new DVC sales. The CM said the following: "... there does not need to be a certificate of occupancy to sell IF the resort is registered for pre-sales. In order to sell the resort before it is open, it has to be specifically registered with the state for pre-sales (this is a slightly different process from registering to sell a completed resort). ..."

 

[drusba]

Florida law does not prohibit pre-sales of timeshares before the resort is complete and occupancy certificate is issued. Process is a little different. However, Florida law does its best to discourage timeshare developers from doing pre-sales pre-sales. The payments given have to be held in escrow until the resort is complete (thus the seller does not get the money until then) and the buyer retains an option to back out of the deal until the same time. As a result Timeshare sellers don't have much incentive to do pre-sales.