CPO 2011 Contracts Time is ticking by.
Register your sale of apartment now with the finance department in Albufeira.
The following has been taken from a letter sent to owners in 1992 from Julia Summerfield on behalf of Clube Praia Da Oura offering LIFETIME OWNERSHIP beyond 2011.
In 2011 the apartments will be sold and owners will have the choice of:
1. Receiving 1/51 of 75% of the then market value of the apartment after deducting taxes and expenses, as outlined in the agreement.
2. Within 2 years of 2012 you will have the right to acquire the weeks/s in your apartment, paying the owner the matrical value as determined by the Finance Department of Albufeira.
At 31st December 2011 a valuation would have to be agreed for the 600 apartments and you will receive your share under the terms of your agreement.
CLUB TRUST SCHEME
The timeshare titles relating to Clube Praia Da Oura will be transferred to an independent company under the stewardship of an independent Trustee.
The trustee will control the sold weeks on behalf of the timeshare owners and the unsold weeks on behalf of the developer.
Mr Andrew Jackson, Solicitor (the Trustee) of Hutson Poole & Williamson, 17/18 Quarry Street, Guildford, Surrey. GU1 3XA, was named in the correspondence however you will have to contact Petchey (Management & Finance) Limited to confirm this as it was in 1992. However I have found that at the moment there is no Trustee?.
The Trustee will hold a promissory contract relating to all the property at Clube Praia Da Oura, which includes the communal parts, e.g. swimming pool, restaurants etc, as well as the time-share units. This will ensure that there can be no dealings (either sale, mortgage, guarantees made relating to the property) without the Trustee’s permission.
LEGAL OBLIGATIONS. - Decree Law 130/89
Under the above legislation introduced in Portugal, all timeshare companies are now required to comply with the above law, which includes the following minimum standards.
1. Service of apartments (including building maintenance, essential repairs, use of water, gas, and electricity etc).
2. Transfer of use of the apartment.
3. Insurance cover in the event of part/complete damage by fire.
4. Arbitration procedures in the event of disputes.
Please add your comments and any question as time is running out.
You can also contact Petchey Management om 020 8252 8000
The person to Contact is:
Ana Maria Rosa: email: AnaMariaRosa@petcheyleisure.com
Her PA is Dinora Santos email: DinoraSantos@petcheyleisure.com or you can arrange to meet her on site when you visit.