Escape Clause

Panama City Beach Florida RCI TIMESHARE Deed For Sale

Q: What does the escape clause entail. Do you have to act on it or is it optional?

A: This is very common clause in deeds for properties. At a pre-determined point in the future, the owners of a property will vote on whether or not to continue ownership based on the condition of the resort. This clause was designed to protect owners from having to pay maintenance fees if the resort's condition is not considered worth the up-keep. Essentially, an escape clause is a benefit to deed holders. Should you decide to continue ownership, an extension of 10-30 years can be expected.Hope that helps and happy to answer any other questions that you have. Kind regards,