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Re: deeded vs. right to own (by JoAnne S.):

I am in the process of considering purchase of a RTU 2 bedroom/2 bath unit in the Carib., avail. mid-May. It's a 99 yr. lease, with 75 years left on it (per the current "owner"). He says he has had it since about 1991. Is selling it for about $2500 (maint. $800+/yr). I'm interested, but don't want to buy a pig-in-a-poke. He doesn't have pictures of the unit (I've been to the resort so I know what the facility looks like). I like the idea of a place where I can vacation each year and that I enjoy. But, I'm nervous:

What should I receive in the way of documents?

How should monies change hands?

What are the (or some of the) pitfalls I should be wary of ?

He says he'll pay the transfer fee, I'll need to pay the maint. for 2008. Are there any additional, hidden costs, that he's not telling me about but of which I should be aware?

Do I have a time period to reconsider (and possibly change my mind about the purchase)?

Should I have a lawyer involved for handling document transfer as oppose to his telling me we can meet and he'll have all the documents for me?

I have a million questions (and anxieties) about this, but also feel it could possibly be a good deal (he says he's selling because he hasn't been to the property for about three years due to time of year (mid-May) and his children (age 9 and 10) are in school at that time.

Help!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!