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Re: Special assessments (by Carvan A.):

"Can anyone tell me how long I can legally be saddled with special assessement fees?"

I agree with Ken's comments suggesting you may have mischaracterized what you are calling a special assessment fee but I thought I would add a footnote that addresses your initial question.

One who purchases a deeded timeshare purchases the property subject to a declaration filed in the county deed records by the developer prior to the sell of the first unit. Few, if any, potential timeshare purchasers are provided a copy of this declaration during the timeshare sales presentation and few buyers bother to access a copy but be very aware that the terms set out in this declaration set out your legal obligations. This declaration allows the directors (initially named by the developer) to set the annual maintenance fee along with any special assessment fees that they determine are necessary.

Most declarations I have read require the HOA (directors) to maintain adequate reserves to properly maintain the property and to cover unforeseen contingencies. These reserves (an accounting term) are analoguous to the depreciation reserves that a business maintains in the ordinary course of business. There should never ever be a need for a special assessment if the reserves are properly funded from day one. Unfortunately, most developers keep the annual maintenance fees low initially to promote the sell of the timeshares and fail to properly include an amount in the maintenance fee to adequately fund the reserves. This practice results in underfunded reserves and leads to special assessments in later years.

Yes, you are legally "saddled" with the special assessment fees and have little recourse other than paying the fees or selling your timeshare. Failure to pay will lead to a foreclosure and a ding on your credit score. Your rather limited legal recourse would be a suit against the directors alleging they breached their fiduciary responsibility to the owners by failing to maintain a proper reserve. Most directors carry liability insurance to protect themselves but as a practical matter the likelihood of your winning such a suit are slight. I suggest you pay the fees or sell the timeshare.