Info

Schooner Landing is managed by its owners. There is a six-member board of directors elected by the Schooner owners. Each Schooner board member must also be a Schooner Landing timeshare owner. The board of directors approves final decisions regarding the resort and its overall operation and budgeting. However, the CCR's require there to be a "managing agent" for the resort to oversee the day to day operations and perform most corporate administrative and financial reporting functions . Sun Bow Management, Inc., located in Newport has been the managing agent for Schooner Landing since 1993, and works closely with the board of directors. Is there an annual meeting of the owners? Yes, the annual meeting of the Schooner Landing Share Holders Association is held the third Sunday in October. All owners are invited to attend, however, proxy by mail is also used for those not in attendance. Minutes of the meeting are published in the quarterly newsletter and a videotape of the meeting can be borrowed from the front desk for viewing during your next visit to the resort. Am I required to purchase Titled Insurance? Sellers, and especially buyers, should give serious consideration to purchasing title insurance in conjunction with a transfer of ownership of a share in the resort. Basically, title insurance will guarantee that the current owners are "in title" and capable of conveying their ownership interest in the property to the purchaser. In addition, it will guarantee that the ownership interest being transferred and conveyed will be free of liens and encumbrances. Throughout the history of Schooner Landing Resort, during the early development and sale phases, ownership interests were purchased either by deed or contract. If purchased by deed many of the lenders have either merged or disappeared and if the underlying encumbrance has been signed off, it is extremely difficult to clear title of that lien. Many of the contracts have been assigned to entities which also have "disappeared" and in some cases, while the owner may believe they "own" title to the property; their ownership is not complete until a deed has been issued. According to our legal counsel, the incident of problems with regard to title occurs more frequently with the resort than one might normally expect. Therefore, it is an excellent idea for the parties contemplating a sale and purchase to purchase title insurance in conjunction with the transfer to insure and protect both parties' interests. First American Title Insurance Company in Newport, Oregon, is actively involved in issuing title insurance on the sale and purchase of Schooner landing shares and the cost of such insurance is approximately $200.