TUG MEMBERS: Joining TUG does not automatically register you as a user of the TUG Bulletin Board. You must register yourself.


*ads are disabled when logged in*
  1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.
  2. The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 23 years! Join the tens of thousands of other owners here to get any and all Timeshare questions answered!
  3. Sign up to get the TUG Newsletter for free! Join tens of thousands of other owners who get this every week! Latest resort reviews and the most important topics discussed by owners during the week!
    Dismiss Notice
  4. Follow the TUG Member Banner as it travels the world on vacation with Timeshare owners! Also sign up to get the banner sent to you so you can submit a photo of your vacation with the banner to share with TUG! Banner Thread
    Dismiss Notice
  5. For any of you worried about seeing the "connection not secure" message in your web browser when visiting TUG, rest assured that TUG is no more or less secure than it always has been! read more details here in this thread
    Dismiss Notice

Deeded property vs assumption and assignment of contract

Discussion in 'Buying, Selling, Renting' started by azdave, Nov 29, 2012.

  1. azdave

    azdave TUG Member

    Joined:
    Sep 1, 2012
    Messages:
    51
    Likes Received:
    0
    Trophy Points:
    6
    Location:
    Phoenix
    Hi Tuggers! Can someone tell me the difference? Thanks!
     
  2. FreeIn2010

    FreeIn2010 TUG Member

    Joined:
    Jul 1, 2010
    Messages:
    921
    Likes Received:
    0
    Trophy Points:
    16
    Location:
    Maryland
    My understanding: Assumption and assignment of contract is basically taking over someone's existing contract. In the timeshare world, this is likely non-deeded property. That doesn't necessarily mean it has an expiration date... just that it's not (or perhaps not yet) deeded property.

    My experience: About 12 years ago, we wanted to change the names on a contract purchased a couple years earlier from Wyndham (that still had a loan balance). The deed had not yet been recorded so they had us sign and notarize an Assignment and Assumption agreement. After the loan was paid in full the deed was recorded.

    I believe Wyndham also requires an Assignment and Assumption agreement for Club Wyndham Access contracts.
     

Share This Page