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Silverleaf -- Deed v. Assignment of Beneficial Interest

judgerey

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I recently agreed to a resale purchase at Silverleaf's Oak N Spruce. The seller advertised it as a deeded week. During the closing process I found out the seller had an "assignment of beneficial interest" as opposed to a deeded week. The seller doesn't know the legal/practical difference between the two, and neither does the closing company. Looking for a little guidance from my friends at TUG. Thanks. :wave:
 

Hophop4

TUG Review Crew: Rookie
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Sugar Land, Texas TugMember since 9/2003
Resorts Owned
HICV/Silverleaf Owners-Holiday Hills, Branson; Seaside, Galveston;
Landmark Holiday Beach Resort, PCB, FL
Here is what I found out from a resale company who has a couple Oak 'n Spruce weeks with Beneficial Interest on it.

She says: It has a lease hold or RTU on it. In US there is no expiration date on RTUs. It is yours forever. The units she had also said Perpetual on it. There is no deed but you get a Certificate of Ownership.

You could call Silverleaf Corporate office and have all this verified.
 
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