Can you assume a DVC Resale contract?

[sjarrell]

Hello all, I have a question. Recently my wife and I entered into a resale contract for 150 BCV points with a December UY. We are paying 85 / pt. After years of waiting and researching we are finally taking the plunge. We passed ROFR a week ago and are looking at a closing around the 16th of June.
Well, we are having second thoughts, mainly due to the economy and our Company (we both work at the same company) seems interested in downsizing. So now I am curious, if I break my contract, which is something I will not due, it would cost me nearly 2K. So what if I found someone to full fill my contract? Is this even possible? I made a cash offer so there was no background / credit check to my knowledge. I have a friend who may be willing to take over my contract but would it need to go back through ROFR? The title search is done and the contract would only change by the names on it. Just curious if anyone can answer this. I really do not want to spoke my broker.

-Steve

 

[disneynutz]

Hello all, I have a question. Recently my wife and I entered into a resale contract for 150 BCV points with a December UY. We are paying 85 / pt. After years of waiting and researching we are finally taking the plunge. We passed ROFR a week ago and are looking at a closing around the 16th of June.
Well, we are having second thoughts, mainly due to the economy and our Company (we both work at the same company) seems interested in downsizing. So now I am curious, if I break my contract, which is something I will not due, it would cost me nearly 2K. So what if I found someone to full fill my contract? Is this even possible? I made a cash offer so there was no background / credit check to my knowledge. I have a friend who may be willing to take over my contract but would it need to go back through ROFR? The title search is done and the contract would only change by the names on it. Just curious if anyone can answer this. I really do not want to spoke my broker.

-Steve

You better talk to your Broker and maybe a Real Estate Attorney.

 

[sjarrell]

thanks for the advice. I really have no intention of backing out. I just figured I would ask here to see if anyone had experience with this. As far as I am concerned if I have to resale it later due to whatever, then I'll do that. Until then I will just enjoy it. Since I entered into the contract I will full fill my part. After all I basically gave my word on it.

 

[TenThousandVolts]

I thought an assumption meant that the second party took over the loan payments. I think you are too late to change the names on the contract now.

 

[horselover]

Hello all, I have a question. Recently my wife and I entered into a resale contract for 150 BCV points with a December UY. We are paying 85 / pt. After years of waiting and researching we are finally taking the plunge. We passed ROFR a week ago and are looking at a closing around the 16th of June.
Well, we are having second thoughts, mainly due to the economy and our Company (we both work at the same company) seems interested in downsizing. So now I am curious, if I break my contract, which is something I will not due, it would cost me nearly 2K. So what if I found someone to full fill my contract? Is this even possible? I made a cash offer so there was no background / credit check to my knowledge. I have a friend who may be willing to take over my contract but would it need to go back through ROFR? The title search is done and the contract would only change by the names on it. Just curious if anyone can answer this. I really do not want to spoke my broker.

-Steve

We got a contract from our escrow company about a week ago. This is what it said on the disclosure - If you chose to add to or delete any part of the Title , it will prompt the Right of Refusal process to start over again.

You should check with your broker. HTH.