Buying OKW Resale

[AMI]

My DH and I are finally buying 150 pts. with an OKW resale. We are working with a wonderful woman - don't know if I can say her name as I'm new at this Disboard stuff??? We got the contract info faxed to us last night and I have a few questions that I need help on asap -
1.) Should we hire a lawyer?
2.) Any other advice or things to be wary of or ask or look for?
Thanks so much for your continued help and advice. I love the Disboard messages but I'm still trying to figure out how to find my old messages - I'm not very technical.

[DownNeckBoy]

Congratulations on your decision. I don't think you need a lawyer unless you want every crossed "t" and dotted "i" examined. The contracts are fairly straightforward and there is a wealth of DVC information available on these boards. The contracts are subject to state scrutiny, which should give you some sense of assurance as well. Take a deep breath and think of it this way, for less money than the cost of a new car you will have over 40 years worth of vacations! Good luck the rest of the way!!!;)

[Tiggeriffic]

One thing that you didn't mention is which broker company you are using. As long as it is one of the reputable ones that people here have used, it most likely won't be a problem. However, if it is not one of the two that people here have recommended, you may want to check them out.

Good luck!!

[KathyR]

Congratulations on your purchase, and Welcome Home :)

You more than likely do not need a lawyer, but if it would make you feel more comfortable, then you MAY want to consider it. I have not purchased resale, but I know many here have. They may be of more help in this situation.

You are also able to ask any questions here if you all need to have anything cleared up. There are many knowledgeable people here who would love to help :)

If you want to find your old posts, you can do a search for them. Just click the search button at the top of the page, and you can search by user name. It will bring up all of your posts :)

[Terry Sheehan]

Sorry to disagree but if it was me buying a resale I would hire an attorney! This is not Disney you are dealing with. This is a private transaction. To have an attorney review the contract should cost less than $500. For peace of mind spend the money!

Terry

[rbuzzotta]

We bought OKW resale through The Timeshare Store last October. My DH is very skeptical about everything. We did not use an attorney. The contract is pretty straightforward and they do a title search. I usually get very frazzled when reading contracts but I can honestly say this one was easy. We used Shontell at The Timeshare Store. She was great, especially having to deal with my DH (he questions EVERYTHING!!!).

Good luck and Welcome Home.

[mickeyc]

I purchased a resale last Sept. 2000 and I did not use an attorney. As mentioned above the contracts are straight forward and not in legalese. If you are purchasing from the timeshare store or other reputable agent the closing fees include the following: settlement or closing fee ( timeshare closing fee), abstract or title search, title examination, document preparation fee, title insurance fee, recording fee, state tax/stamp, delivery fee. These are the itemized fees, which is part of the closing cost, usually $ 400 for a 150 pt contract.

If you are buying from a private buyer I would use the Timeshare Closing Service. For a fee they will hold the money in escrow and do the title search. You want to ensure there are no liens on the contract. None of these transactions require the services of an attorney. IMO a $ 500 fee would be excessive for the services rendered.

You also should factor in the above cost to ensure you are not paying more than if you bought from Disney. I know the BWV are the most popular; however, the flexibility of the pt. system allows you to stay at resorts other than your home resort. I am not sure how much of a factor this issue will be in the coming years. Good luck I am sure it will work out. Enjoy!!;)

[David&Danielle]

Don't waste your money on a stupid attorney!!! They will just make it more complicated than it needs to be.

I just bought a resale a month ago and if you can read you can figure it out! It is so simple and straight forward. Don't worry about it, you are very protected in the state of Florida.

[Ed T]

We bought our resale through Jaki ***** at A TIMESHARE BROKER. We split the closing cost with the sellers and Jaki uses a good law firm in Orlando, Holland & Knight which is an international law firm as well. They do all the title searches etc to make sure you are getting a clean title. I wouldn't spend the money for an attorney.

Ed'
DVC 1994

[Mooobooks]

My wife and I bought a 460-point contract at OKW through Shontell at the Timeshare Store last November. $53 a point. Smooth sailing all the way, no lawyer required. I highly recommend the Time Share Store. They made it real easy! We paid the closing costs, but we got a year and a half worth of points.

[AMI]

Thank you all for the advice - my husband and I truly appreciate it and love this board! We are working with Jaki at The Timeshare Store and she is very nice. We have decided no attorney. We are anxiously awaiting any news on the BC DVC - we want to buy our other half there. Thanks again!

[Happy Birthday Cat]

If you are working with Jaki don't worry. She will take care of everything. You don't need anyone else involved. We just bought resale from her last month so we know.:D