View Full Version : Resale Question: How do we verify points?
02-11-2004, 02:22 PM
Well, even with the monkey wrench Comcast threw in, we are still looking to buy at DVC.
We finally have a resale we are interested in, but how does one verify that the points are what the resale store says they are?
That is, how do we know that x are borrowed, y are banked and z are already used for the use year?
Will they send me a sheet from Disney and let me know?
02-11-2004, 02:44 PM
Disney will verify that information during the process. The closing company/title insurance company will have to verify those details before closing can occur. It is up to the seller to provide accurate information to potential buyers or suffer any legal consequences for providing false information about the sale, but Disney has the final responsibility to provide the exact status of the contract prior to closing.
02-11-2004, 05:14 PM
Based on our experience on a resale completed last month, here is how it works:
The seller should represent (in the sales contract) the exact state of all points to be made available in the purchase.
Before the title company sends you (the buyer) the closing materials, which is the final step before purchase, the title company will verify with DVC that the seller's representation (as listed in the sales contract) matches Disney's records.
The title company will send you their DVC confirmation in the closing materials. However, they will also have you sign a release indicating that you understand that the current points status is guaranteed by the seller, not by the title company.
Any misrepresentations must be settled directly with the seller. Since the title company made an independent verification with DVC, there is very little chance for an error to occur and very little time for the seller to use or move the points prior to the change in ownership -- but it is possible. If it were to happen, the buyer would have to file a legal claim against the seller to compensate for the missing points.
The first thing I did after Disney got me into the DVC system was to call up and re-verify my point status.
Don't expect the Title company or DVC to independently verify either the points per year or the current points accounting. You should ask your buyer to get something from DVC, do a 3 way call or give DVC permission for you to contact them, then do so. It is YOUR responsibility to make sure you are getting what you think you are, it's called "due dilligence". Good luck.
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