Before I sign, what is the unit number

[apv7]

I just printed out paperwork for the title company for my blt purchase and saw a unit number was listed on the contract. What is that?

 

[supersnoop]

You're buying a part of condo. You will technically own 0.XX% of that physical building. Your ownership is represented by points. The unit is the actual, physical real estate that you own.

 

[CarolynFH]

I haven't looked at our paperwork for many years, but I think that's the unit you actually own a piece of. Just like the contract to buy a house will describe the specific location, lot number, etc., of the property.

 

[LisaS]

When DVC sells a resort, they break it up into Units. A Unit might be one room, or a group of rooms or an entire building in those resorts that have multiple buildings like OKW and SSR. You own some very small percentage of that particular room/set of rooms/building at the resort you purchase. You are not restricted to staying in the Unit you purchased (good thing for those who own part of a Grand Villa!) and most people haven't got a clue where their Unit is located.

The only significance that I'm aware of is that if the Unit you own becomes uninhabitable due to a fire, hurricane, sink hole, whatever, and DVC decides not to rebuild that part of the resort, you would get a proportional amount of the insurance proceeds and would no longer be a DVC owner if that was your only contract. Even if they did decide to rebuild your Unit, I believe you would be precluded from using your DVC points that are tied to that Unit until the rebuild was complete and the Unit was open for occupancy. All of this is spelled out somewhere in the official documents for your resort.

 

[LisaS]

Another significant issue about the Unit you own comes into play if you purchase new construction. Each Unit under construction has an occupancy date associated with it. If you purchase a Unit that is not yet open for occupancy, the points tied to that Unit are not valid for stays anywhere until the occupancy date of that Unit. That's because when you stay anywhere other than your Unit (and that will be 99.9999% of your stays) you are essentially trading your Unit for another Unit either in the same resort or another resort. Until your Unit is open for occupancy, you have nothing to trade so you cannot use those points to stay somewhere else.

 

[com_op_2000]

I forget about that unit thing, walk around the resort, and pick out the rock that I own.

 

[disneynutz]

The fraction of a unit number is what you bought. If the unit is destroyed by storm or fire, owners of that unit number are the ones affected.

Bill

 

[LisaS]

I own points at three resorts but the only place where I know where my Unit is located is AKV because I tracked the Units during the build.

 

[supersnoop]

Another significant issue about the Unit you own comes into play if you purchase new construction. Each Unit under construction has an occupancy date associated with it. If you purchase a Unit that is not yet open for occupancy, the points tied to that Unit are not valid for stays anywhere until the occupancy date of that Unit. That's because when you stay anywhere other than your Unit (and that will be 99.9999% of your stays) you are essentially trading your Unit for another Unit either in the same resort or another resort. Until your Unit is open for occupancy, you have nothing to trade so you cannot use those points to stay somewhere else.

Each unit is also associated with a single use year.

 

[drusba]

You are now in the world of legalese. As noted the "unit" could be a room, multiple rooms, or even a building (although at BLT it is a room or multiple rooms). It is essentially like a condominim but rather than owning a entire room in the condominium building you will own a small percentage of the unit since you are buying only a small timeshare portion of the unit.

As to the importance of the unit: your portion of it is actually what you own and can later sell. However, as to reality in reservations and use, it means nothing. It would be mere happenstance for you to actually end up staying in a room that is in your unit, unless you made a specific request for a room number within your unit and the request was met.

Hereafter, your life will be controlled not by the unit you own but by points and the reservation system that is based on the use of such points. Like all other members, you will come to believe that points are the most valuable things in the universe that control all things DVC. You will use points to reserve, you will buy more points to get to reserve more, you may bank or borrow points to get to reserve more at any one particular time, you may even someday rent your points. You will continuously think of your points as items of great value, equal to the value of diamonds or rubies. You will become Gollum and your points will be your "Precious." Then one day (it will actually takes days) you may sit down and read through the vluminous Declarations and Multi-site documents, which are two thick volumes of legalese, and you will come upon a provision that will make you gag and wonder if you have been defrauded. The little surprise that you will find is the declaration that points have no value, they are worthless, they cannot legally be transfered for money. However, I assure that once again the legalese means nothing as to your use and reserving of rooms. The points are deemed to only represent your ownership interest and thus legally you are always reserving or transfering the legal interest that you actually own but the reality for all practicable purposes will still be that those points are your "precious."

 

[suebeelin]

That. Was. Awesome. Lol

 

[MouseyMin]

Is there some website where we can look up the location of the different units? After reading this thread, I would like to locate my 'property"!