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Closing question

Discussion in 'Purchasing DVC' started by jocin3, Nov 20, 2012.

  1. jocin3

    jocin3 Mouseketeer

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    We are in the middle of closing on a resale contract. I'm wondering if anyone could answer this question.
    Is it true that Disney requires that any closing after Dec. 14 must include 2013 dues? I was told this yesterday after sending our papers in along with payment in full (via overnight mail).
    I feel like our closing agent is trying to push things through suddenly when a week ago we were told "no problem" (at the time we thought closing would have to be a bit later due to our upcoming trip)
    Something just doesn't sound right to me. This is our second resale purchase-first one went through last year without any problems (handled the same way, same agency but different closing agent) We are not financing and paid in full with check from our money market account.
    Thank you in advance.
     
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  3. Sandisw

    Sandisw Moderator Moderator

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    That doesn't sound right to me...we don't have to pay until mid January and no late fees happen until mid February so I don't see why contracts would have to have them paid upfront.

    Can you even pay the dues that far in advance? I didn't think you could until they are billed and IRRC, we don't get the bill until the end of December or early January...
     
  4. Lizard Valley

    Lizard Valley Mouseketeer

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    I'm in the process of closing as well, with Fidelity and First American. I was also quoted closing costs including 2013 dues. When I questioned it, I was told that Disney requires estimated 2013 dues to be paid for all contracts closing on or after Dec. 15th, and the closing /title co. was just being proactive. I was offered the option to not include the 2013 dues with my payment, and just adjust if it doesn't close by Dec 15th. It better...both parties were sent closing docs on Nov 9th.
     
  5. jocin3

    jocin3 Mouseketeer

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    Thank you both so much for your replies. I guess maybe this is a new policy? (or perhaps since we closed on our last contract in June this did not even come up due to time of year). :confused3
     
  6. drusba

    drusba <a href="http://www.wdwinfo.com/dis-sponsor/index.

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    I do not whether it is new policy or not but it does follow the actual rules that apply to dues. Every year by early Dec DVD sends you a pamphlet that sets out the next year's dues and then those are approved at the annual meeting in the first or second week of Dec. Legally those dues actually become due after that meeting and recording of minutes of the meeting which takes place by Dec 15. You don't receive the bill until Jan, with payment due mid-Jan and a grace period until mid Feb, but in actuality the dues were officially due and cut in stone by mid-Dec. Thus if a closing takes place after mid-Dec, those 2013 dues are in fact due and DVD can insist on their being paid in full at time of closing.
     
  7. GrnMtnMan

    GrnMtnMan DIS Veteran

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    My closing was December 22, 2011, and I had to pay 2012 dues to have the contact close.
     

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