After a guide draws up the contract?

[Disney Princess]

We are considering an add-on at VGC, and I know the incentives are supposed to change on the 15th. I think I've read on here that we can have our guide draw up the contracts under the current incentives, but that if the new ones are more suitable to us we can have him redo the contracts. Is this true? Do we need to notify our guide of this in advance so that he knows?

Also, if he draws up the first contract, how many days do we have to change our minds?

Thanks in advance!!!

 

[disneynutz]

You have 10 days after you return the signed documents to cancel.

In the past, it seems to me that Disney deliberately waits to announce the new incentives until it's too late to cancel. That's what happened when we bought AKV. We thought that we had the best deal, and several weeks later, Disney offered a better deal.

 

[lark]

What I've heard is that the cruise incentive will end on the 15th and the price per point incentive will end on the 20th.

I don't know if there's any guarantee they will announce new incentives as soon as the old ones expire, but I'm sure there are some who have the history on how that goes.

If you take a couple of days to return your stuff, you should still be within the recission period on the 20th -- at which point you can just call your guide and ask whether you can get the new incentives. If he or she says no, then you can decide whether to rescind and start from scratch.

You should read your docs very carefully when they arrive about the right to rescind, though and not rely on internet message board advice. If you rescind, you must do it exactly as specified in your docs.

 

[Disney Princess]

Thank you both for your replies. So, I understand that we have 10 days to change our minds after signing the documents. (And yes, we'll read the paperwork thoroughly before signing.)

My question now is: how long can we have the documents before signing and returning? Obviously we can't keep them for years, but we were curious if we could wait to return so that we'd hear the new incentives.

Disneynutz - I'm sorry to hear about your AKL incentives. Thanks for sharing your wisdom with us.

 

[Mtnman44]

I'm sure DVC won't refuse your money at any time. They like to create a sense of urgency just to speed the sales process along. We waited over 60 days after paying our $500 deposit and getting the paperwork before we finally sent it in. Our guide knew about this and it was no problem. If a new incentive had come out and I wanted to re-draw up my contract, I'm sure it would not have been a problem.

 

[Crystal_27]

Thank you both for your replies. So, I understand that we have 10 days to change our minds after signing the documents. (And yes, we'll read the paperwork thoroughly before signing.)

My question now is: how long can we have the documents before signing and returning? Obviously we can't keep them for years, but we were curious if we could wait to return so that we'd hear the new incentives.

Actually, you have up until the date of closing to change your mind. Typically, the estimated closing date is set for approximately 30 days from the date your Guide prepares the paperwork. However, once your contract has closed (i.e., DVC has sent the deed to the real estate records for recording), you cannot make any further changes. As to how long you have, the paperwork states that the documents should be returned within 7 days, but I've found DVC to be very very flexible on that date. However, I would recommend calling Member Administration at the expiration of the 7 day period and letting them know that there will be a delay of XX days. Good luck!!

 

[lark]

Actually, you have up until the date of closing to change your mind. Typically, the estimated closing date is set for approximately 30 days from the date your Guide prepares the paperwork. However, once your contract has closed (i.e., DVC has sent the deed to the real estate records for recording), you cannot make any further changes.

Interesting. Although, again, I would suggest that everyone read their contracts and the right to rescission language very very carefully. While it may be that, as a matter of practice, DVC will let you out of the contract prior to closing, I don't think they are required to. Typically, your right of recission under Fla law runs from the date you sign the contract and accept it by sending it back, not the date Disney gets around to recording your deed and mortgage if you've given them one by taking a loan.

In other words, if you were past the recissionary period, and were to call Disney asking to take advantage of a new incentive, perhaps they could let you have it to keep a customer happy, but I am reasonably sure there is no requirement to do so. The fact that you have a right to rescind is your hammer to compel them to let you have the new incentive, because you can tell them that you'll just rescind and rebuy. Although, they could tell you even if you try, they won't give you the new incentive. I doubt they would do that, though -- they want the sale.

For this cycle, I think it's largely irrelevant. It's now 7 days from the end of the current incentives, so anyone receiving their paperwork now should have plenty of time to wait and see.

 

[Sandisw]

Thank you both for your replies. So, I understand that we have 10 days to change our minds after signing the documents. (And yes, we'll read the paperwork thoroughly before signing.)

My question now is: how long can we have the documents before signing and returning? Obviously we can't keep them for years, but we were curious if we could wait to return so that we'd hear the new incentives.

Disneynutz - I'm sorry to hear about your AKL incentives. Thanks for sharing your wisdom with us.

We added on a 2nd contract at BLT in June, right before the new incentives were announced. We also delayed final payment of the contract for 30 days (wanted to miss the statement date on my Disney Visa since we were using that to pay and didn't want it to show up until August).

They were able to set this up for us which put the closing over a month after we asked them to send us the papers. My guide knew we would not be signing them until the new incentives were released on June 15th since we would be asking for new contracts if they were better. They were not so we signed and sent them back.

As PP said, we are now close enough to the dates that the old incentives are set to expire so holding off on things for a bit should not be a problem.

Good luck!!!

 

[Disney Princess]

My husband just got off the phone with our guide. He was very nice and is drawing up the papers. The guide mentioned that if the incentives get better, he'll rewrite the documents to get us our best deal. No problems, no concerns! Thanks for all your opinions and help in the matter.

For what it's worth, our guide said he didn't think the incentives would get better, but worse. Of course it is speculation, but you never know.