Anyone buy into DVC

[Questforthemouse]

Any special rules/tax laws etc...that would effect someone in Ontario buying or reselling DVC? Any hidden costs for Canadians?

 

[dsneygirl]

Nothing comes to mind off hand. I believe there might be some kind of tax withheld on a sale but as buyers nothing was different for us.

 

[madonna31]

I have but one regret of buying DVC; that I didn't buy it sooner.

 

[mickeywho?]

I have but one regret of buying DVC; that I didn't buy it sooner.

Us too! Although with the way the dollar has been going this past year it certainly helped us make that decision. We're headed down for our first DVC trip this February!

 

[surfer_ed]

We did it last year. Only extra thing was to find a Notary to witness the mortgage docs since we financed a small part thru Disney.

 

[mrs.explorer1977]

We just bought a resale through The Timeshare Store and then added on through Disney.

Only slightly inconvenient part was having to find a notary to sign our documents...I just looked up online though and found one at redsealnotary.com. It was a local lawyer and the fee was like $40 or something...

We were in and out of the office with our doc's signed in 10 minutes -- and we made the appointment the same day.

Our first visit "home" is in January and I cannot WAIT!

 

[dhluvsDisney]

No problem here in Wpg at all. As a matter of fact, if you are in Ontario, you don't even have to be in Florida when you buy directly from Disney. We can't even add on thru Disney without doing it while we are there due to Real Estate laws.

 

[Questforthemouse]

Thanks for all the replies everyone. Sure is appreciated. So am I correct in understanding that a notary is only required if you are financing?

 

[RoyalCanadian]

We didn't need a notary when we bought DVC in February 2004 and paid for the entire cost with my VISA card.

 

[ont/ohana]

We bought our contract on our visa card as well when we were in WDW last year. We started researching years ago and should have purchased then. We have 2 trips booked already SSR in December and BCV in March with one next September to OKW. There were no extra costs at the time, all closing costs were covered by Disney.

 

[mrs.explorer1977]

Yes, a notary is only needed when you are financing.

HTH!

 

[F4disneyfan]

We also own it was easy and painless we purchased both contracts direct from Disney we do not get to claim the interest on the mortgage like they do in the US butthat really isn't an issue up here. I know there is a 10% tax or something that has to be paid upon selling your DVC interest I don't know a great deal about it though.

 

[F4disneyfan]

We bought our contract on our visa card as well when we were in WDW last year. We started researching years ago and should have purchased then. We have 2 trips booked already SSR in December and BCV in March with one next September to OKW. There were no extra costs at the time, all closing costs were covered by Disney.

Disney is now apparently charging for closing costs I am not 100% certain if it is on all contracts or currently just on add on contracts.

 

[Diana905]

I currently have the documents for a DVC contract through Disney that I purchased over the phone from my home. I have to sign the documents and return them to DVC (Fedex return envelope included with the documents), no notarized signatures are required.

Because I am not financing with Disney the closing costs total $125.50. This would be higher if were financing. I will be paying for the purchase with my credit card.

 

[minniemomof3]

I'm also in the process of purchasing DVC through resale, buying resale allowed me to buy a smaller contract (less than 150 points). We've been thinking about it for many years now, the strong Canadian dollar has made it a good time to buy. The process was very simple, I contacted one of the DVC resellers and put in an offer on one of their available contracts, once the seller accepted my offer, the contract was sent to me by email, I faxed it back and sent a deposit. I'm now waiting for Disney to either pass the contract or exercise their Rofr.

Closing costs will be $425.

 

[madonna31]

If you are thinking of buying into DVC; buy now. Between the current exchange rate and the Contemporary Resort being the next DVC resort, the cost of points are going to go nowhere but UP!

 

[F4disneyfan]

If you are thinking of buying into DVC; buy now. Between the current exchange rate and the Contemporary Resort being the next DVC resort, the cost of points are going to go nowhere but UP!

I wouldn't be so quick to jump on teh CR DVC bandwagon there are many many other options like the building permits to change rooms over at AKL to DVC that are owned by DVC. They also own a plot of land by AKL that they plan to build on.

 

[madonna31]

Believe me, I'm not jumping on any bangwagon.

Regardless of 'which will be the next DVC resort' - the cost of points will go up - just as they do everytime Disney opens up a new DVC resort.

My only point to the OP is that is they are contemplating purchasing; they should purchase now BEFORE the point increase (about a year from now) was all.

 

[maryliz]

What's ROFR? I've seen this posted before and wondered what it was. I know someone didn't get a contract they wanted because of it - I think ???

MaryLiz

 

[BitsnBearsMom]

ROFR is right of first refusal basically meaning on a resale it has to be approved by Disney first and they can choose to buy the contract back from you rather then letting someone else buy it. They usually only do this if they need or have points from specific resorts in demand.

We also bought into DVC and our only regret like a previous poster was not doing it sooner!!