Attorney Referral - DVC Closings

[mdv1975]

I have tried every possible search on the Internet for attorneys who are specializing or knowledgeable in DVC closings and the process. I found some who specialize in timeshare, but the ones I called had no real experience with DVC.

Anyone know of any I can contact? Of anyone have a positive experience with their closing attorney and would like to share.

Thanks!

 

[Chuck S]

Why not call a timeshare reseller and ask what closing company they use?

 

[Amy5000]

Are you using a broker who specializes in DVC. I think most people who purchase DVC (whether direct or resale) don't use attys. (I happened to have one in the family who glanced at the paperwork). I read the paper work thoroughly and asked questions or for changes where I felt it was appropriate.

Good luck. Amy

 

[Amy5000]

Chuck S has a good point. For things like the title transfer docs, there are several closing companies with experience in DVC transfers. (I used timeshare title and more (www.timesharetitleandmore.com)). They will prepare transfer docs, but will not do purchase agreements.

Amy

 

[bevotex]

Are you looking for an attorney to make advise on the content of the closing documents or to close the transaction for you?

 

[mdv1975]

I wanted to know the step by step process. The title companies mentioned seem to be very knowledgable, but won't help as it relates to a purchase agreement (I tried them already.) Just want to better understand the prcoess if I go ahead with buying points.

I will try the resellers, but like to be totally upfront, and I am sure they will be less excited to help someone who is not a buyer through them - and I am unsure where I will buy at this point. I could be wrong!

Thanks for the info - I love the people on this board. Any other suggestions would be great.

 

[lisah0711]

Ask the title company for a referral to a real estate attorney. Most title companies will give you several names, usually real estate attorneys or attorneys that they deal with on a regular basis. Good luck!

 

[Dean]

Do you really want to pay an extra $500-600 for an attorney review? If so, any of the brokers should be able to suggest someone and DVC will offer some suggestions as well if you ask the right person. Frankly, I don't think it's needed as there's really little risk if you do your homework which you should do attorney or not. A decent closing company should be able to tell you more than any attorney and most will have an attorney they normally work with if something does come up. The things that can come up are not likely to be helped by having a review anyway.

 

[Doctor P]

For many people buying resale, I would ABSOLUTELY hire an attorney based on what we read on this board. Many people clearly do not understand the product that they are buying, nor insist on the seller providing all of the documentation prior to finalizing the purchase. While you will end up paying more out for the transaction, IMHO it will save headaches down the road for YOU to have a purchase agreement drawn up by a lawyer knowledgeable about DVC and its operations. If you are experienced at real estate and timeshares, probably don't worry about it. If not, I would consider using an attorney.

Buying direct one gets all the disclosures before finalizing the purchase. Buying resale, you need to be proactive about leveling the playing field in this regard.

 

[Dean]

For many people buying resale, I would ABSOLUTELY hire an attorney based on what we read on this board. Many people clearly do not understand the product that they are buying, nor insist on the seller providing all of the documentation prior to finalizing the purchase. While you will end up paying more out for the transaction, IMHO it will save headaches down the road for YOU to have a purchase agreement drawn up by a lawyer knowledgeable about DVC and its operations. If you are experienced at real estate and timeshares, probably don't worry about it. If not, I would consider using an attorney.

Buying direct one gets all the disclosures before finalizing the purchase. Buying resale, you need to be proactive about leveling the playing field in this regard.

I know you're a big fan of the lawyers. Certainly if you get someone who's experienced in timeshare closings FOR THE SYSTEM IN QUESTION, there can be some benefits. However, someone not experienced in this area can cause a lot more problems than they can do good. Plus the number of issues they can protect you from are relatively small, the risks fairly minor if you deal with a reasonable closing company and the return on investment in that attorney very low. Like anything else, getting an "expert" as a means of deferring your own due dilligence it a very poor choice. Given that there are really few variables on a DVC purchase and no real risk of liens not cleared up at closing, I don't feel it's a reasonable approach. Anyone going this route may as well simply by retail.

 

[Doctor P]

I know you're a big fan of the lawyers. Certainly if you get someone who's experienced in timeshare closings FOR THE SYSTEM IN QUESTION, there can be some benefits. However, someone not experienced in this area can cause a lot more problems than they can do good. Plus the number of issues they can protect you from are relatively small, the risks fairly minor if you deal with a reasonable closing company and the return on investment in that attorney very low. Like anything else, getting an "expert" as a means of deferring your own due dilligence it a very poor choice. Given that there are really few variables on a DVC purchase and no real risk of liens not cleared up at closing, I don't feel it's a reasonable approach. Anyone going this route may as well simply by retail.

I actually don't disagree with a thing you've said. The only thing that I would say, however, is that with a resale an inexperienced person would not necessarily know what due diligence meant. Disney does not enforce contract language in P&S agreements, so the buyer may not have reason to know what documents must be provided, nor would they necessarily understand that they were making a purchase subject to an awful lot of rules and regulations that are not transperent to the inexperienced buyer. An attorney well-versed in the particular timeshare program being purchased would be able to help with this. There is a difference between deferring due diligence and not being able to fully discern what due diligence represents in a particular situation, IMHO. I fully agree with your statement about an inexperienced "expert" causing more harm than good.

 

[GusMan]

Many people clearly do not understand the product that they are buying, nor insist on the seller providing all of the documentation prior to finalizing the purchase.
...
Buying direct one gets all the disclosures before finalizing the purchase. Buying resale, you need to be proactive about leveling the playing field in this regard.

Not directed at anyone in general...
I think the above makes a good point. You really need to know what DVC is all about and how the system works way before you decide to actually make the purchase. That means doing a good amount of research and bringing up a lot of "what if's" to the table. I know that a lot of people get excited about their DVC purchase (and rightfully so) but it is a significant commitment and you should feel very comfortable before starting the closing process.

A good rule a thumb... if you still have any "looming" questions that can impact the purchase the day before you are scheduled to close, then maybe you should not close. (And by "looming" Im not referring to questions like "I wonder if I can schedule a week at the BWV's next week with my new points...")

Personally, if you understand the product well enough, I dont think a lawyer is necessary. But that is just my 2 cents. You should do whatever it takes to make you comfortable with your purchase.

 

[disneynutz]

Some people read, learn, investigate, and ask tons of questions here on the DIS b4 buying. Others buy, have no idea what they bought, then ask questions. Some have bought, waited for a couple of years, then all of a sudden decided that it's time for vacation. If you find out that the DVC isn't for you, sell. You may loose some money, but at least you tried out the program and probably had great time doing it.

 

[Mickey Moose]

The question I asked myself when we were closing this year was; would I hire an attorney when I buy a car? Every vehicle I have owned since I graduated high school was more expensive than the 160 points I bought resale. I am very excited about the purchase of DVC my family made, but putting into perspective with other purchases in my life, home, educations for self, spouse, kids etc..., I decided as Dean stated, the risk was relatively low compared to the possible benefit of hiring an attorney for the closing. I guess it is a personal decision, but with a little diligence I found it to be an unnecessary expense.

 

[sjdisneywedding]

all good points, but theres no way I am leaving it to an attorney to give me the due diligence on DVC

the cost simply does not equal the benefits

 

[Dean]

I actually don't disagree with a thing you've said. The only thing that I would say, however, is that with a resale an inexperienced person would not necessarily know what due diligence meant. Disney does not enforce contract language in P&S agreements, so the buyer may not have reason to know what documents must be provided, nor would they necessarily understand that they were making a purchase subject to an awful lot of rules and regulations that are not transperent to the inexperienced buyer. An attorney well-versed in the particular timeshare program being purchased would be able to help with this. There is a difference between deferring due diligence and not being able to fully discern what due diligence represents in a particular situation, IMHO. I fully agree with your statement about an inexperienced "expert" causing more harm than good.

Finding an attorney that knows the product well enough and would be affordable enough to make it worthwhile would be a tall order. Anyone buying resale should know enough about the product to avoid the avoidable pitfalls. I can see one buying retail not being that informed but not resale. Thus the advice of an attorney in this situation is not a reasonable one, IMO.