Actually I read that as points having been borrowed, not banked. It looks like it's a 150 point contract, but will only have 79 points coming on 2/1/05, meaning that all of the 2004 points have been used and 61 of the 2005 points have already been used, leaving only 79 points left.
You can call the resale agent to verify this. But if there were banked points I would think they would say 229 points coming on 2/1/05 which would mean 150 regular points plus 79 banked points.
Maintenance fees are negotiable between buyer and seller. You need to understand the MF's are on a calendar year and not on a use year. They are due Jan 15th each year, or you can pay in monthly installments via a direct bank draft that you can set up.
For a February use year, then for the calendar year 2005 (Jan-Dec), 1/12th of the MF's apply to 2004 points, and 11/12th of the MF's apply to 2005 points. You would need to verify with the seller whether they are paying the whole year now or they pay monthly. In any case if there are only 79 points left for the 2005 use year, you should not pay the whole year's fees since it appears the seller has already used the points. A 150 point contract equates to 12.5 points per month. Thus 79 points equals 6.32 months. But 1-month of 2005 use year actually will be in 2006, so of the 2005 use year, only 5.32 months of it are in calendar 2005. Thus 5.32/12 = 44.3%. You should not pay more than 44.3% of one year's annual dues.
At OKW dues for 2005 are $3.86/point. A 150 point contract then would have dues of $579 for the year. For receiving only 79 points on 2/1/05, you should only pay 44.3% of $579, which equals $256.50. If the seller expects you to pay more of the dues, then they are expecting you to pay for dues on points they already used.
Note: If indeed they are banked points then everything I said above changes, but it sure reads like there's borrowed points and not banked.
