Banking points on a purchase

[itutorfortravel]

We have a contract that needs to be signed...need clarification and possibly some changes made to it before we proceed...

A couple questions...


When would be the banking deadline for an august UY? And if you bank by the deadline can you bank 100% of the bankable points?

Also, what responsibilities does the title company have in a dvc resale? I'm seeing a lot of people say magic vacation title is awesome and that they help make the process faster. What is their part of the process that makes it faster (sorry I'm not real versed in the jobs of everyone in this process!)

Thank you!

 

[disneynutz]

You have 8 months to bank your points from the start of your UY. That's why you are better off buying a UY that covers the 8 months that you normally vacation.

Some title companies and brokers may work faster and not sit on the paperwork. IMO what's the difference, schedule your first vacation long after your purchase so you don't have to worry about the closing date.

Bill

 

[ptlohmysoul]

We have a contract that needs to be signed...need clarification and possibly some changes made to it before we proceed...

A couple questions...


When would be the banking deadline for an august UY? And if you bank by the deadline can you bank 100% of the bankable points?

Also, what responsibilities does the title company have in a dvc resale? I'm seeing a lot of people say magic vacation title is awesome and that they help make the process faster. What is their part of the process that makes it faster (sorry I'm not real versed in the jobs of everyone in this process!)

Thank you!

The banking deadline is 4 months before. I have a March UY and my deadline is Oct. 31. the year before, so for an Aug UY, the deadline would be March 31.

The title company processes all the paperwork. Some companies process the paper work faster. Some also communicate better than others.

.

 

[Maverick]

From a resale contract perspective, expect the entire process (from offer acceptance to points being in your account) to be a minimum of 8 weeks and likely a little longer. Could be several weeks longer depending on how fast both parties get documents returned, length of ROFR process, hiccups in closing documentation process/estoppels, etc.

If you are not planning to use this year's points that would expire on July 31, work it into the contract to have the seller bank them now to eliminate the concern of closing taking longer than expected. If your travel plans change and you decide to use some points before 8/1, you can borrow points from the 2015 allotment. (But you cannot unbank the points the seller banks from the 2013 allotment.)

We made a conscious decision that we would NOT use any of the 2013 UY points and had the seller bank them prior to the 4-month deadline. It was noted as such in the contract / closing documents.

Mav

 

[lovin'fl]

You can have owner bank points now. If these are 2013 points, they must be banked by March 31 and you will be cutting it close (especially if you are using the broker I think you are...I read and posted on your other thread...are you using SMTN? If so, they do drag on longer than the main brokers). I tend not to worry so much about the title company...but choose a solid broker (I have used a few brokers to buy my 5 contracts).

 

[LisaS]

When would be the banking deadline for an august UY? And if you bank by the deadline can you bank 100% of the bankable points?

Yes you can bank 100% of the bankable points at any time within the first 8 months of your UY. As stated, for an Aug UY the banking deadline is Mar 31.

 

[itutorfortravel]

You can have owner bank points now. If these are 2013 points, they must be banked by March 31 and you will be cutting it close (especially if you are using the broker I think you are...I read and posted on your other thread...are you using SMTN? If so, they do drag on longer than the main brokers). I tend not to worry so much about the title company...but choose a solid broker (I have used a few brokers to buy my 5 contracts).

If we have the contract re-written to state that the current owner banks the points, can't he do that now so that we don't have to worry about cutting it close to the March 31 deadline?

I'm not using the broker you mentioned...I'm using another one that has been talked about a good bit, tho. People don't seem to have a problem with the product, just that it takes a really long time to close compared to brokers like the sponsor of this board. From what I read, it's mainly due to the title agency used...

 

[lovin'fl]

If we have the contract re-written to state that the current owner banks the points, can't he do that now so that we don't have to worry about cutting it close to the March 31 deadline?

I'm not using the broker you mentioned...I'm using another one that has been talked about a good bit, tho. People don't seem to have a problem with the product, just that it takes a really long time to close compared to brokers like the sponsor of this board. From what I read, it's mainly due to the title agency used...

Yeah, you can get them to bank the points now and that's probably the best idea in case it takes longer than 60 days.

 

[itutorfortravel]

Just got confirmation that the bankable points are going to be banked for us! That makes me feel better knowing we won't lose those if we can't use them