Buying Resale - how to handle maintenance

[ClarabelleCow]

Just received my final paperwork for my resale contract at VWL - YEAH!!! My question is they want to charge me in full next years maintenance??? Is this the norm, or can I call tomorrow and have it billed monthly???? Could it be just for the first year I have to pay it in full? We are closinig through the Timeshare Closing Services and bought through the timeshare store. We also have a March use year.

Thanks

 

[RobDoc]

If you have already closed and are in the DVC computer, you have apparently received the statement for the 2003 annual fees. They are due by January 15 (or your next 2003 DVC trip- whichever comes first) unless you make arrangements to pay them on a monthly basis as a checking account debit.

Just call them tomorrow (select Member Accounting from the options) and ask to be set up for the monthly payment. There is no service charge to do it that way and is done automatically each month.

Enjoy!

...and...

<marquee>WELCOME HOME!!</marquee>

 

[ClarabelleCow]

I havent closed yet, these are the final papers and in it they included 795.00 for 2003 maintenance??? I just wasn't sure if this is norm? I have to send in a bank check or money order for the final payment. Just wasn't prepared for the extra money because of the holidays?

 

[Chuck S]

Since it is a resale contract there are some questions...did the seller already PAY for the dues/maintenance - if so, you'll need to reimburse him/her. If you haven't yet closed, there may not be enough time to set up the monthly billing for this year. I've always paid yearly, but switched to monthly this year, Member Accounting wanted the paperwork returned by mid-November to set up the bank drafts. If it is too late for this year, sorry. But be sure to call early enough to set it up for next year. Once it is set up, it will continue every year unless you notify MA that you want it changed.

In any event, it wouldn't hurt to call Member Accounting and ask.

 

[ClarabelleCow]

thanks - that is probably the reason I have to pay at once. No problem, just wasn't ready to plunk down more before the holidays -
thanks again

 

[RobDoc]

Are you certain it's for the 2003 dues? - to my knowledge, those bills have not gone out yet. They may be asking you to reimburse the seller for the 2002 dues he has already paid. IMHO, this is a great extra expense since you will be getting a bill from DVC for the 2003 dues.

Since you have not closed yet, there is nothing MS can do for you about the dues at this time. You can set up the auto-deduct once you are in the computer, but it sounds to me like you are expected to pay for the 2002 dues already paid by the seller.

I'd sure want some clarification before proceeding with the closing.

Good Luck!

 

[betslinc]

I am also closing with the Timeshare Store (Dec 9!) and my contract also has both the 2002 and updated 2003 dues itemized on the closing statement. Sounds like this is standard, I was wondering about it too.

 

[Chuck S]

Since dues are on a calendar year basis, this late in the year I don't think I'd want to pay 2002 dues, even if all the 2002 points are still intact due to a late use year. It isn't the buyers fault that the seller is selling so late in the calendar year. That's just my personal opinion, of course. I can understand them wanting 2003 dues in full, though, since they are due early in the calendar year.

And Doc is correct, billing for dues is usually done after the annual meetings, since the budget hasn't gone through the motions of final approval. However, we have received copies of the proposed budgets, which estimates the dues per point. To my knowledge, the final dues billing has always matched the estimated amounts from the budgets.

 

[ClarabelleCow]

It definately says 2003 dues. I will call in the morning

 

[RobDoc]

Call your resale agent to verify that it is the 2003 dues you will be paying. I've not had to do that on any of the resales I've purchased, but they were all closed earlier in the year.

As Chuck pointed out, the dues for 2003 have not yet been voted on for the coming year- although I'd be shocked if the board voted against the budget as proposed.

 

[ClarabelleCow]

pulled out the paperwork - it says "2003 estimated annual dues (DVCMC Association Manager)" I'll call in the morning

Thanks

 

[Dean]

If you pay this, I bet it is money that will go to the seller and you'll be paying the dues again come January. You need to talk to your sales agent and the closing company. You may want to add an amendment to cover this issue. Also, go back and look at your original contract and see if it says you will be paying 2002 dues.

 

[Happy Birthday Cat]

If it is for 2003 dues maybe the closing company anticipates the bill for 2003 dues to come out before the closing takes place. Maybe you could have it put in escrow to specifically pay for 2003 (NOT 2002) dues?

HBC

 

[mickeyc]

You did not mention the amount of points that came with the contract. If you are receiving the full allocation of points for 2002 then I think it is reasonable for you to reimburse the seller for 2002 dues. However, if the contract did not come with all the points intact then I think you could negotiate with the seller to pay for the points you will be receiving. Neither party should pay dues for points they are not using.

When purchasing via Disney you pay on a pro rated basis the first year. However, Disney will give you all the points and then you decide if you will keep them or sell them back to Disney at a reduced rate. Good luck & enjoy your new purchase!!

 

[ClarabelleCow]

THe contract came with 138 2002 banked points we do not pay a dime on those - they are freebies!!!! Part of the negoiations. I phoned the Closing Company this morning. DVC has requested the 2003 estimated fees be paid in full because its too late to set up accounting to have them billed monthly. The Closing Company would have made another call for me, but I decided to just pay it and then next year once all information is in the computers be set up for monthly payments. thanks for your help

 

[buzz5985]

I just mailed my closing papers back to the Timeshare Closing Services, today, 12/2. Date on the closing letter with instructions was 11/26. I did not have to pay the 2003 dues. I also received all of my 2002 points (Dec use year) plus banked points from 2001 and negotiated not paying 2002 maintenance fees. My closing costs were $400. $291.60 closing fee - $78.40 Recording fees - $30 delivery fees. Hope this helps.

 

[CRobin]

Originally posted by want2buydvc
I phoned the Closing Company this morning. DVC has requested the 2003 estimated fees be paid in full because its too late to set up accounting to have them billed monthly.

I am not doubting what you were told, but this sounds fishy based upon my own experiences.

I have in the past advised member accounting in late December / early January (when the dues statements came out) that I would like to have monthly withdrawals, and they accomodated me both times. These were for new dues payments on resales that I had closed on in the prior year.

Maybe this is a new policy, but I'd ask the closing company to speak with member accounting and verify that.

 

[ClarabelleCow]

That's probably the case, but you were already in the computer. It really isn't that big of a deal, I had the money so at least it is paid and won't be worrying about it till next year. I will contact DVC once the dust settles and get set up for monthly withdrawals for the following year. I just mailed off my money and signed documents today. The only reason I think it was done this way was becuse the people I am buying from are from England, it they had to pay in full???Not a problem - at least not this year!!

 

[Terry Sheehan]

I just yesterday sent in my final paper work on an OKW resale. The closing company had also included my 2003 maintence fees. Just to make sure of what I was paying before I did anything I called Pat Spell (Timeshare Store). She confirmed that this was for 2003 and was included because they are due by 1/31/03 if you CHOOSE to pay annualy. Since we choose to pay monthly she instructed me cross it off the contract and send it back with the corrected ammount. BTY, Pat Spell and the Timeshare Store were great to work with!!!!!!!!

Terry