Bylaws and Declararation of Covenant Restrictions...

[mommomtoJoseph]

Good Morning DVC gurus! We received a DVC contract and it states I need to research these before purchasing. What do these bylaws and covenants state and anything I need to be made aware of before signing on? I did no receive them with the contract.

 

[Doctor P]

Good Morning DVC gurus! We received a DVC contract and it states I need to research these before purchasing. What do these bylaws and covenants state and anything I need to be made aware of before signing on? I did no receive them with the contract.

The seller should provide these to you. It is essential that you read the documents before signing the contract in order that you are fully informed of what you are signing. If necessary, please consult a lawyer to explain the documents to you. Unfortunately, many people have not taken the time to do this and, since the written documents are the only binding statements, are sometimes disappointed later to learn that there are rules and regulations that they don't like or don't want to abide by.

 

[RobDoc]

You might want to get an actual copy for review before signing aything. The documents offer all of the rules and policies for DVC ownership so if you have any questions about how the rules might affect you personally, it would be best to at least read them yourself - or have your attorney take a look at them. They are a fairly lengthy and complex set of documents all written in legalese.

If you are purchasing a resale contract, you could ask the seller to provide the documents or if thru DVC have them send a copy. If this is a resale purchase, you will be agreeing to abide by any rules already agreed to by the seller and to any rules that may be changed in the future.

Regardless what the documents state when you read them, DVC has the right and ability to change many of the rules without discussion from members and without warning to members. they have used that ability many times over the years.

 

[mommomtoJoseph]

The seller should provide these to you. It is essential that you read the documents before signing the contract in order that you are fully informed of what you are signing. If necessary, please consult a lawyer to explain the documents to you. Unfortunately, many people have not taken the time to do this and, since the written documents are the only binding statements, are sometimes disappointed later to learn that there are rules and regulations that they don't like or don't want to abide by.

I understand all of this, but guess I was looking for actually some bylaws and covenant examples. Anyone have any from their contract? Are they all the same or are some different for each property? I guess I just assumed DVC was all worded the same and have the same covenants and bylaws for each purchase. What kinds of rules/regulations would someone not want to abide by with DVC?

 

[RobDoc]

The POS is between 150 - 200 pages and covers EVERY aspect of DVC. There are resort specific documents and multi-site documents (applying to all 8 resorts). Covered in the POS are the policies covering reservations, banking borrowing, annual fees, renting, use of the resort, Buena Vista Trading Company, grid description of the managing entity, grid description of accomodations, delineation of units, grid description of phasing plans, grid description of recreational facilities, grid descriptions of utilities, condominium rules and regulations, operating budget estimates and schedule of purchser expenses - among others.

It would be impractical to anyone to provide a complete description of these items or to attempt to post the documents in their entirety. If a prospective member wants to accept these issues blindly, that is their decision. If they wish to at least read thru the documents themselves, they will have a sense whether a more complete legal review is appropriate in their situation.

Good luck with your decision.

 

[mommomtoJoseph]

The POS is between 150 - 200 pages and covers EVERY aspect of DVC. There are resort specific documents and multi-site documents (applying to all 8 resorts). Covered in the POS are the policies covering reservations, banking borrowing, annual fees, renting, use of the resort, Buena Vista Trading Company, grid description of the managing entity, grid description of accomodations, delineation of units, grid description of phasing plans, grid description of recreational facilities, grid descriptions of utilities, condominium rules and regulations, operating budget estimates and schedule of purchser expenses - among others.

It would be impractical to anyone to provide a complete description of these items or to attempt to post the documents in their entirety. If a prospective member wants to accept these issues blindly, that is their decision. If they wish to at least read thru the documents themselves, they will have a sense whether a more complete legal review is appropriate in their situation.

Good luck with your decision.

I did not ask for someone to post 150-200 pages of documents. Never mind.