Contract just came...what do I look for?

[Winksst]

Hello all! I just received our package from Disney for our 220 pt (2-110 pt. deeds) at AKV. We went through Disney to keep the DCL, etc. benefits. So I'm not sure what all I need to *really* read.

I've bought enough houses to know what's in the actual mortgage paperwork, but what part of all of those books and stuff is our actual contract with DVC, you know, the one that explains what we are actually entitled to, etc.

I'm super excited!! Already planning a 2013 Aulani trip! I've wanted to join DVC for years, but finally got my hubby to ok it. He doesn't really care that much either way, but when I showed him the real numbers over time, he understood a little better. But really, DVC is my thing...and I'm really ok with that.

 

[castleri]

The main thing that many here will tell you is that you are entitled to book at your home resort at 11 months from check in date and at all others at 7 months. This could at some time be changed to where you would only have a 1 month advantage for booking but it doesn't seem likely to happen any time soon. Any of the other options such at DCL and ABD and trading through RCI are things that are negotiated yearly and could be taken away completely. Again not too likely in the near future. Things like the discount on the APs and discounts at restaurants are perks that can and do change so are really not guaranteed in your contract. Each time you check in you will get a brochure that details the
"portable perks" available during that time. I haven't looked at any of my contracts in years so can't help with where they are in the paperwork. You should have gotten a book that details the number of points for each type of villa and season so you can figure out how many you need for each trip. The ability to bank, and borrow points is something you should make yourself familiar with right from the start. Most of this information if not all is available on the DVC website.
WELCOME HOME and may you have many wonderful DVC experiences.

 

[com_op_2000]

Read posts on these boards.
Read those parts of the contract you do not reconigse as normal house's contracts.
Read the banking and borrowin
Oh, and read some more stuff.
Make sure you ask about any specific question you may have. The more specific and detail you make your inquire/information request the people on here are more than willing to help.

 

[Muhlenberg]

Something noteworthy...
You're only REALLY guaranteed the ability to book at your home resort.
There may or may not be AVAILABILITY at any resort when you call to book.
If you bought at AKV, they don't guarantee that there will ALWAYS be animals there, although, in all probability, there will be.
Similar thing with BLT...no guarantee that the monorail will always be there.
In all that paperwork somewhere, it basically states that perks come and go, and you really only bought "prepaid" accomodations (for lack of a better term) at your home resort.
Pay attention to banking/borrowing rules, like someone else said.

OTOH...if you can't sleep...try reading the whole thing.

 

[Granny]

Hello all! I just received our package from Disney for our 220 pt (2-110 pt. deeds) at AKV. We went through Disney to keep the DCL, etc. benefits. So I'm not sure what all I need to *really* read.

Personally, I think you need to *really* read the whole thing. You mention that you went through Disney to "keep the benefits". But do you understand that none of those benefits are guaranteed for the life of your contract?

I've been on these boards for ten years and seen countless posts by people who didn't understand what they were truly contractually entitled to, and what were perks. As others have stated, the only thing that you really are entitled to is the ability to book at your home resort, and to do so with some sort of advantage versus non-owners. You're not even contractually entitled to book at other DVC resorts much less DCL, etc.

Don't get me wrong...we enjoy our DVC purchase and the current perks. But at its heart, you are purchasing the right to book your home resort (and most likely other DVC resorts) for the length of the contract for the point purchase cost plus annual maintenance fees. Hopefully that is benefit enough to make the purchase worthwhile for you...then any other perks you will see as "gravy" and not get as upset as they change.

Good luck with the decision...make it an informed one!

 

[KAT4DISNEY]

I'd also recommend reading the whole thing. Of course when you get to the end and it says it can all be changed by DVC you may wonder why but at least you'll have your own understanding of everything as it stands today. If you don't read it you may discover down the road that you weren't told about something that was very important to you.

And when you read the note that it can all be changed you may decide those DCL perks aren't that important since they may not be around forever, but even if you decide they are you will know what can change.

 

[Greysword]

Welcome to the club!

The core are the yellow documents themselves. I'd verify the names are spelled right, the correct people are on the deed, and contact info is accurate. Verify the resort and number of points, as well as UY. Once you understand the main documents, you should be ok.

The books contain info on the management of AKV and our rights as members. If you spent time on these boards, you already know the basics. Personally, I used these as bathroom books and took the info in in smaller doses.

Keep the recision paperwork, so if you have a change of heart for any reason, you can invoke your right to rescind.

Some may disagree, but I think your reasons for purchasing direct versus resale are sound, and our family is grateful we did so as well.

ETA: Some parts need to be notarized, so don't sign them until you are at a notary public. UPS stores generally have a person on staff that is certified, so call your local office to determine when they will be in.

 

[DenLo]

Personally, I think you need to *really* read the whole thing.

I have to agree with Granny and other posts that say read everything. DH and I shared the reading. And then we discussed it. Anywhere it talks about using your membership, read it thoroughly.

And after you've read it call quality assurance (the number is in the paperwork) and ask them any questions you have. We had a list of questions or clarifications to ask. They were pretty surprised that we had really read the stuff. And if you don't understand what they said, ask your questions here on the Disboards. You can also ask your guide, but get complete answers don't let the guide tell you it's not important.

At the minimum read the contract itself, the Vacation Planner, Membership Portfolio and the first few pages of the Vacation Planner, Reservation Tools, the one with all the point charts in it. And finally read the Home Resort Rules and Regulations, it covers the definitions for banking, borrowing, and transfers and then goes into more details, but really it isn't that long of document. Your guide should be able able to furnish you with a PDF. Once you become a member it's available on the member website.

 

[BirdsOfPreyDave]

The minimum you need to do is sign all the Mickeys and date all the palm trees. What I'd recommend you do is read everything. It really isn't that much. You can probably get through it in an evening. Having read the public offering statement (the little white book) at least once will really help you understand what you're getting into. The time to have that understanding is before you sign and return the paperwork. You're still at the point where you can back out if something comes as a surprise.

 

[Winksst]

Personally, I think you need to *really* read the whole thing. You mention that you went through Disney to "keep the benefits". But do you understand that none of those benefits are guaranteed for the life of your contract?

I do understand that, but I'm also pretty sure that over time Disney will do what it can to make sure that buying from them has some kind of advantage. That's just good business. They know folks are buying resale and DVC has to give people a reason to buy direct and pay more. The benefits are sure to change at some point, but I'm confident there will always be some kind of advantage.

We also went through Disney because we had great incentives for being on a cruise. I know I'm paying more than resale would be, but I'm happy with the decision to go through Disney.

I've been on these boards for ten years and seen countless posts by people who didn't understand what they were truly contractually entitled to, and what were perks. As others have stated, the only thing that you really are entitled to is the ability to book at your home resort, and to do so with some sort of advantage versus non-owners. You're not even contractually entitled to book at other DVC resorts much less DCL, etc.

Oh, yeah, I get that all I'm really entitled to is my points at my home resort.

Good luck with the decision...make it an informed one!

Thanks! I'm pretty sure it is! I am really excited!

 

[Winksst]

Thanks everyone! I'll get to reading! I'd already read bits and pieces but now I need to really really read.

Every day that passes I'm more and more secure in our decision. Plus our DD (12) is really excited about it and knowing that it's for her too.

These boards are so great! I used to be on them more (when I looked at DVC the first time) but had to stop because I was depressed about not being a DVC owner. Well, I guess I'm back for good now, huh?

 

[Nonsuch]

...I'll get to reading! I'd already read bits and pieces but now I need to really really read.

Check how your name or names are shown on the deeds
The deed is different depending on your personal situation (marital, tax...), while most of the other paperwork is identical for all owners.

The other obvious things to check: the name of the resort, the number of points, the price.

 

[GoofItUp]

The minimum you need to do is sign all the Mickeys and date all the palm trees.

Mickeys and palm trees?! Now I know what I was REALLY missing out on when I bought resale. All I got were X's.

 

[drusba]

Whether you need to read every word (possible) and understand every word (unlikely) is ultimately a personal choice. You should read to make sure basic info on you is accurate on documents you are signing including points bought, price, your names, any other personal information. You should also read to get basic understanding of how reserving, banking, borrowing, and transfering points work and rules applicable thereto and the information about trading out of Disney to other places. As noted above there are many things for which Disney says it has the discretion to change. It is not as dire as some would make it sound and there are more limitations on what Disney can do than many believe. The Disney Collection is something that Disney has the discretion to end but of course it has thus far been around forever. Ultimately, one way to look at it is that if you have a grasp of the basics to know what you are buying and how it works, that is likely enough to finish the transaction because the one thing certain is that the documents you received are non-negotiable -- you either accept what is in there or decline because Disney does not negotiate any changes to any provisions of the documents you received except that it will correct anything that is in error about you (name, etc.), the number of points purchased, or the price it told you you were paying and most often none of that information is incorrect.

 

[Granny]

Wendy...I think you are doing a good job at researching, asking questions and understanding the purchase. I certainly didn't mean to suggest otherwise in my previous post.

I do understand that, but I'm also pretty sure that over time Disney will do what it can to make sure that buying from them has some kind of advantage. That's just good business. They know folks are buying resale and DVC has to give people a reason to buy direct and pay more. The benefits are sure to change at some point, but I'm confident there will always be some kind of advantage.

The only thing I'll say about this is that at some point, Disney may very well quit building new DVC resorts to sell. Once they do that, they won't care about the resale market. I don't know that it is good to assume that Disney will be building and selling new resorts for the next 30 years.

Regardless, I think your purchase decision process is sound and I'm sure you'll love your DVC purchase!

 

[Winksst]

Well, I've read and read...no questions I don't think. It's all pretty clear. I think the only thing that "freaks me out" is the condemnation stuff, that they can condemn it and kind of say "Sorry folks. Here's your portion of the insurance money. I hope you enjoyed your DVC experience."

Other that that, it's fine. I know I'm entitled only to stay at AKV, and that's all. Everything else is a benefit, which they could end when ever they choose.

Now I'm just waiting on our new contract to come. Since we're dividing it into 2 contracts, they had to send us new ones plus our guide was working on Dream. Delays delays delays. I wanna go play at WDW!!!!

 

[disneynutz]

Well, I've read and read...no questions I don't think. It's all pretty clear. I think the only thing that "freaks me out" is the condemnation stuff, that they can condemn it and kind of say "Sorry folks. Here's your portion of the insurance money. I hope you enjoyed your DVC experience."

Other that that, it's fine. I know I'm entitled only to stay at AKV, and that's all. Everything else is a benefit, which they could end when ever they choose.

Now I'm just waiting on our new contract to come. Since we're dividing it into 2 contracts, they had to send us new ones plus our guide was working on Dream. Delays delays delays. I wanna go play at WDW!!!!

Have you paid your deposit? If so your member account may be set up and you can book your first vacation as a DVC Member.

If your desired dates aren't available, contact your Guide and use your purchase as leverage to have your Guide book your first reservation.

Bill

 

[Deb & Bill]

Well, you have already drunk the Kool-aid, so it may be too late. When you try to book a cruise using DVC points, you may be told, sorry, nothing is available for points for your trip, except maybe the Deluxe lodging which is 1000 points for the first guest. Or everything is booked until 2020 for DCL. There were a lot of angry DVC members last fall who were told nothing was going to be available unti Sept 2011 or something like that.

So, even though you got the 'benefits' for buying direct from Disney, those benefits aren't going to be the same you are used to as a cash paying guest.

Good luck with your purchase.

 

[Winksst]

Have you paid your deposit? If so your member account may be set up and you can book your first vacation as a DVC Member.

If your desired dates aren't available, contact your Guide and use your purchase as leverage to have your Guide book your first reservation.

Bill

The deposit has been paid but I haven't gotten my log in info or anything. I've even got my cards! My guide knows I want to book and that I'm anxious to get that going, but he hasn't offered that as an option.

He wants to help me make my first reservation, so hopefully he'll use a little DVC pixie dust to make it happen.

 

[KAT4DISNEY]

The deposit has been paid but I haven't gotten my log in info or anything. I've even got my cards! My guide knows I want to book and that I'm anxious to get that going, but he hasn't offered that as an option.

He wants to help me make my first reservation, so hopefully he'll use a little DVC pixie dust to make it happen.

You just call MS to book - you don't have to have website access to do that. And actually for the website access MS can assist you with logging on and you don't have to wait for anything to come in the mail. If MS can't book your reservation then I'd go back to the guide and see if they can help you like they apparently told you they could/would.