Contract Transition Question

[coup2516]

Hopefully someone will know the answer to this. We are in the process of buying a contract with points that will expiring in Dec 2011. We would like to make a trip from 11/5-11/11. Is it possible to have the current contract owner make a reservation in our names (much like if we were to rent the points) so that the already limited availability does not dwindle in the ~7 weeks it will take to close? Does anyone have any experience with anything along these lines? Basically it boils down to whether Disney will allow a contract to change hands with an active reservation on the books. Thanks in advance for the help.

 

[chalee94]

Is it possible to have the current contract owner make a reservation in our names (much like if we were to rent the points) so that the already limited availability does not dwindle in the ~7 weeks it will take to close?

nope.

you would need to delay closing till after the trip and it would be treated more like a rental (the current owner will control the trip until you check in).

or, you can have them bank those pts so you can use them next year and borrow pts from dec 11 UY if there is still availability for nov 11 after you close.

 

[wdrl]

There is reason to hope that your seller can make a reservation and that the reservation will be still be honored when you become the owner. In the past, Member Services canceled all outstanding reservation when a deed switched ownership. However, in the Public Offering Statement for the new Aulani Resort, it states that a reservation made by a seller can be retained and transferred to the buyer if the buyer elects to do so.

I don't know whether this option is limited only to Aulani or if it is now being offered at all the other DVC resorts. The only way to find out is to have your seller call MS and ask them directly.

Good luck!

 

[Sandisw]

I am in the process of selling a contract and had to put in a delayed closing since we had a reservation using points.

A contract can not change hands with a reservation so unfortunately, you will be at the mercy of availability.

Hope things go quickly for you!

 

[drusba]

They will cancel any reservation made that exists at closing. The Aulani exception is not the rule anywhere else.

Also, you should not buy with an expectation of being able to get a reservation for this year. Possibly rooms will be available for that time in Nov, perhaps at SSR, but there is a chance that nothing will be available, and you should assume that if you will be closing in August or September (your likely closing time) that there is a real risk that you will not be able to use those points for a DVC reservation for this year.

Note I am assuming that the owner cannot bank those points. If those are actually Dec 2010 points, he has until July 31 to bank them and should do so immediately even if he is intending to sell. If those points are ones already banked from 2009 into the Dec 2010-2011 use year, then they cannot be banked again and must be used by Nov 30 of this year.

 

[wdrl]

There is reason to hope that your seller can make a reservation and that the reservation will be still be honored when you become the owner. In the past, Member Services canceled all outstanding reservation when a deed switched ownership. However, in the Public Offering Statement for the new Aulani Resort, it states that a reservation made by a seller can be retained and transferred to the buyer if the buyer elects to do so.

I don't know whether this option is limited only to Aulani or if it is now being offered at all the other DVC resorts. The only way to find out is to have your seller call MS and ask them directly.

Good luck!

Here is the citation from the Aulani Vacation Ownership Plan:

Section 11 - Ownership Rights and Rules

Section 11.3 - Transfer of Ownership Interests

Section I - Existing Reservations - If the Prior Owner made a reservation before the transfer took effect, the DVC Operator can decide whether the New Owner or the Prior Owner will use the reserved Use Period unless the New Owner tells the Vacation Owners Association otherwise in the notice of the transfer. Home Resort Vacation Points set aside in the Owner's Vacation Points Activity Account will be used to pay for the Use Period reserved even after the transfer takes effect.​

I have not noticed similar language in the Master Declarations for the other DVC resorts, so Aulani might be the only resort in which a reservation can be carried over from the Prior Owner to the New Owner. However, it doesn't hurt to check with MS and see what options you have at other resorts.

I know I'm in a tiny minority, but its always interesting reading the Public Offering Statements and Master Declarations for the DVC resorts.

 

[coup2516]

Here is the citation from the Aulani Vacation Ownership Plan:

Section 11 - Ownership Rights and Rules

Section 11.3 - Transfer of Ownership Interests

Section I - Existing Reservations - If the Prior Owner made a reservation before the transfer took effect, the DVC Operator can decide whether the New Owner or the Prior Owner will use the reserved Use Period unless the New Owner tells the Vacation Owners Association otherwise in the notice of the transfer. Home Resort Vacation Points set aside in the Owner's Vacation Points Activity Account will be used to pay for the Use Period reserved even after the transfer takes effect.​

I have not noticed similar language in the Master Declarations for the other DVC resorts, so Aulani might be the only resort in which a reservation can be carried over from the Prior Owner to the New Owner. However, it doesn't hurt to check with MS and see what options you have at other resorts.

I know I'm in a tiny minority, but its always interesting reading the Public Offering Statements and Master Declarations for the DVC resorts.

Do you know the Doc # for the SSR master declaration?

 

[wdrl]

Do you know the Doc # for the SSR master declaration?

At the Orange County Comptroller's website, the document ID for the SSR Declaration is 20040270179. Hopefully, this link will take you directly to the document: https://officialrecords.occompt.com/recorder/eagleweb/downloads/myPdf.pdf?&parent=DOCC26133775

If your seller contacts MS about this issue, please report back what they learn. It would be nice if MS expands this option to other resorts.

 

[coup2516]

At the Orange County Comptroller's website, the document ID for the SSR Declaration is 20040270179. Hopefully, this link will take you directly to the document: https://officialrecords.occompt.com/recorder/eagleweb/downloads/myPdf.pdf?&parent=DOCC26133775

If your seller contacts MS about this issue, please report back what they learn. It would be nice if MS expands this option to other resorts.

Thanks. That document doesn't say anything either way. On a side note, how do you know all the document numbers for the different resorts?

I have asked for the seller to contact Member Services and expressly inquire about the passage in the Aulani documents. I will post the results.

 

[JulieEck]

At the Orange County Comptroller's website, the document ID for the SSR Declaration is 20040270179. Hopefully, this link will take you directly to the document: https://officialrecords.occompt.com/recorder/eagleweb/downloads/myPdf.pdf?&parent=DOCC26133775

If your seller contacts MS about this issue, please report back what they learn. It would be nice if MS expands this option to other resorts.

Thanks for posting the link! Just so others are aware, when you click the link it will take you to a page on which you need to click "I acknowledge". It will then automatically take you to the page the wdrl posted.

 

[wdrl]

On a side note, how do you know all the document numbers for the different resorts?

Declarations for the WDW DVC resorts are filed as "Condo Related" documents with the Orange County Comptroller. They can be retrieved from the OCC website by entering the Document ID # on the Data Retrieval page.

DVC Resort -- OCC ID #

AKV -- 20070050562
BLT -- 20080532599
BCV -- 20020251548
BWV -- 19965711668
OKW -- 19923963815
SSR -- 20040270179
VWL -- 20010015531

 

[coup2516]

Well the agent working my contract simply stated what most on here said. Since I am not yet a DVC member I can't do much with MS. So unless someone else wants to ask it looks like this is going to go unanswered.