Deposit Refundable, or NONRefundable

Discussion in 'Purchasing DVC' started by cascadecupcake, Feb 20, 2003.

  1. cascadecupcake

    cascadecupcake Disney Lovin' Michigander

    Mar 4, 2001
    Is the deposit that you put down when you purchase your contract through Disney non-refundable? What if you get the paperwork, read through it, and decide it's not right for you? Do you get that money back, or is it gone?

    (sorry, I know it seems like a silly question--what's not to love?!?!?!? But DH NEEDS to know before I call the guide back tomorrow to proceed with things)
  2. kdonnel

    kdonnel DVC-BCV

    Feb 1, 2001
    By Florida law I believe you have 15 days to change your mind. This is a realestate transaction so all normal Florida realestate laws apply.

    We just refinanced our house. We had to way 10 days after we closed before they would actually give us the money. That was because in Georiga there is a 10 day period for us to change our mind and back out of the contract without penalty.
  3. vbfamily

    vbfamily DIS Veteran

    Nov 5, 2002
    Yes, the deposit is refundable. You can get your money back if you get the paper work and don't like it-you just call and say we are not going to proceed and they send you a check for whatever deposit you gave them. You can get this back even if it takes you longer than 15 days to look over your paperwork. Until you sign, you are not obligated. Once you sign and send in the paperwork, then you only have the 15 days to cancel.

    I'm kind of talking about 2 different things here.

    We ended up changing our minds once BEFORE we had even signed our paperwork (but had already made a deposit) because we thought DVC info went on our credit report and we didn't want it to show as a big debt. Anyway, we found out it doesn't go on your credit report.

    I believe you want to know if you can get your money back if you sign the paperwork and send it in-15 days. I think it is that way for everyone in varying states. I believe it's the 15 days for those of us in Michigan.

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