Direct closing costs???

[lovin'fl]

You have to call in and speak to a manager and ask to switch guides. The guides themselves won't do it. Funny that you called someone else though and then some of your points became available.

That's what I did. We bought resale in 2006 and were given a guide who eventually left, then they assigned us a new guide who was annoying (called a lot yet didn't seem to know basic details). So I researched and found a name that was a common positive mention so I called and spoke to manager to switch guides to her.

 

[Matty B13]

Why would you need title insurance when buying direct?????? Is DVC selling Direct Points with bankruptcy or foreclosure issues???? I would really question my Guide if they were trying to sell me title insurance for a Direct Contract! If First American Title Company can't set up a clean deed, they need to be using a different company.

 

[TheMick424]

Why would you need title insurance when buying direct?????? Is DVC selling Direct Points with bankruptcy or foreclosure issues???? I would really question my Guide if they were trying to sell me title insurance for a Direct Contract! If First American Title Company can't set up a clean deed, they need to be using a different company.

I think this is a valid point for resorts that aren't sold out. But my thought is if they are giving you points that could have technically been owned by someone prior, it is better to have title insurance in case the title search on the ROFR wasn't accurate. Probably a rare case, but you never know. I'm sure most people don't even ask the question, they just pay the fee because they are excited to have points.

 

[Matty B13]

I think this is a valid point for resorts that aren't sold out. But my thought is if they are giving you points that could have technically been owned by someone prior, it is better to have title insurance in case the title search on the ROFR wasn't accurate. Probably a rare case, but you never know. I'm sure most people don't even ask the question, they just pay the fee because they are excited to have points.

If it was less than $100 for a large contract I might agree to it, but for a 50-100 point contract I probably wouldn't, I can't believe that DVC would try to sell points in a contract that they didn't have a clean title to.

 

[quandrea]

This is all a moot point because I’m not buying OKW direct. The price is just too high to justify and the sky high closing cost just seal the deal.

 

[crvetter]

Why would you need title insurance when buying direct?????? Is DVC selling Direct Points with bankruptcy or foreclosure issues???? I would really question my Guide if they were trying to sell me title insurance for a Direct Contract! If First American Title Company can't set up a clean deed, they need to be using a different company.

You would want the title insurance. Anyone can make a claim on the properly legitimate or not. So you want it because it covers all that. Also Fist American sells the insurance Disney sets up the title. Everyone who ever bought direct always got title insurance.

Title insurance is good for many reasons say Disney doesn’t pay a contractor and a lien is put onto the hotel. Your deeded interest could be liened too. The title insurance may cover it (depending if that option was in the insurance).

It is 100% normal to be bought.

 

[crvetter]

If it was less than $100 for a large contract I might agree to it, but for a 50-100 point contract I probably wouldn't, I can't believe that DVC would try to sell points in a contract that they didn't have a clean title to.

Title Insurance is very cheap in this case for my 200 Points I think it was 200. I would rather pay the 200 and be protected from frivolous suits or even possible legitimate claims when a mistake is made. Why get it for a house you bought from a developer (new build). Your argument on why a clean deed couldn’t be processed stands there too.

Say some one comes to Disney and says they never had the right to build on the land they built the hotel. Title Insurance is very important everyone should buy it. New property or old property. It isn’t just the DVC title it’s the problem all the way to the land of the hotel. Title insurance makes you whole in those cases.

Also the majority of my closing costs where stamp taxes. Those you can’t argue with. They are a percentage of the sales price. Equal cost in direct vs resale.

 

[crvetter]

This is all a moot point because I’m not buying OKW direct. The price is just too high to justify and the sky high closing cost just seal the deal.

Even if you buy resale title insurance will be in your closing costs.

 

[TheMick424]

Title Insurance is very cheap in this case for my 200 Points I think it was 200. I would rather pay the 200 and be protected from frivolous suits or even possible legitimate claims when a mistake is made. Why get it for a house you bought from a developer (new build). Your argument on why a clean deed couldn’t be processed stands there too.

Say some one comes to Disney and says they never had the right to build on the land they built the hotel. Title Insurance is very important everyone should buy it. New property or old property. It isn’t just the DVC title it’s the problem all the way to the land of the hotel. Title insurance makes you whole in those cases.

Also the majority of my closing costs where stamp taxes. Those you can’t argue with. They are a percentage of the sales price. Equal cost in direct vs resale.

Better safe than sorry, I agree.

 

[we"reofftoneverland]

Wait, are the closing costs this high if you buy the new resort from Disney (like CCV)? I thought they were very low compared to resale.

 

[quandrea]

Wait, are the closing costs this high if you buy the new resort from Disney (like CCV)? I thought they were very low compared to resale.

That’s what I thought. But doesn’t seem so any more c

 

[crvetter]

Wait, are the closing costs this high if you buy the new resort from Disney (like CCV)? I thought they were very low compared to resale.

They are the same. Mostly because they are regulated costs. A long time ago Disney effectively built the closing costs into the price per point but not anymore. I paid ~500 to the county as a stamp tax (no way around this), 200 for title insurance (no way I would ever buy real estate interest on this no matter how confident I was clean title could be provided because of liens, frivolous claims), and 195 for doc prep fee (this is the one I disagreed with and tried to get them to drop).

As a buyer you have every right to dictate where to do your closing but it isn’t worth it when there isn’t much to save (maybe the 195 that’s it).

 

[crvetter]

That’s what I thought. But doesn’t seem so any more c

I believe smaller contracts through Disney are much less closing costs per point than that of resale.

 

[lovin'fl]

Wait, are the closing costs this high if you buy the new resort from Disney (like CCV)? I thought they were very low compared to resale.

Just was on member site and selected as if I wanted to buy 150 CCV and the CC were $722. So, yep, they are high too. Higher than last year anyway, when I bought. Aulani is quite a bit less though ($569 for 150pts).

 

[crvetter]

Just was on member site and selected as if I wanted to buy 150 CCV and the CC were like $771. So, yep, they are high too. Higher than last year anyway, when I bought.

It’s the 195 fee likely.

 

[lovin'fl]

It’s the 195 fee likely.

Mmmm, yes, but also a bit higher CC too. We paid $181 CC on 70 CCV points. The member site will only price 100 CCV now and the CC were like $556. So seems like CC went up a tad too.

 

[we"reofftoneverland]

We went on a tour last September (before we bought resale lol) and I am pretty sure the closing costs were something really low, like around $300. When we ended up buying resale we noticed the huge difference in closing costs. It was more than double.

 

[crvetter]

Mmmm, yes, but also a bit higher CC too. We paid $181 CC on 70 CCV points. The member site will only price 100 CCV now and the CC were like $556. So seems like CC went up a tad too.

Could be the county increased taxes. I’d have to look to see if they have been raised. You might have also requested to drop title insurance so without that and the 195 you get to the price you said.

 

[crvetter]

We went on a tour last September (before we bought resale lol) and I am pretty sure the closing costs were something really low, like around $300. When we ended up buying resale we noticed the huge difference in closing costs. It was more than double.

Weird that is when I looked too and my closing costs were what I paid. Might have been without the title insurance. Also depending on the number of points you bought.

 

[we"reofftoneverland]

Weird that is when I looked too and my closing costs were what I paid. Might have been without the title insurance. Also depending on the number of points you bought.

That is weird. Maybe they would have upped them on us at the last minute if we had signed?