Disney transfer fee is now $200

[KANSAS]

I was shocked to find out that DVC, had increased its Disney Transfer fee from
$100-$200 per DVC contract
effective Jan 1,2005

Source-My closing agent

This traditionally. has been a seller closing cost.

I also have been advised, that sellers, will be charged a $20 ROFR fee, by
Orange County,FLorida on all dVC Contracts.

 

[Chuck S]

All governmental/legal type fees seemed to have increased substantially over the last few years. It doesn't surprise me at all that DVC has increased their transfer fee, which is essentially a service fee for member accounting to transfer the contract in their files.

 

[Beca]

That's a LOT of people's hands asking for money for a VERY small service!! Can you imagine if we ALL lived life that way!! Oh well, when you don't have any "competition"....

Still, I think it ought to be illegal for the government to put on these "administrative" fees that are too high or "bogus"...we ALL know that fee is not really what it costs the county to pay the employee to do the work...county employees don't make much!!!

And, WHY should OC get a ROFR fee? What do they do?



Beca

 

[ClarabelleCow]

when we bought, it was $75.00, why does OC get the money, look at that nifty website everyone goes to to take a look at their deed, that costs money, lots to keep a website with that many hits going. Insurance, comp, payroll, gas, fuel, all has gone up, way up, so everything is more expensive. We use copper wire in our business, it has like tripledX3 in the past year, why should I eat that, I pass it on to the end user.

 

[Beca]

when we bought, it was $75.00, why does OC get the money, look at that nifty website everyone goes to to take a look at their deed, that costs money, lots to keep a website with that many hits going. Insurance, comp, payroll, gas, fuel, all has gone up, way up, so everything is more expensive. We use copper wire in our business, it has like tripledX3 in the past year, why should I eat that, I pass it on to the end user.

I'm not saying they shouldn't get SOMETHING, but why a ROFR fee? What could they possibly have to do with ROFR? The county should get something when the deed transfers...but, ROFR is a TOTALLY Disney thing. Why should the county have their hand in that, too?



Beca

 

[CarolA]

ROFR is not totally a disney thing. The title gets transferred out of your name to Disneys.

 

[Beca]

ROFR is not totally a disney thing. The title gets transferred out of your name to Disneys.

Okay, maybe I am a little confused (shocker!!! Only the third time today). Is the ROFR fee ONLY charged if DVC buys back your contract? I thought the ROFR fee was charged to everyone for the "time" of reviewing your contract to see if DVC wants to buy it.

If the fee is ONLY charged when DVC buys back the contract, then I totally understand why the OC would get that money (although it seems they could label it differently...more as a "title transfer fee"). But, if it is charged to everyone....then, I must be missing something. Why would the OC get a fee for DVC to decide whether or not they are going to buy back a contract, or let it go thru?

I must be really confused!!



Beca

 

[CarolA]

Maybe Disney does a title search as part of ROFR? To make sure they agree with you on who owns!

 

[Dean]

As I read FL statues 718 (Condo's), 719 (Coops) and 721 (Timeshares), I feel the transfer fees is limited to $100. Both 718 & 719 have application to timeshares and 721 is more specific. Both 718 & 719 limit the transfer fee to $100 and 721 doesn't deal with it at all. I think it would be easy to convince DCV to limit to the $100 fee if one wanted to push it.

 

[KANSAS]

THE ROFR has been charged to me several times, as a seller closing cost

The closing agent, has told me the fee is charged by Orange county,FL
to all dVC Contracts that are sold
whether ROFR is exercised or not.

www.timeshareclosingservices.com

877-889-2373

 

[Dean]

THE ROFR has been charged to me several times, as a seller closing cost

The closing agent, has told me the fee is charged by Orange county,FL
to all dVC Contracts that are sold
whether ROFR is exercised or not.

That is bogus. There are recording costs in buying, usually paid by the seller. While some think it's customary for the seller to pay the transfer, I'd likely never do it. Sounds like either you misunderstood or were fed a line. There is no ROFR fee other than some companies have started charging a fee to submit because if DVC takes it, they lose the fee otherwise. Most I know consider it a non refundable deposit and deduct it from the total charges if the sale proceeds.

 

[KANSAS]

DEAN
would you please consider calling my timeshare closing agent
and asking them, this same question?

you are the most knowledgabel person, about timeshares on this discussion board.

They have told me in writing, several times. It is a fee charged by
ORange County,FL
and is traditionally paid by the seller, with the $200 DVC Transfer fee
per DVC Contract.

 

[Dean]

DEAN
would you please consider calling my timeshare closing agent
and asking them, this same question?

you are the most knowledgabel person, about timeshares on this discussion board.

They have told me in writing, several times. It is a fee charged by
ORange County,FL
and is traditionally paid by the seller, with the $200 DVC Transfer fee
per DVC Contract.

Actual fees for a transfer of ownership are the following. There will be a roughly $40-50 recording fee. You must record the deed and the waiver of ROFR form. Then DVC will charge their transfer fee of I guess now $200 which I believe is over the legally allowable limit. There are no other automatic fees. DVC does not charge a fee for ROFR submission nor approval. Any other fees charged by a closing agent to you or the other party are solely their own. As I noted, they may charge a fee for ROFR submission which may or may not be deducted from the final costs if it actually closes. And they may charge fees for mailings, deed prep and the like. It's reasonable they should get paid and you need to know for what and how much. Beyond this, you should find another closing company or learn to do it yourself, it's not really that hard. For DVC it's actually pretty easy.

 

[Scotch]

Dean,

Are those statutes online? I'm curious because HGVC, an Orlando based entity, started charging $199 for transfer fee in late 2003 for all HGVC ownership transfers.

Kansas,

I also think your closing agent is making you pay that fee and making up the requirement. We're using Timeshare Transfer, Inc. (www.timesharetransfer.com) right now to handle our BCV closing, and we have not heard any mention of a separate ROFR fee charged by the county -- frankly it would not make sense unless the cost to record that additional document is $30. Timeshare Transfer is now charging a $50 ROFR to handle the submission of the contract to Disney for the ROFR process, though it is optional and in our case the sellers submitted the contract themselves to save money. The transfer agent explained that they were doing all the start up work and getting paid nothing whenever Disney exercised its right and bought back a contract, so they felt they had to start charging for that portion of the services.

 

[Dean]

Dean,

Are those statutes online? I'm curious because HGVC, an Orlando based entity, started charging $199 for transfer fee in late 2003 for all HGVC ownership transfers.

Kansas,

I also think your closing agent is making you pay that fee and making up the requirement. We're using Timeshare Transfer, Inc. (www.timesharetransfer.com) right now to handle our BCV closing, and we have not heard any mention of a separate ROFR fee charged by the county -- frankly it would not make sense unless the cost to record that additional document is $30. Timeshare Transfer is now charging a $50 ROFR to handle the submission of the contract to Disney for the ROFR process, though it is optional and in our case the sellers submitted the contract themselves to save money. The transfer agent explained that they were doing all the start up work and getting paid nothing whenever Disney exercised its right and bought back a contract, so they felt they had to start charging for that portion of the services.

Florida Statutes and the TT new fee was in part or possibly totally due to my contract DVC took through ROFR. I have some additional info to discuss about the closing when I get time, I'll post a new thread.

 

[cruise-o-matic]

We used Timeshare Transfer on our resale. They are very low priced but extra services can be provided a la carte.

Our seller submitted the documents directly to Disney for ROFR. TT did not charge my credit card until after the seller sent them the waiver from DVC so that they could go ahead and prepare the documents. Up until that time, the only service they provided was to hold the deposit check.

We closed about 2 weeks ago and I only paid TT the $250 plus $48 for additional recording fees over the $50 that's inclded in their price.

The transfer fee was also $100 since our ROFR passed before the increase.