DVC Direct Purchase--How Long Does The Process Take?

[snorris49]

Hi everyone! I've finally made the decision that the time is right to purchase DVC. I did a lot of back and forth deciding whether or not to purchase direct through Disney or through resale. For us, we feel comfortable going direct. I'm going to call and do the deposit, but my question is--how long does the process take after that? (from start to finish) I know our vacation guide said that when I do the deposit she can make a reservation for us right then, but she said the paperwork could take about 2 weeks to get. After the paperwork is completed and sent back, how long does it take after that? I'd appreciate any tips on this, so I know what to expect as far as how long this should take from start to finish.

I've been reading far too much in the last few days on the boards, but wow...what a lot of great info! It's been really helpful, and I know I'm asking the right folks!

Thanks again...and I can't wait to officially say I own part of the magic!

 

[JimMIA]

I know our vacation guide said that when I do the deposit she can make a reservation for us right then, but she said the paperwork could take about 2 weeks to get.

That's correct -- she can make your reservation right away. The official purchasing contract, mortgage, disclosures, etc take a couple of weeks.

After the paperwork is completed and sent back, how long does it take after that?

It's going to take a couple of more weeks. The reason for that is that, under Florida Law, any real estate purchaser has 10 days (from the date YOU sign the final documents, not from the original deposit, not from the date the final documents are prepared or received) to rescind. So the sale cannot be closed until that 10-day period has expired.

If you change your mind for any reason and rescind within that 10-day recision period, you get your deposit back promptly with no penalty. That's not the Mouse being nice -- that's Florida Law.

Then you go buy resale (sorry, couldn't resist! )

 

[drusba]

Once you call and give deposit, usually takes about a week (but can be up to two) to get all paperwork. You must then sign and return (in a two-day express envelope provided) so whatever time you take to do that is added. If seeking financing, it then takes a few days or somewhat longer for approval after they have received your signed agreements. All of the above steps usually take about 3 to 4 weeks from that date you called. Then there is a closing which will often occur about month or so after all the above steps are completed. Thus, total time from date you call is in the 2 month range and can be less or a little more. As you were told, you can make reservations very early in that process. Note, you won't actually receive final deed and contract papers signed by Disney until after closing and those often do not arrive until a month after closing.

 

[snorris49]

Thanks so much for the information!

 

[DenLo]

We got our paperwork within three days not two weeks. We did not do any financing so that could be a difference. We returned the documents within a day and our deed was recorded with Orange County within 3 weeks. Not sure of the date of the actual closing.

 

[bytheblood]

You can make your reservation as soon as you are approved and your tour guide takes your information.

Start to finish - ours was very fast, like less than 2 weeks. We even closed 4 weeks earlier than they said we would.

 

[Greysword]

The again, you could cut a lot of time out if you decided to sign the documents at WDW! They can print them up right then, you sign, they notorize, and just wait the recision period.

Sounds like a great reson to plan an impromtu trip this weekend!

 

[snorris49]

The again, you could cut a lot of time out if you decided to sign the documents at WDW! They can print them up right then, you sign, they notorize, and just wait the recision period.

Sounds like a great reson to plan an impromtu trip this weekend!

hehe...good idea!

 

[littletommy]

it took us about 3 weeks from the time we send deposit till closing.....we just did it in march..hope this helps

 

[PoohNFriends]

For our original contract we received the paperwork a couple days after calling and was closed about 3 weeks after returning it; we did not finance this contract. For our add-on we also received the paperwork a few days after initial contact and I believe that one closed in about 3 weeks also; this contract was financed. Everything went very quickly and smoothly