I think we need to add to our advice to new (especially resale) buyers/DVD

[RobDoc]

They could do it as part of the right of first refusal. They simply refuse to let any resale contract go through that didn't have the checklist signed.

They already have a signed checklist for every contract. When the contract is resold later, everything agreed to previously transfers with the sale. There is no reason for a new signing.

Right of Refusal means that DVD may buy a contract at the offered price- it does NOT mean that DVD can block a resale under any conditions.

 

[CarolMN]

Those of you who worry about uniformed buyers are no doubt very kind and caring people. However, rules/laws can never prevent some individuals from acting out of stupidity or ignorance. As well intentioned as such rules/laws may be, they are usually ineffective and always carry a cost.

It is not Disney's responsibility or even in its own best interest to get involved in resales. First of all, as others have posted, the buyer is already subject to all the rules that applied to the original purchaser. Secondly, if Disney did institute a requirement for a signed product understanding list for resales, where do they stop? Have they then opened up a "liability can of worms" if they don't do everything/provide all the documention that they did for the original purchaser? I can imagine someone claiming that since Disney did "x", he/she had a right to expect that they would also have done "y" and were "harmed" because Disney didn't. There is cost involved here and I don't blame Disney one bit for not wanting to increase its expenses without a corresponding increase in value. I also do not think it is right for a knowledgable purchaser to pay extra just because some are not smart enough to do all their homework.

IMHO, it is the buyer's responsibility to understand what he/she is buying with a resale. Buyers who are uncomfortable with that should either purchase directly from Disney or hire a competent lawyer to review the contract on their behalf. In fact, it's a good idea to have an attorney review the contracts purchased directly from Disney. A few hundred dollars to protect thousands is well worth it to me.

JMHO. YMMV.

 

[Doctor P]

You will note that the original title of the thread and the first suggestion I made was related to the advice we give to new buyers here. A consistent piece of advice that I have always given is to use a lawyer for any resale purchase (many people would be well advised to use one for purchases direct from Disney). This idea has gone over like a lead balloon in the past when I have suggested it (there have been a few who have supported the idea, but for the most part it is felt that it is an unnecessary expense). I agree with Carol's sentiments, and I certainly understand the disincentive for Disney to become involved in this (and frankly, I really don't think they should, though it WOULD be one way to attack the issue). Can we add a comment or question to the FAQ's to encourage buyers to get and have a lawyer review the relevant documents? We give a lot of advice on this board, and I think we should be sure to encourage more active behavior on the part of buyers to be sure that they are informed purchasers. JMO.

 

[ron7654]

Dear Doctor P,

Seems like its time for somebody to step up and disagree with your idea, and the entire premis on which it is based. I find the initial statement in your thread particularly inflammatory, where you use the term"(especially resale)", as if we are somehow lesser class, uninformed , or just plain unintelligent. I assure you we are niether. I also find it quite chivalrous of you to suggest that Disney could add a "fee" for this service; a fee that you would no doubt not have to pay. It's also nice of you to give your official stamp of approval on yet another layer of beauracracy that people would have to wade through in order to reach the promised land. Get off your high horse, and come back to earth. I was not uninformed when i made my decision. I was introduced to the idea by a friend who is a DVC memeber. I read all of his materials , including the fine print. Then I flew down to Orlando for a one day trip, for the sole purpose of sitting through the DVC presentation, and viewing all the properties they had to offer. I asked all the questions I could possibly think of, some of which the cast members even had to look up. But here's the difference between you and I........when the question was asked wether i was ready to purchase, and the document was put before me, i politely stated i would like to think about it and research it some more. That decision saved my wife and I about $5000, because a week later i discovered the resale market. And when i put my name on THOSE documents, i was also sent paperwork from disney asking if i understood the agreement, and yes, i signed next to the little mouse ears....just as you did. So please don't portray "resale" buyers as uninformed, i'd venture to say most did more work and research than you, not less. Thanks

 

[Doctor P]

Gosh, there was nothing inflammatory intended here. If there is any beef, it might possibly be with resale sellers (and I am not talking about the agents here). There is no personal attack in the least in what I have said, nor is there any intent to portray resale buyers as stupid. The bottom line is that there have been a number of threads in recent weeks that have asked questions that made it abundantly clear that several persons who have bought resales did not understand what they were purchasing and did not understand the basic information in the DVC documents. Furthermore, there have been a number of people who have stated, including in this thread, that the buyer typically does not see the same documents that are made available to those who purchase directly from Disney. I consider myself to be a very intelligent person, am pretty well versed in matters of real estate, and generally read carefully what I am expected to sign. I can tell you that even with counsel about buying a timeshare, I probably would not have been able to ask the right questions to be able to find out the key aspects of what makes DVC different than some other timeshares. It is evident that many other people were in the same boat from some of the discussion on this board lately. Occupancy limits, pool hopping, reservation windows, use year, and banking/borrowing are just a few issues that have left buyers misinformed lately. Some of these obviously should have been taken care of by a request for basic information on the part of the buyer, but others are more subtle. I like to be an informed buyer, but unless I know that a document or idiosyncratic policy even exists it is hard to research it or study it. Perhaps due diligence will turn all these things up, but I somewhat doubt it. Hence the various suggestions that have been made. I don't want to add an extra layer of bureaucracy any more than anyone else does. BTW, Ron, I am surprised that you got all the documents from Disney to sign. According to other people that have contributed on these boards, this has not been the case. If it is true that you got all the same documents to sign (even AFTER the sale), then that frankly is all that I was asking for.

 

[Doctor P]

Not to beat a dead horse, but I would reiterate the advice that we add to the FAQ about DVC a list of some of the important documents related to DVC so that if a prospective buyer wished to review those documents they might know what to ask for. That would be something WE could do.

 

[Regina]

Whoa Ron!

As DoctorP stated, we do see a recurring theme of resale buyers not getting the information that they get when buying direct from Disney.

It's commendable that you did so much research, but understand that many don't. They find out after the ink is dry that they may not have fully understood how DVC works. We consistently see resale buyers coming here for information that would have been provided had they purchased direct from Disney.

I can assure you that DoctorP is only after everyone's best interest. I would never portray his concern as being condescending towards resale buyers. He was merely wondering if there should be a policy whereas Disney get involved in the resale process to prevent some of the misunderstandings that we often see. Nothing more, nothing less was implied.