Is notary a new thing for DVC?

[cigarboo]

Thank you everyone for your input and experiences. DVC is going to redo the contracts to just have hubby and me. It was too much grief to put the kids on at this time. We'll end up with another membership number since the previous one included them. We'll just add them later if they still want the contracts.

 

[mauionabreakaway]

In the past, you only needed a notary when financing a direct DVC purchase. All cash skipped the notary requirement.

Starting July 1st 2023, Florida Statute sections 692.202-205 required members to acknowledge they weren't purchasing FL property from a restricted foreign country. DVC initially added an addendum members signed and agreed to and you could still skip the notary if purchasing cash.

In 2024/2025 this foreign principal agreement now requires a notary for all direct purchases. The online notary is free and included with your purchase to streamline things. You can all be present on the same video call or setup multiple individual video calls if that isn't feasible. You will also need to upload photo ID and show the photo ID during the online notary if you choose to use it.

It’s interesting that it requires the notary only for direct purchases. I did a resale purchase, all cash and I had to sign the foreign principal agreement but without a notary. I wonder why it’s different.

 

[PolyRob]

It’s interesting that it requires the notary only for direct purchases. I did a resale purchase, all cash and I had to sign the foreign principal agreement but without a notary. I wonder why it’s different.

Sorry, I should clarify that in 2024/2025 Disney requires a notary for the foreign principal agreement with the contracts it's selling and titling. It's not that FL law requires the notary.

I guess Disney doesn't care what other title agencies do as long as it covers itself on direct purchases.

 

[Brian Noble]

I guess Disney doesn't care what other title agencies do as long as it covers itself on direct purchases.

Yeah, this. Disney isn't liable for some third party sale. "Not my circus, not my monkeys."

 

[PlutoNotPlanet]

Just want to summarize some data points (in the old ROFR thread) around notary without opening a new thread.

Notary is required when buying certain resorts (e.g., Aulani) or selling most resorts.
The are options of online/virtual notary and in-person notary.

Certain title companies include online notary in their service fee. Some offer it as optional but for a fee (e.g., board sponsor ~$159)

Online notary cost varies by number of seals and/or number of signatures and/or number of witness, and might vary by number of people.
Lowest price would be $25 for the first seal and $10 for each additional.

In-person notary might be found in government offices, libraries, banks, credit union for free, and in other places for a fee (e.g., UPS stores, price vary from $2 to $25 per signature ) (certain banks have notary services but don’t do deeds).

In short, absolutely recommend online if you have >2 person to sign and/or you value the convenience.


References
Post in thread 'Virtual Notary - can you insist ?'
https://www.disboards.com/threads/virtual-notary-can-you-insist.3970281/post-66260356

UPS stores price
$2 in NYS
https://www.disboards.com/threads/r...uctions-formatting-tool.3973789/post-66479054
$2.5 quote me
$5
https://www.disboards.com/threads/r...uctions-formatting-tool.3973789/post-66477874
$10
https://www.disboards.com/threads/r...uctions-formatting-tool.3973789/post-66478762
$15
https://www.disboards.com/threads/r...uctions-formatting-tool.3973789/post-66478214

 

[DanCali]

What's also new in the direct purchase process is a detailed arbitration agreement. I believe buyers agree to give up trial by jury, joining class actions etc. I think it also requires including the arbitration agreement as part of subsequent resales.

However, there is an opt-out clause that requires sending a request in writing within 60 days of signing.