Late Fees on DVC Dues

[GettinReadyforDisney]

We are looking at a resale contract and the price includes 2011 maintenance Fees. We haven't even made an offer yet, but it is obviously going to take some time to close (in the event we make an offer and come to an agreement)

The info on DVCmember.com says that there is a $20 late payment plus interest in the maximum amount allowed by law.

Does anyone know what the interest is?

I want to avoid a situation where we end up having to pay more to close than we initially offer . . . yet that seems likely???

 

[DebbieB]

We are looking at a resale contract and the price includes 2011 maintenance Fees. We haven't even made an offer yet, but it is obviously going to take some time to close (in the event we make an offer and come to an agreement)

The info on DVCmember.com says that there is a $20 late payment plus interest in the maximum amount allowed by law.

Does anyone know what the interest is?

I want to avoid a situation where we end up having to pay more to close than we initially offer . . . yet that seems likely???

The current member would be responsible to pay the dues by the due date. I don't think you can close until they are paid.

 

[LouisianaDisneyFan]

The current member would be responsible to pay the dues by the due date. I don't think you can close until they are paid.

This is how I understand it also. When we just transferred a contract to our daughter, we were required to pay the 2011 MFs in full before the contract could be transferred.

 

[GettinReadyforDisney]

Thanks for your replies. I figured this was the case -- I think that I need to get proof that the 2011 dues have already been paid and that the $ that I may pay toward 2011 dues is just reimbursement to the seller.

Does that make sense?

I've heard of situations where the dues were not paid (due to seller with financial issues) and therefore the closing could not go through without buyer paying dues plus late penalty -- thereby increasing the costs of the closing . . . don't want that to happen . . .

 

[Be1021]

I was in that same situation. The current member would need to pay the dues at the time they are due. The contract will not be able to close unless all fees are paid.
Hopes this helps