Maintenance fees spelled out in contract?

[Cakes]

Hi all! Just signing a contract today with Fidelity for a Saratoga resale (Yea!) and I negotiated that the seller would pay all 2023 maintenance fees. I'm not seeing that spelled out in the contract, but maybe I'm missing it? Where should I be seeing that called out, or should I? TIA

 

[aceshigh73]

We just bought from Fidelity and at the bottom of section 1, after it lists the next few years worth of pts is a box that has the following "Buyer pays 2023 Maintenance Dues". (We paid the 2023 obviously) . Because 2023 was already paid by the seller, it might not show on yours since its not an item in settlement amount. You could get it added i suppose. Cant hurt.

 

[bbeagle]

The DVC Annual Dues / Maintenance fee is due each year on January 15.

The 2023 dues would have to have been paid by January 15, 2023 or the DVC contract you're buying would be suspended. Just make sure the contract is valid and not suspended.

 

[pianomanzano]

The DVC Annual Dues / Maintenance fee is due each year on January 15.

The 2023 dues would have to have been paid by January 15, 2023 or the DVC contract you're buying would be suspended. Just make sure the contract is valid and not suspended.

The brokers should check to see that the contract is current or to see if the seller is on a monthly plan for their dues before listing the contract (at least my broker did). I say should because this particular broker has been notorious in the past for having errors and not doing QA/QC checks on their listings. Usually these negotiations for fees is more about reimbursing the seller for the fees paid.

 

[Sandisw]

The DVC Annual Dues / Maintenance fee is due each year on January 15.

The 2023 dues would have to have been paid by January 15, 2023 or the DVC contract you're buying would be suspended. Just make sure the contract is valid and not suspended.

If someone has monthly payments, they would not yet be paid…but, they will need to in order to close.

But, the contract for purchase should still say who is paying them…if it is the sellers, there is no credit involved,…if it is the buyer, then they reimburse the seller at closing.

 

[jjanne]

Hi all! Just signing a contract today with Fidelity for a Saratoga resale (Yea!) and I negotiated that the seller would pay all 2023 maintenance fees. I'm not seeing that spelled out in the contract, but maybe I'm missing it? Where should I be seeing that called out, or should I? TIA

Fidelity may have this section in your contract. 12. SPECIAL CLAUSES/MISCELLANEOUS ITEMS
If it's not in noted in the section with points / use year, it may be in this paragraph

 

[Cakes]

It was in (or they added it) to item 30 at the very end of the contract. Thanks everyone for your help.

 

[Lucky Wall-E]

I was wondering if anyone who ever bought resale was asked to pay next years dues because there are not points in the current year?
I am looking at a contract that has 0 points in 2023 and full points in 2024. The broker is asking that I pay for 2024 dues right now.
Currently, the closing process from start to finish seems to be about 1- 2months. So this contract could be closing in Nov not Dec.
If that is the case, will Disney get the money that I paid the broker when dues are posted to DVC accounts in Dec?
Is it normal practice for the broker to ask for 2024 dues?

 

[Sandisw]

I was wondering if anyone who ever bought resale was asked to pay next years dues because there are not points in the current year?
I am looking at a contract that has 0 points in 2023 and full points in 2024. The broker is asking that I pay for 2024 dues right now.
Currently, the closing process from start to finish seems to be about 1- 2months. So this contract could be closing in Nov not Dec.
If that is the case, will Disney get the money that I paid the broker when dues are posted to DVC accounts in Dec?
Is it normal practice for the broker to ask for 2024 dues?

The reason is that DVD requires the next years dues to be paid at closing after a certain date in December.

My guess is that the closing date of the contract is going to be sometime in that month and therefore, needs to be stated as such.

The dues you would pay at closing would be sent to DVD and be added to your account as a credit. The only extra you would owe is if thr actual rate is not yet known at closing.

I’d you close sooner than December, it might be possible that amount is not actually going to be required.