Need answers on this paperwork

[studog]

I just received my paperwork where I have to sign the Mickey Ears and date the palm trees.

My question right now is about dues. I think we are scheduled to close on 1 Jun. What dues (fees) are due this year and when? i.e. do I have to pay 7 months of dues up front at closing or $47 per month...what? I'm confused.

Also what if I changed my mind...do I just call and get my $500 back?

 

[InstImpres]

Dues will be prorated and a bill sent after closing. As I recall, you have will have the option of paying it in monthly installments through the end of the year.

Yes, if you change your mind, just call your guide, they will refund the $500.

Best of luck
Sandy

 

[BostonDisneyKid]

Check your contract ... I am in the process of purchasing a resale myself and am required to pay the first years dues up front at closing for the entire year with the seller being reimbursed for their contributions, year to date. I was told most contracts are written in this manner (regardless of the "use year"). The only way to be certain is to call your broker and ask.

 

[tjkraz]

Originally posted by BostonDisneyKid
Check your contract ... I am in the process of purchasing a resale myself and am required to pay the first years dues up front at closing for the entire year with the seller being reimbursed for their contributions, year to date. I was told most contracts are written in this manner (regardless of the "use year"). The only way to be certain is to call your broker and ask.

This only applies to resales. Sandy's answer is correct as it applies to SSR. I believe that the paperwork for SSR should state if your dues are scheduled for monthly direct-debit. If not, you will probably receive that invoice for 7 months worth of dues around June 1.

EDIT: The one advantage to paying annually is that DVC will let you put your dues on a CREDIT card, which may earn you some rewards from your CC company. If you go with the monthly payments, there is no interest or financing on the amount--you simply pay 1/12 of your annual dues each month. However, the monthly payments must come in the form of direct DEBIT from a bank account. So the choice comes down to CC rewards vs. interest free payment period.