OKW Extensions for Resale Contracts

[g.armor]

I am not a DVC member but am seriously considering it. We stayed at--and fell in love with--OKW this year, which is at the top of my list as a home resort. Please tell me, if I buy resale a contract that expires in 2042, am I able to extend it? I read on another thread that all contracts had been extended, but its that really true?

First time poster. Thanks for your help! Really loving these forums!

 

[hakepb]

I am not a DVC member but am seriously considering it. We stayed at--and fell in love with--OKW this year, which is at the top of my list as a home resort. Please tell me, if I buy resale a contract that expires in 2042, am I able to extend it? I read on another thread that all contracts had been extended, but its that really true?

First time poster. Thanks for your help! Really loving these forums!

Yes, legally DVC extended all OKW contracts, but owners that opted out (didn't want to pay) had to quit claim deed the extension back to DVC.

Currently, 2042 contracts can still buy the extension for $25/point (for something you cannot use until 2043)

 

[MouseMomx2]

You could also just buy a resale contract that has already been extended. We extended our contracts when the offer was first made. Since then we added on 100 more points and made sure to buy an extended contract.

The extended contracts generally go for less than $25 per point more than the non-extended contracts so it would be cheaper than extending it yourself.

 

[g.armor]

Yes, legally DVC extended all OKW contracts, but owners that opted out (didn't want to pay) had to quit claim deed the extension back to DVC.

Currently, 2042 contracts can still buy the extension for $25/point (for something you cannot use until 2043)

Thank you for responding.

Questions:
1. what is "quit claim?"
2. I do not understand the point in saying that the extension "you cannot use until 2043." Isn't that obvious if that's when the extension technically begins? I mean, with an extension you're paying for the extra 15 years, which would begin in 2043...right?

I'm not trying to be rude or disrespectful. I am just ignorant on this subject. Trying to learn all I can before getting into it.

Thanks again,

 

[g.armor]

MouseMomx2, thank you for responding, and I agree with that suggestion. I am just wondering if it is possible to extend a contract bought on the resale market--in case one was purchased with the 2042 end date for whatever reason.

 

[Breyean]

Thank you for responding.

Questions:
1. what is "quit claim?"
2. I do not understand the point in saying that the extension "you cannot use until 2043." Isn't that obvious if that's when the extension technically begins? I mean, with an extension you're paying for the extra 15 years, which would begin in 2043...right?

I'm not trying to be rude or disrespectful. I am just ignorant on this subject. Trying to learn all I can before getting into it.

Thanks again,

I think the point he was trying to make was if you pay now to extend the contract, you won't get the benefits until 2043, whereas if you put those $$ toward a current contract, you can start using those points now, close to when you shell out the money for them.

This was a big topic of discussion in whether doing the OKW extension when offered was worth it. Pay money now but don't get anything until 2043, vs buying more points for use right away.

Full disclosure - we did the OKW extension when it was offered. Actually, our son paid for it because my wife and I will probably be out of the picture by then, but he wanted it for his family, when he eventually has one!

 

[hakepb]

I think the point he was trying to make was if you pay now to extend the contract, you won't get the benefits until 2043, whereas if you put those $$ toward a current contract, you can start using those points now, close to when you shell out the money for them.

This was a big topic of discussion in whether doing the OKW extension when offered was worth it. Pay money now but don't get anything until 2043, vs buying more points for use right away.

Full disclosure - we did the OKW extension when it was offered. Actually, our son paid for it because my wife and I will probably be out of the picture by then, but he wanted it for his family, when he eventually has one!

Yes, thanks!

"Quit claim" is a simple real estate contract assigning full or partial ownership to another party... Its the sort of thing a newly martins couple might use to add a spouse to a home, or a divorced couple might use to relinquish ownership to the other party...all it means to you is a 2042 contract will automatically be transferred to Disney unless you buy an extension.

 

[carlbarry]

I bought resale contracts at OKW in 2009 and 2010. Both are non-extended. I have never been contacted by DVC about adding the extension. And considering I'll be almost 90 when my deeds expire, I'm really not that concerned.
But more to the point, there has been a lot of speculation as to what DVC will do when the expiration nears. Some deeds will expire in 2042, and some later. So DVC can't tear down OKW in 2042. Some speculate that they will offer extensions again at that time.

 

[lodge]

But more to the point, there has been a lot of speculation as to what DVC will do when the expiration nears. Some deeds will expire in 2042, and some later. So DVC can't tear down OKW in 2042. Some speculate that they will offer extensions again at that time.

could they sell a shorter term contract to meet up with the expiration of those that extended?

 

[KAT4DISNEY]

could they sell a shorter term contract to meet up with the expiration of those that extended?

Essentially that is what they do when you buy direct. All OKW points purchased direct from DVC have the 2057 expiration.

 

[Nahanni]

How do you know if you bought an extended contract? Is there an actual document or simply the absence of quit claim deed?

 

[Deb & Bill]

How do you know if you bought an extended contract? Is there an actual document or simply the absence of quit claim deed?

Your deed should say when it ends (and the bill of sale).

 

[carlbarry]

Each of my 2 deeds say it is until 2057 or whatever, but then there is a paragraph that the years after 2042 have been returned to DVD.