Old Key West (Extended) Question

[lovethesun12]

A while ago we purchased an OKW (extended) contract as a resale. The people we purchased it from bought it direct in 2014. We were now planning to sell it, and the resale company is asking to be provided with something that states the contract is extended.

While I do plan on contacting DVC, just wondering if anyone here knew what legal jargon I would be looking for to make sure it actually is extended? I'm hoping the title company did their due diligence (they do have a good name). However, from what I have read the deed doesn't have specific numbers on expiry dates, length of contract, etc.

ETA: I cannot use the add on tool to check, since I am not from the U.S.A.

Thanks!

 

[thanxfornoticin]

That information should absolutely be in the paperwork/contract you signed when you bought the OKW "2057" resale. The contract should show an expiration date of 2057. Hopefully, you still have that paperwork, either hard-copy or email, from when you made the purchase. It would not be part of the deed.

 

[DonkeyHoTay]

just wondering if anyone here knew what legal jargon I would be looking for to make sure it actually is extended?

In several places on the contract you signed to buy it from the original owner, there is a disclosure of the expiration date of the ownership interest - which is January 31, 2057. That's all you need to explain it is an extended OKW contract, because the expiration date would otherwise be January 31, 2042 for a non-extended contract.

 

[TheDailyMoo]

To jump in on this thread with a tangential question...does anyone know if I can see the paperwork for the quit claim that was signed for the 2042 OKW I just bought? I'm assuming the seller would sign that as part of the sale if I'm not mistaken? Unless of course it was originally signed back when the extension was offered.

 

[Sandisw]

They eventually get recorded. But IIRC, they didn’t record the original ones until a lot later

 

[Chuck S]

My refusal of the extension, which we signed on April 29, 2008, was recorded on June 17, 2008. Do a search on the Orange County site using the original owners name, and see if you can find it.

But I did look on one of my original deeds, my latest add on, from 1996, and I don't see an expiration on the deed, either. You may need to get confirmation of the extension directly from DVC. If they originally purchased in 2014, it was likely extended by default, referencing the extension documentation.

Here's a link to the comptroller website: https://www.occompt.com/161/Official-Records

 

[thanxfornoticin]

Not everyone signed those! I guess after a period of time they were automatically recorded as not being extended.....

 

[CarolynFH]

Here’s an article from DVC News in 2019 summarizing the extension and filing those deeds - https://dvcnews.com/dvc-program-men...option-rate-of-okw-15-year-contract-extension.

Not everyone signed those! I guess after a period of time they were automatically recorded as not being extended.....

If neither an extension was purchased nor a quit claim deed signed, DVC wouldn’t file anything with Orange County. They just have their internal records, so when such a contract is being sold, they can require the owners to sign a quit claim deed at that time.

 

[ILoveMyDVC]

A while ago we purchased an OKW (extended) contract as a resale. The people we purchased it from bought it direct in 2014. We were now planning to sell it, and the resale company is asking to be provided with something that states the contract is extended.

While I do plan on contacting DVC, just wondering if anyone here knew what legal jargon I would be looking for to make sure it actually is extended? I'm hoping the title company did their due diligence (they do have a good name). However, from what I have read the deed doesn't have specific numbers on expiry dates, length of contract, etc.

ETA: I cannot use the add on tool to check, since I am not from the U.S.A.

Thanks!

I sent an email to DVD. They responded back affirming they were 2057. I am selling (sold now); I bought it on resale. There were previous owners that bought it resale so the trail was cold.