Paying dues on new contract

[bookem]

I am patiently waiting to pass ROFR on a contract that should close around the end of NOV. Previous owner has paid all 2014 dues so I will be responsible for 2015 dues. Will they be due in full in Jan 2015 or can I elect to do monthly drafts from my bank? I know a monthly payment is possible, I just have no clue how it works!!

 

[dsnydaddy]

I am patiently waiting to pass ROFR on a contract that should close around the end of NOV. Previous owner has paid all 2014 dues so I will be responsible for 2015 dues. Will they be due in full in Jan 2015 or can I elect to do monthly drafts from my bank? I know a monthly payment is possible, I just have no clue how it works!!

I suppose it depends upon the terms of your sale. But for my sale, I will be responsible for reimbursing 2015 dues when I take possession. I'm assuming that if things really get going this week, I should pass (hopefully) ROFR in early December and those dues will be due then. By the time the contract switches hands it'll be past due. So, more than likely the current owner will be paying those dues and I'll have to reimburse him. I was told that after 2015 I'll be able to opt for the monthly option. I can't imagine that it'll be too different for you.

 

[disneynutz]

I am patiently waiting to pass ROFR on a contract that should close around the end of NOV. Previous owner has paid all 2014 dues so I will be responsible for 2015 dues. Will they be due in full in Jan 2015 or can I elect to do monthly drafts from my bank? I know a monthly payment is possible, I just have no clue how it works!!

As soon as you are in the system, contact DVC ACCOUNTING to set up your monthly checking debit.

Bill

 

[erionm]

Member Accounting is the group you need to contact regarding dues payments.

 

[Dean]

I am patiently waiting to pass ROFR on a contract that should close around the end of NOV. Previous owner has paid all 2014 dues so I will be responsible for 2015 dues. Will they be due in full in Jan 2015 or can I elect to do monthly drafts from my bank? I know a monthly payment is possible, I just have no clue how it works!!

As noted it will come back to your contract language. Assuming all points the current UY but no others, the neutral position would depend on the UY since dues due in Jan are for the calendar months in 2015 and not necessarily the 2015 points. For example, if it was an August UY, you'd be paying for 8 months of 2014 points and 4 months of 2015. Not that big of a deal unless you have to also reimburse the seller for "2014" points in which case you'd be double paying by 8 months of dues in this example. Not a big deal for Feb UY but a $5 a point swing for Dec UY.

 

[RobDoc]

I suppose it depends upon the terms of your sale. But for my sale, I will be responsible for reimbursing 2015 dues when I take possession. I'm assuming that if things really get going this week, I should pass (hopefully) ROFR in early December and those dues will be due then. By the time the contract switches hands it'll be past due. So, more than likely the current owner will be paying those dues and I'll have to reimburse him. I was told that after 2015 I'll be able to opt for the monthly option. I can't imagine that it'll be too different for you.

If your closing does not occur until after January 15, the seller may have to pay those as a provision of closing but since annual fees are not considered delinquent until after February 15, DVC may still allow you to set up the monthly payment plan instead of full payment at closing.

At this time, the proposed fees for 2015 have not been released to owners and will not be voted on by the Board until the Annual Meeting in December. The annual statements for the following year are not even sent out until late December. I don't see why you would need to pay or reimburse dues in early December - or why closing would need to be later than mid-January.

Hopefully, your broker can get you closed before mid-January and the dues will only be your responsibility so you can easily get that taken care of quickly.

Good luck with ROFR and a quick closing.