Please explain monthly dues

[JudyS]

As I've mentioned on another thread, I've found a resale to buy from a private seller!

However, since the seller doesn't have a broker, we have to draw up the purchase agreement ourselves. I told the seller I'd try to draft something, then email it to him and he can look it over.

At the moment, I'm stuck at the part about dues. The seller said he pays his dues monthly. I'm not sure how monthly dues work, so I'm not sure what the seller has paid so far this year. Also, if I take over the dues from him, I'm not sure how much I'll be paying in dues each month, or what exactly those payments will represent.

Can someone explain monthly dues to me? Is there interest or fees involved, or is the amount paid just the annual dues divided by 12? My understanding is that use year has no impact on dues -- is that correct? Do dues for a calendar year get paid in January, if paid in a lump sum, or at some other point?

Thanks in advance!

 

[Dean]

Originally posted by JudyS
As I've mentioned on another thread, I've found a resale to buy from a private seller!

However, since the seller doesn't have a broker, we have to draw up the purchase agreement ourselves. I told the seller I'd try to draft something, then email it to him and he can look it over.

At the moment, I'm stuck at the part about dues. The seller said he pays his dues monthly. I'm not sure how monthly dues work, so I'm not sure what the seller has paid so far this year. Also, if I take over the dues from him, I'm not sure how much I'll be paying in dues each month, or what exactly those payments will represent.

Can someone explain monthly dues to me? Is there interest or fees involved, or is the amount paid just the annual dues divided by 12? My understanding is that use year has no impact on dues -- is that correct? Do dues for a calendar year get paid in January, if paid in a lump sum, or at some other point?

Thanks in advance!

DVC will allow one to pay the dues monthly only if it's a direct debit from a bank account. The seller will have to pay the years dues before closing takes place and I think before DVC will waive ROFR. I'd check with DVC to find out exactly where in the process they will draw the line.