Point transfer contract?

[noname70]

Hi all-I'm in the process of starting my first point transfer to another member. I was wondering, do members use a contract for these transactions (like they do for rentals). I remember reading somewhere here that DVC may require some sort of contract or agreement.

Thanks

 

[dianeschlicht]

Since DVC doesn't want to hear that any money exchanges hands for point transfers, I doubt they are going to require a contract.

 

[paults]

Hi all-I'm in the process of starting my first point transfer to another member

you do know it's your 1st and only this yr , right?

DVC has some new rules now.

 

[allflgirl]

you do know it's your 1st and only this yr , right?

DVC has some new rules now.

Good point. Make sure that this is the only transfer you need to do this year, whether out of your contract or into your contract. If you need points later this use year that you need transferred in, you're out of luck if you do this transfer out. Rule is one transfer in or out per year.

 

[noname70]

My only transfer this year- I have too many points and want to transfer a large block all at once.
Thanks-I didn't think dvc needed a contract-but do members use one?

 

[RobDoc]

DVC makes no mention of contracts being needed to transfers in the documents (unlike rentals). Since, according to the documents, no money is to be involved with a transfer- no contract should be required.

In reality, if everyone involved would feel more comfortable with a contract - use it for peace of mind. Most have expected payment in full in advance- some then use a conference call to complete the transaction with MS. Others have gotten 50% in advance and the remainder at conclusion - so both members have some risk. I've seen few suggestions that any use a contract.

 

[keishashadow]

I've been comfortable w/using PayPal (credit card payment) and designated the item as "quasi goods" while inserting a brief description of #points, resort, etc.

As soon as the transferring/selling member gives you the transaction # you can call MS to verify the points are in your account & proceed to make your res.

Only thing that remotely concerened me was what would happen if the transferring member reneged on his dues, etc.?

BTW, I've done it both ways...payment after the transfer & payment up front.

 

[mikayla73]

I've been comfortable w/using PayPal (credit card payment) and designated the item as "quasi goods" while inserting a brief description of #points, resort, etc.

As soon as the transferring/selling member gives you the transaction # you can call MS to verify the points are in your account & proceed to make your res.

Only thing that remotely concerened me was what would happen if the transferring member reneged on his dues, etc.?

BTW, I've done it both ways...payment after the transfer & payment up front.

I am a newbie and just curious .. who pays the dues for those transferred points? I would guess it would be the person whose points they were to begin with, but I have no idea.

 

[RobDoc]

Dues are due in January each year (or by autodebit throughout the year). Regardless how you choose to pay them, each member will owe the fees on the number of points in his/her contract - even if they have been or will be transferred to another member. Once transferred, the points belong to the member who owns the contract into which they were transferred, but the fees are not the responsibility of that member.

Points are simply the mechanism for making reservations and express the size of the contract itself (thus serve as the defining aspect for the annual fees)- but they have no value themselves. When transferred, they become part of the contract into which they were transferred, but none of the original responsibilities are tramsferred with the points.

If a member expects to be "paid" for a transfer, it might be wise to have all of that covered and understood in advance.

 

[mikayla73]

That makes sense .. I was just wondering why keishashadow was worrying about someone "renegging" on on their dues if when they are transferred they become the points of the owner they were transferred to, but they don't have any responsibily for the fees associated with them. I was just a little confused

And after reading that I am not sure I am making much sense .. it is getting late

 

[keishashadow]

That makes sense .. I was just wondering why keishashadow was worrying about someone "renegging" on on their dues if when they are transferred they become the points of the owner they were transferred to, but they don't have any responsibily for the fees associated with them. I was just a little confused

And after reading that I am not sure I am making much sense .. it is getting late

I don't pay my dues upfront in January but, do a monthly debit throughout that calendar year.

Assume if I decided to terminate my monthly debit authorization, there'd be repercussions.

Additionally, if I transferred in someone's '06 points into my "late" UY of Oct., then banked them until my '07...I could be using them until Sept. of '08. What happens if they do stop paying their dues after the transfer? Wonder if DVC can "call the points back", especially since the transfers aren't supposed to be governed by monetary concerns.

Wouldn't be too much of a stretch for an unscrupulous large owner to transfer thousands of points for monetary gain, then walk away from contract (think 2nd year of contract w/banking involved).

Personally, I've had nothing but positive experience dealing with other DVC members.

Feel free to alleviate my nagging concern, which I aceept as part & parcel of transfer policy btw but, since all ressies are subject to termination if dues/loan payments (too) aren't current I'd think it would apply to transferred points

 

[CarolMN]

keishashadow - As Doc posted, the responsibility to pay dues rests with the contract owner. The only way to "transfer" that responsibility is to sell the contract. It doesn't matter if you pay your dues annually or monthly. You don't "get out of paying dues" by transfering points.

So if you transfer points to someone else and then stop paying dues, the repercussions fall on you, not the person who received the points. Disney would just cancel the reservations you made and eventually take back your contract if the dues remain unpaid. The person who received the points has nothing to worry about.

It doesn't work like the lien process for home improvements - where the homeowner has to pay a subcontrator if the general doesn't.

Best wishes -

 

[Inkmahm]

I've done exactly one transfer (in) since we bought DVC earlier this year. I felt very comfortable with the person who was doing the tranfer to me so I paid with paypal, noting what I was paying for, and she called MS to transfer the points right after. The whole thing probably took 15 or 20 minutes at most. Risky? Probably. But I also like to think that DVC owners are good Disney people and not likely out to cheat me. It's that Disney magic I believe in, I guess.

 

[keishashadow]

keishashadow - As Doc posted, the responsibility to pay dues rests with the contract owner. The only way to "transfer" that responsibility is to sell the contract. It doesn't matter if you pay your dues annually or monthly. You don't "get out of paying dues" by transfering points.

So if you transfer points to someone else and then stop paying dues, the repercussions fall on you, not the person who received the points. Disney would just cancel the reservations you made and eventually take back your contract if the dues remain unpaid. The person who received the points has nothing to worry about.

It doesn't work like the lien process for home improvements - where the homeowner has to pay a subcontrator if the general doesn't.

Best wishes -

Good to know as transferee we are thus far protected...one less thing to worry about.

Still, hard to believe an owner could transfer a large amount of points to another member(keep the cash), stop payment on dues, reneg on loan & disappear, & the transfer would still be "good" points.

Wouldn't be hard to follow the paper trail for DVC to recoup fraudulently transferred points, ala a cancellation IMO.

This was one of the main reasons I didn't rent a ressie before we became members (worried about the res. being cancelled for whatever reason)...weird things tend to happen to our family LOL. Of course, I tend to worry about everything.