POS - DVC Public Offering Statement - WHERE?

[BoardwalkSuzy]

I've been dying to read the DVC Public Offering Statement for my DVC resort where I am purchasing - BWV, but the seller when I asked was unable to provide. Seller did send me a public records link showing that I am purchasing interest in real property in unit 16A at BWV, and that it shows a Release of Lien was filed, and looks like no other related records listed.

Where is the POS for each DVC resort? It must be filed in the Records Department at City Hall or somewhere like that, but does anyone have the link or perhaps a PDF of the document? I'm trying to locate the one for BWV.

I would like to read it.

 

[Chuck S]

I believe that once the contract sale closes, Disney will send you a current copy of the Multi-site POS.

 

[BoardwalkSuzy]

Must say I'm really surprised that the POS isn't a standard disclosure item provided right up front at time of sale, or at least upon request. Receiving it after closing is not a Disclosure. Disclosures are supposed to be provided or offered in advance. Without seeing the POS, you can have a lot of misconceptions as to what you are really buying since everything is presented to the buyer by sales people (seller, brokers, and guides) who have no vested interest in the buyer. The POS document has the fine print that everyone should be able to see and read in advance of purchase. They should also be available and posted on-line IMO. Maybe resellers don't provide, but Disney will directly?

Anyway, just got my first set of documents in today by PDF, and am reviewing, but still don't see any POS included or any details other than new ownership in a particular number of points in a particular unit at a particular property.

What I still can't figure out also - Is the DVC club personal property or real property? Points based systems are classified as personal property, but according to the FTC, if assigned a particular unit (which the contract I have reads), it is real property then. Much rather have real property than personal property. Must be real property as we can deduct the property tax? Maybe it has the benefit of both? Still confused here.


Found FTC's FACTS FOR CONSUMERS for buyers of Vacation Clubs and Timeshares:
http://www.ftc.gov/bcp/edu/pubs/consumer/homes/rea15.shtm

According to FTC, there are NO REGULATIONS established for Vacation Plans!!!

 

[drusba]

Don't know where you can get POS on line but DVC is a real property interest although it is subject to an end date and you can deduct real estate tax portion of dues. You own a percentage real estate interest in a unit and points are things designated to represent that interest.

 

[Chuck S]

I would be fine with providing a copy of the POS to prospective resale clients, if the cost to provide it were paid by the resale agents, or the seller. But I don't see why Disney would need to provide the cost of printing and shipping to a non-member that has already committed to purchasing resale.

Even my 1992 POS is nearly 120 pages.

 

[bumbershoot]

Just looked in the box I got after we put down the deposit.

POS is in there.

So before we fully purchased, before we signed anything, we had access to it. If you were buying directly from Disney, this could be your situation as well.

I imagine your resale person just doesn't have his anymore to send to you (and it's a small, but thick, booklet and they probably don't want the cost or annoyance of copying it all), or the resale site doesn't have it, and why would they?


Suzy, ya sure you want to own DVC?

 

[wdrl]

The Master Declaration of Condominium for each WDW DVC resorts, including BWV, can be viewed and downloaded as a PDF from the Orange County (FL) Comptroller's website. Here is a link to the OCC site: https://officialrecords.occompt.com/recorder/eagleweb/docSearch.jsp. You do not need a password or ID to access the OCC site. To obtain BWV's document, go to the search page at the OCC website. Once you get to the search page, enter 19965711668 as the Document ID and click on the search button. The next page will show you a list of document(s) that satisfy the search criteria. For each document, click on "Add to My Images", which is on the right side of the screen. Next, click on "Download my Images", which is in the lower left hand margin of the screen. The document(s) can then be saved as a PDF. By the way, there should be only one document, and its about 10.4MB in size.

The Master Declaration of Condominium defines such terms as home resort, banking, borrowing, etc., and explains what legal rights DVD and the purchaser have. I might be wrong, but it is essentially another name for the POS.

If you have any difficulties obtaining the document, PM me and I'll email you a copy.

You can also search the OCC to obtain electronic copies of your deed. I've downloaded copies of each of my deeds, as well as the Notice of ROFR on the one contract we bought via resale.

Also, based on the wording of our deeds, I believe we have a real estate interest in the resort.

Let me know if you have any questions.

 

[5forDiz]

Must say I'm really surprised that the POS isn't a standard disclosure item provided right up front at time of sale, or at least upon request. Receiving it after closing is not a Disclosure. Disclosures are supposed to be provided or offered in advance. Without seeing the POS, you can have a lot of misconceptions as to what you are really buying since everything is presented to the buyer by sales people (seller, brokers, and guides) who have no vested interest in the buyer. The POS document has the fine print that everyone should be able to see and read in advance of purchase. They should also be available and posted on-line IMO. Maybe resellers don't provide, but Disney will directly?

Anyway, just got my first set of documents in today by PDF, and am reviewing, but still don't see any POS included or any details other than new ownership in a particular number of points in a particular unit at a particular property.

What I still can't figure out also - Is the DVC club personal property or real property? Points based systems are classified as personal property, but according to the FTC, if assigned a particular unit (which the contract I have reads), it is real property then. Much rather have real property than personal property. Must be real property as we can deduct the property tax? Maybe it has the benefit of both? Still confused here.


Found FTC's FACTS FOR CONSUMERS for buyers of Vacation Clubs and Timeshares:
http://www.ftc.gov/bcp/edu/pubs/consumer/homes/rea15.shtm

According to FTC, there are NO REGULATIONS established for Vacation Plans!!!

Your seller(member) should be able to get a copy from DVC if they've misplaced their copy and you wish to see it in advance of purchase.

 

[Sandisw]

Must say I'm really surprised that the POS isn't a standard disclosure item provided right up front at time of sale, or at least upon request. Receiving it after closing is not a Disclosure. Disclosures are supposed to be provided or offered in advance. Without seeing the POS, you can have a lot of misconceptions as to what you are really buying since everything is presented to the buyer by sales people (seller, brokers, and guides) who have no vested interest in the buyer. The POS document has the fine print that everyone should be able to see and read in advance of purchase. They should also be available and posted on-line IMO. Maybe resellers don't provide, but Disney will directly?

Anyway, just got my first set of documents in today by PDF, and am reviewing, but still don't see any POS included or any details other than new ownership in a particular number of points in a particular unit at a particular property.

What I still can't figure out also - Is the DVC club personal property or real property? Points based systems are classified as personal property, but according to the FTC, if assigned a particular unit (which the contract I have reads), it is real property then. Much rather have real property than personal property. Must be real property as we can deduct the property tax? Maybe it has the benefit of both? Still confused here.


Found FTC's FACTS FOR CONSUMERS for buyers of Vacation Clubs and Timeshares:
http://www.ftc.gov/bcp/edu/pubs/consumer/homes/rea15.shtm

According to FTC, there are NO REGULATIONS established for Vacation Plans!!!

When you buy direct from Disney, you are given this document with your paperwork and have a chance to read it before signing things and sending them back.

Since you are buying from an individual and not Disney, they should be getting it to you (since they were given it when they purchased). If they don't have it, maybe you can ask them to get one from Disney for you.

 

[Dean]

DVC will definitely give you a copy of the POS with a direct purchase because your cancelation period doesn't start until you receive it.