prepaying MF for 2018

[Matty B13]

Yeah, I forgot that you don't own the contract even after closing. You own it when DVC says you own it.......

 

[Cyberc1978]

I'd probably contact DVC member admin, look at the wording on the contract and closing and follow with specifies with the closing company. It sounds like you've done much of that already. As long as it's next years dues, it really shouldn't be important otherwise. While it can be a drain on the finances with having to pay the amount at a different time than expected, it shouldn't be enough to derail the train financially when it's affordable anyway.

My contract does say that I might need to prepay them I think it’s a standard text in the contract, which is totally fine I’m Just questioning if its legit and needed given there should be plenty of time to close.

 

[Jason@dvcstore]

Hi guys

I just passed ROFR on a BWV contract. I just received the documents from the closing company and they are stating I have to prepay the annual dues for next year - is this normal to pay them already?

The closing company send me all documents also the estoppel and that one says states if all the documents are received after 8th of december then I have to prepay.

I dont know if this is an error by the closing company or not, I have however already written to them and are awaiting answer.

regards

Do you have a delayed closing and that date is after 12/8/17? If not, then if you return the documents in the next week and the seller returns them in the next week this file is going to close long before the 12/8/17 date and no dues for 2018 will have to be paid at the time of closing.

That does not seem right.

Jason@dvcstore

 

[Dean]

Yeah, I forgot that you don't own the contract even after closing. You own it when DVC says you own it.......

You say this like it's a bad or sinister thing if I'm reading you correctly. DVC, even at their worst, is better than most in transferring the contracts over.

 

[Cyberc1978]

Do you have a delayed closing and that date is after 12/8/17? If not, then if you return the documents in the next week and the seller returns them in the next week this file is going to close long before the 12/8/17 date and no dues for 2018 will have to be paid at the time of closing.

That does not seem right.

Jason@dvcstore

I haven’t got a delayed closing, I guess it’s a standard thing in the contract I guess.

 

[Cyberc1978]

I have spoken to my broker and I don’t need to prepay the 2018 dues unless Disney at some point request that I do.

I still assume that this is a standard text but at this point it doesn’t make sense to prepay as I expect to close before 12/8-2017

 

[Matty B13]

You say this like it's a bad or sinister thing if I'm reading you correctly. DVC, even at their worst, is better than most in transferring the contracts over.

More that I forgot that we are playing in their sand box and they hold all the cards.

 

[Littlelulu01]

I purchased a resale in October and had to prepay the next years dues. Also found it odd and hadn't anticipated it. It was a few years ago. Basically the dues were paid out of closing for following year. I remember not knowing what exactly to make the cashiers check out for till the last minute and had to pay right at Christmas. I think my contract and points were loaded on January 3rd. I'd make a guesstimate of what you think they'll be and set it aside just in case. Should closing occur before December 8th no problem just settling dues with Disney in Jan but those December closings can be a little tricky.

 

[Dean]

More that I forgot that we are playing in their sand box and they hold all the cards.

This is the nature of timeshares, one should never forget that point. But in this case it's a technical answer, not one of power. It simply takes time and they have a system, I know some that take 120 days not uncommonly.

 

[Orsino]

By pre-pay don't they mean at closing? For all the closings I've ever done, a day or two before closing the agent tells me I need to bring X amount of dollars to the closing. What I suspect will happen is that if you close before 8 December, the agent will tell you an amount that does NOT include 2018 dues. If you close later, the agent will tell you an amount that does include 2018 dues. All they seem to be doing now is warning you that if the closing is delayed, dues are due at closing.

I mean, no one pays the full amount until closing right?

 

[Cyberc1978]

By pre-pay don't they mean at closing? For all the closings I've ever done, a day or two before closing the agent tells me I need to bring X amount of dollars to the closing. What I suspect will happen is that if you close before 8 December, the agent will tell you an amount that does NOT include 2018 dues. If you close later, the agent will tell you an amount that does include 2018 dues. All they seem to be doing now is warning you that if the closing is delayed, dues are due at closing.

I mean, no one pays the full amount until closing right?

Yes I was supposed to prepay when I closes, but as I close (soon I hope) way before December 8th there is no reason to do so. The amount I received in the closing statement included the 2018 dues so had I not brought it up I would have had to pay the dues upfront no matter what.