Private sale?

[ms.mightyduck]

Hi, all.

Friends of ours are looking to sell their DVC points at a great price (and a price that it looks like Disney is letting go through ROFR).

Some quick questions: what do we need to do to make this happen without paying a broker? What legal requirements are there? Can we set up our own financing with them (in terms of what Disney requires)?

Thanks for any insight. This is the resale we've been looking for!

Duckie

 

[5forDiz]

Hi, all.

Friends of ours are looking to sell their DVC points at a great price (and a price that it looks like Disney is letting go through ROFR).

Some quick questions: what do we need to do to make this happen without paying a broker? What legal requirements are there? Can we set up our own financing with them (in terms of what Disney requires)?

Thanks for any insight. This is the resale we've been looking for!

Duckie

While it could be very likely that your friend's asking price may make it through ROFR based on prices you've seen recently there is no guarantee and even increasing price somewhat will not give extra insurance that Disney will waive their right to ROFR.

I believe your friends need to contact MS admin or accounting to get a document/form to initiate private sale. And there are also some legal documents pertaining to transfer There would still be some fees involved that would need to be paid, for example to Orange County to record deed, etc.

Not exactly sure what you mean about "financing with them" - if you mean obtaining financing with Disney don't think that is possible on a private sale but I think what you mean is that you will set up a private arrangement with your friends that you pay off monthly ? I don't think that influences Disney because once the ownership is transferred then you are considered the contract owner so a private arrangement concerning payment is between the parties involved.

Best wishes to you on your planning

 

[RobDoc]

If your friends still owe on their contract thru Disney financing, that will be paid off at closing. If you have a private agreement with your friends where they are offering financing to you that should not affect the purchase. You will not likley be able to assume any financing in place for the seller and won't have access to Disney financing since you are not purchasing thru Disney.

Good luck with the purchase!

 

[ms.mightyduck]

Thanks!

I know that their contract is paid off in full--we weren't sure if we take out a private loan through our credit union or something if we would need to provide any additional info. I know we wouldn't be financing through Disney, but the price is so much better than what Disney is currently charging for the resale contract!

Thanks so much again for your help.

Duckie

 

[Dean]

It's really pretty simple. You need a contract signed and dated with the applicable info submitted for ROFR. Remember it's illegal in FL (& most states) to misrepresent the price. Once you have the Waiver of ROFR, all you need is a deed, a Quit Claim deed will do in this instance with the caveat that you a future buyer may not be able to get title insurance if there is a Quit Claim deed in the lineage. You can then send it to Orange County for recording, less than $40 for a single contract. You then just send DVC a copy of the recorded deed (they may accept a copy of the non recorded deed but may not if you do it privately) and they will change it over. If you email me directly I can send you some additional info that I garnered when changing the names on our deeds recently.