Prolly a stupid contract ???? HELP!!!

[Laurabearz]

CONTRACTS ARRIVED TODAY

I am soooo siked! But reading them got me totally confused (btw these are resale contracts if that matters)

Under property location iOne says a % interest in unit 21 DVC @ Walt Disney World and the other contract says unit 31 dvc @ wdw. Nowhere is it mentioned that they are OKW points...... And since they are both OKW points shouldnt then the unit # be the same????


Thanks so much for your help!!!!

 

[Michelemouse]

No, definitely not a stupid question.

I believe that it says Disney Vacation Club rather than Old Key West because DVC was the original name of the resort. Once new properties were added (Boardwalk, VB, HH, etc.) the powers that be changed the name to Old Key West and the program name to Disney Vacation Club. I would bet that OKW is still listed as Disney Vacation Club on all deeds and official records.

Just my guess.

Michele

 

[Laurabearz]

Wow! Michelle thanks for the quick responce!!! I popped back in coz I had another ?? and was surprized to see a a reply! Thanks!

More questions about the contract......

No where does in mention the total points (just the % interest) How can I determine if that number is correct?

Also it doesnt say anything about the banked points from 2001..... How can I verify they are really there.....

If the law office was open I would call them....

Thanks again for your help!

 

[Chuck S]

I really can't answer the question about the %, except I'm sure somewhere there must be an attachment (maybe in the guidebook?) that lists the points per % at DVC (OKW), since it is a legal ownership, you ARE buying a % and not just "points". Points are how you USE your % interest. I would call DVC sales and ask a guide to verify the percentages as your contract has one assigned to it when it was purchased from Disney, they may be able to verify banked points as well. As far as the buildings, again, it is legalese, since DVC (OKW) was not opened as a "whole" but was built in phases. They could only sell interest in completed building that were declared part of the timeshare (I'm sure I own in several, as I've added on 3 times) You really won't notice and difference when you use your points, as long as they are all the same use year.

The "Official" name of the property is still Disney Vacation Club, its operating name was changed to Old Key West.

 

[Firefighter Mickey]

Points are simply a way to describe your ownership interest. You are purchasing a % of the real-estate for a given time period.

If you are dealing with a reputable resale company, I wouldn't stress too much. If not, then there's nothing in the documentation linking the % to an exact amount of points, and you may have to call DVC to find out more about the actual contract you are trying to purchase.

 

[Laurabearz]

Originally posted by Firefighter Mickey
, and you may have to call DVC to find out more about the actual contract you are trying to purchase.

Can anyone tell me who I would contact??
We were assigned a guide, but since she found out we bought resale she takes a while to return phone calls..... I do have a call into her for a posible add on at BCV (we have the sickness already!! LOL) so I assume she will call back when she comes in tomorrow

Sooo would she be able to answer the % question or is there another number I should call???

I hope you all realize how much your helps means to me..... I am eternaly grateful (well at least until the year 2042 )

 

[Cap]

I did a resale contract recently. The following clauses appeared in the contract:

"And commonly known as: 150 points Unit nn of the Disney Vacation Club at Hilton Head Island".

"Buyer and Seller acknowledge and understand that ... there are 150 points from year 2001 Oct. allotment of 150 points that transfer to buyer. No points have been borrowed from year 2002 Oct. allotment of 150 points."

The warranty deed contains this statement:

"The Use Year for this Unit begins on the first day of October. Purchaser's Ownership Interest shall be symbolized as 150 Home Resort Vacation Points for the purposes of administrative convenience only and for no other purpose. ...."

Thus, the point references appeared in both the contract and the deed. If it's not in your proposed contract, tell the broker to put it in. You are the customer. Get the language to read so you understand it and are comfortable with it, or tell them you don't want to do the deal.

 

[Laurabearz]

I am an idiot....... such an idiot!

Stuck inside the fex ed folder was a document with the rest of information on it. I am very lucky I have a highly inquistive 2 1/2 year old.... "whats this mommy?"


::::::::hiding head in sand now::::::::



Thanks again!!! YOu all are the best!!