Purchase agreement

[Cory0518]

I am about to sign on the dotted line on a contract for BLT with DVCReSaleMarket and the contract states in the special clauses that I am purchasing 160 points for 2015 but doesn't list future points. My attorney suggested they change their language to reflect that we will get all future and accrued points. I asked Kevin if that was possible and he said he cannot put that as it would not be binding to make disney liable for anything as their agreement is in the deed and original contract. he followed up that he would add 2016 since they will be available by the time of close and that the special clauses language is normal on all contracts for resales.

Anyone have any experience with this? It's not that I don't trust him, I just wanted to reach out to the community to be 100% comfortable.

 

[jerseyduke]

Not totally sure, but the only thing you can be "swindled" out of is 2015 and 2016 points. 2017 points, best case, February Use Year, could only be used for a 2016 UY Reservation via borrowing. First date that can happen is March 1, 2015. So the seller does not have access to 2017 points for 2 months or more.

If it clearly states 2015 and 2016 point allocation, I would not think anything of it, but I am not a lawyer.

 

[Cory0518]

I guess what I am asking is if a resale contract specifically states all points up to 2060. It's a March UY so that's why he is able to add 2016 to the contract since they will be available by the closing.

My only concern is that the language is such that the sellers could come back to me or disney in 2016 or 2017 and say it's theirs as they only sold rights to 2015...

I'm just very very careful and likely over analyzing it but I value anyone else's input.

 

[jerseyduke]

Well, please post what you learn.

Remember though, you are not purchasing points, or the right to them. You are purchasing a real estate interest. Very much like a house, just a small percentage of it. The seller owns like .0532 percent of BLT. That is what you are purchasing.

I think you are probably fine trusting the resale agent.

 

[DisneyfromDeland]

My purchase agreement for the initial offer lists the contract as 250 points with the contract expiring in 2057. Under "Special Clauses" below it lists the banked points, 2014 points and then states "and all points forward." I went through a different resale company.

We just followed the resale company's standard procedure and all was fine.

 

[akl2004]

I am about to sign on the dotted line on a contract for BLT with DVCReSaleMarket and the contract states in the special clauses that I am purchasing 160 points for 2015 but doesn't list future points. My attorney suggested they change their language to reflect that we will get all future and accrued points. I asked Kevin if that was possible and he said he cannot put that as it would not be binding to make disney liable for anything as their agreement is in the deed and original contract. he followed up that he would add 2016 since they will be available by the time of close and that the special clauses language is normal on all contracts for r

Anyone have any experience with this? It's not that I don't trust him, I just wanted to reach out to the community to be 100% comfortable.

Just signed on the dotted line and sent docs to Kevin for a contract at BW. I am not a lawyer and my opinion is not binding or professional, but I was under the impression that the deed and original contract state the continuing allocation of points. The agreement I signed stated that the seller "shall convey the deed, which expires January 31, 2042", therefore conveying the continuing allocation of points until the expiration date.

This is just my interpretation of the documents. I definitely see your point and don't blame you for questioning anything you are not comfortable with. It would have just been easier if the contract stated "and all point forward" as another poster pointed out their agreement stated.

By the way, congratulations and good luck going thru ROFR. Hopefully all goes well for both of us and we close quickly. Good Luck.

 

[Cory0518]

Good luck to you as well.

We made the decision to rescind that offer as I was uncomfortable with the language. My post is not anything negative of Kevin as he was a very easy to deal with guy and very nice, but he couldnt modify that part of the contract that I needed adjusted to feel more comfortable.

I called TSS and made another offer and this contract includes that language so we signed on the dotted line.

 

[Msmithmd]

Good luck to you as well. We made the decision to rescind that offer as I was uncomfortable with the language. My post is not anything negative of Kevin as he was a very easy to deal with guy and very nice, but he couldnt modify that part of the contract that I needed adjusted to feel more comfortable. I called TSS and made another offer and this contract includes that language so we signed on the dotted line.

Glad it worked out for you.

To speak to the concept, I think you were worried about nothing. As prior posters have explained, every DVC contract has all future points going forward beyond the next UY, and nobody can access them out beyond borrowing from the immediate next UY (for trips a maximum of eleven months from today at home resort.)

So the thing to be certain about during contract acceptance is prior, current, and next UY's points. Beyond that, by definition, every contract ever sold will have all future points up until the resort's expiration.

 

[disBOBney]

Good luck to you as well.

We made the decision to rescind that offer as I was uncomfortable with the language. My post is not anything negative of Kevin as he was a very easy to deal with guy and very nice, but he couldnt modify that part of the contract that I needed adjusted to feel more comfortable.

I called TSS and made another offer and this contract includes that language so we signed on the dotted line.

The language that you objected to, was meant to assure you that you would still have access to 2015 or 2016 points as these points could have/be used by the selling owner. Just because you buy a dvc contract today does not mean that you get use of 2014 thru 2016 points, the seller may have already used them.

 

[Cory0518]

The language that you objected to, was meant to assure you that you would still have access to 2015 or 2016 points as these points could have/be used by the selling owner. Just because you buy a dvc contract today does not mean that you get use of 2014 thru 2016 points, the seller may have already used them.

I understand it's there for me, but if my attorney tells me to exercise caution since it reads from a legal perspective that all I was entitled to were their 15 and 16 points, I will be heeding that input.

I called another resale company and their language reads "all future points" or something like that so I made an offer and am in ROFR.