Question about contract with DVC for resales

[Mike]

I am in the process of closing on a resale and am about to become a DVC memeber. The question I have is when in the process do I sign the contract with DVC. I am always seeing people referencing this contract in regards to room occupancy and lately for ROFR issues. I assume the seller signed this contract when he made the original purchase but it would seem logical that I would need to sign it as well to be bound by it. Or is it assumed that I am bound by the contract by the transfer of ownership? If that is the case, I would still like to have a copy of the contract to read. It was not in the closing document package that I received and I was a little surprised by that. Does anyone know how this works?

Thanks!

 

[Beca]

We never got it. We did get (from our guide) the member handbook and vacation planner which basically lays out all the "rules". I probably should've requested one, but DVC might say that needed to be transferred from the original owner to us...not through them. But...the reality is...I don't read those pages anyway. There might be something on the "new" member website, but I don't know.



Beca

 

[Dean]

The process is this. You submit for ROFR, if you clear that a deed is prepared and signed by all parties. A copy to the seller, buyer and DVC and the original to record then back to the buyer. You do not get a separate contract with DVC. There are recorded papers including the POS. The original deed contains language that you are bound by the original requirements including ROFR. Your new deed should also but even if it doesn't, the legal requirement would be there. The waiver is also required to be recorded. It is interesting that the deed itself says an owner can't subdivide it but that DVD can if they reaquire it.