Question about DVC closing cost??

[bigtgravez]

I hope I'm posting this in the right spot but if not, please forgive me as I'm a newbie to these forums. I plan on trying to call our DVC salesperson but thought I'd post here as well since he's not easy to get ahold of.

We are in the process of closing on BLT (going directly through Disney). I spoke with our DVC person yesterday and was so excited about finalizing things, that I forgot to ask a question or two. We have all of our payments set up and will be paying annual dues in a lump sum. I paid 10% down yesterday and we will be paying the rest cash which is due in 30 days. One of the things that he mentioned was a $350 "closing cost". Does anyone know what that $350 entails? It seems strange that even though we're paying cash, that we'd have $350 in "closing costs". It's quite possible that the fee is something completely different than actual "closing costs" but thought I'd start here since I've notice the DIS boards contain a wealth of knowledge.

Thanks!

BigT

 

[Corwin]

I hope I'm posting this in the right spot but if not, please forgive me as I'm a newbie to these forums. I plan on trying to call our DVC salesperson but thought I'd post here as well since he's not easy to get ahold of.

We are in the process of closing on BLT (going directly through Disney). I spoke with our DVC person yesterday and was so excited about finalizing things, that I forgot to ask a question or two. We have all of our payments set up and will be paying annual dues in a lump sum. I paid 10% down yesterday and we will be paying the rest cash which is due in 30 days. One of the things that he mentioned was a $350 "closing cost". Does anyone know what that $350 entails? It seems strange that even though we're paying cash, that we'd have $350 in "closing costs". It's quite possible that the fee is something completely different than actual "closing costs" but thought I'd start here since I've notice the DIS boards contain a wealth of knowledge.

Thanks!

BigT

"Closing costs" are typical in real estate transactions, and don't have anything to do with your method of payment. For a DVC purchase, closing costs pay for things like deed recording fees, deed state tax/stamp, title insurance, and documentation fees (such as the fee to prepare the deed, etc.).

 

[bigtgravez]

That makes sense! Thank you!

 

[cush1]

Congrats on your new purchase and "Welcome Home"! What a blessings to be able to pay for your membership in cash, too. Just think... all your vacations for the rest of your life are now paid for!

 

[mrsmith9]

Recording fees = $18.50
deed state tax/stamp = .07% of the sale price
when buying directly from the developer there should be no need for a title search or title insurance. So $350 in closing cost for a purchase directly from disney seams high. I'd be interested to know the breakdown of costs as well.

 

[parlay]

Recording fees = $18.50
deed state tax/stamp = .07% of the sale price
when buying directly from the developer there should be no need for a title search or title insurance. So $350 in closing cost for a purchase directly from disney seams high. I'd be interested to know the breakdown of costs as well.

Just an FYI, after you buy your first contract, if you ever "add on" , Disney does not charge you any "closing fees".

 

[miprender]

How many points are you buying? We just purchased 100 AKL points and the closing cost from Disney was $196