Questions from a potential first time buyer

[Dean]

A similar discussion covered Vero and what would happen if a hurricane destroyed some units to the point that they would not be repaired. The consensus seemed to be that the insurance would pay out to the legal owners of those units and their contracts would become invalid. They cannot destory a unit without compensating the legal owner of that unit. This is basic real estate law.

Remember, Disney owns the land, but DVD built and sold the improvements. DVD had to extend the entire land lease, so DVD will take ownership of any improvements when the existing deeds expire. This might not be as basic, but it's still real estate law. If DVD ended up owning any entire units, then they might be able to withdraw that unit from the condo association and avoid the dues, but the maintenance for those units would also go away. But I believe it's exceeding unlikely that DVD would end up with an entire building. So that risk is practically non-existent.

It's a different situation, I'd agree with your thoughts on owners losing their unit such as a natural disaster. Think sink hole at Summer Bay. However, the situation you are referring to is a sold out resort with no space to accommodate displaced owners, that will not be the case for OKW. There are ways to do this, as a minimum it'd be giving them new deeds in different units. Remember that the deeding is really just a way to keep track of owners, DVC could have simply held them in trust and in retrospect, I'm sure they wish they had.