Selling DVC on My Own - Questions???

[5infam]

I am selling a small contract to a friend of mine who is also a DVC member. Since we know each other very well, we figured there was no reason for me to pay sales commissions or for him to pay closing and title fees, so we want to handle it ourselves, the fastest and cheapest way possible. Problem is, we have no idea how to handle the transaction . I paid cash originally direct from DVC, but I pay dues monthly (it is up to date) but I know I owe more for this year since I pay monthly. So what are the steps we have to take to make this sale go smoothly? I know there are experts out there that have done this before who know all the steps, so I am looking for your experience and guidance. TIA

 

[Wigit12]

You can use your own lawyer but you still need to submit a contract to DVC for ROFR. The Timeshare Store (link at top of page) can give you the number to their closing company, Timeshare Closing. We used them just to feel safe that they knew the proper steps. I can't remember the exact cost--maybe $250??

 

[5infam]

You can use your own lawyer but you still need to submit a contract to DVC for ROFR. The Timeshare Store (link at top of page) can give you the number to their closing company, Timeshare Closing. We used them just to feel safe that they knew the proper steps. I can't remember the exact cost--maybe $250??

Thanks for the advice . We are trying to do it on our own though if possible, so I thought I would check here. Anybody out there done the whole process on their own?

 

[CarolAnnC]

I believe the sale of the DVC needs a lawyer to handle the closing - the deed, title transfer, and closing must be executed by law.

As mentioned there are companies to do this for you for a small fee. And before that can be accomplished, you must go through Right of First Refusal as it is in the contract with DVC. You can only sell to anyone else after DVC refuses and passes on the sale for themselves.

Try a search on the boards for more information. Thanks.

 

[CarolA]

It can be done pretty much on your own from what I have read here.

Step 1 is to call DVC. They can tell you what they need for ROFR.
Step 2 is to draw up a sales contract. (You can find them on the internet)
Step 3 is to send everything to Disney and wait.
If it clears ROFR then I think you probably will need to get a closing agency involved. You can probably do it yourself, I don't think FL requires an attorney, but if you do something wrong it's another trip to the deed office and on and on and on.... And if you don't live there it's more complicated. So I would pay one of them a few hundred to do it for me. They file and submit to Disney and you are done.

 

[Mtnman44]

Tell your friend that if he is buying a DVC contract, then he should be able to pony up the $300 bucks or so in closing cosst so you can get the closing handled and the deed recorded. Otherwise, he is asking you do do all of this on your own which I doubt is worth it.

If you simply want to "gift" the cost of closing to him, then charge him closing costs but reduce your selling price by that amount. It's all the same reallly.

 

[Dean]

I am selling a small contract to a friend of mine who is also a DVC member. Since we know each other very well, we figured there was no reason for me to pay sales commissions or for him to pay closing and title fees, so we want to handle it ourselves, the fastest and cheapest way possible. Problem is, we have no idea how to handle the transaction . I paid cash originally direct from DVC, but I pay dues monthly (it is up to date) but I know I owe more for this year since I pay monthly. So what are the steps we have to take to make this sale go smoothly? I know there are experts out there that have done this before who know all the steps, so I am looking for your experience and guidance. TIA

I have the instructions from DVC which they sent me recently, I'll send them to you if you email me at deandal2@bigfoot.com. The process if you get a signed contract and send it to DVC for ROFR. If they waive it you need a deed, which you can do yourself. This is the perfect situation to do it yourself IMO. Once you have the deed you send a copy to DVC and the original to Orange county for recording, they have instructions on their website how to do so.

 

[5infam]

Thanks Dean - I will shoot you an e-mail. Thanks to others for your advice as well. My assumption was that since we are both DVC members, this would be a pretty simple thing to do on our own. We know and trust each other, so many of the issues that normally arise in a resale process don't apply here (at least for us). I know it is just $300, and he may want to pay it, but I figured there was a way to do it myself (or he can do the deed piece) then why not save the money. Anyway, if we screw it up, we can always get help later on, but I think we will give it a shot.

If anyone else has experience doing this themselves I would appreciate your feedback on your transactions. Thanks!!!