Transfer fee increase!

[cruise-o-matic]

What's the deal. The closing agent I'm using stated the Disney Transfer fee doubled from $100 to $200.

 

[justKim]

Small thread hijack -- I have been reading posts about transfers for a while, but I don't know what they are. Is that when you rent points to someone?

Thanks.

And, yes, what's with the price increase??!!
I don't even know what it is, and now it's more expensive!

 

[jel0511]

Small thread hijack -- I have been reading posts about transfers for a while, but I don't know what they are. Is that when you rent points to someone?

Thanks.

And, yes, what's with the price increase??!!
I don't even know what it is, and now it's more expensive!

No, the transfer fee is what a DVC member has to pay to have it's membership transfered to a new person, as during a sale of the membership. I hadn't heard of an increase in fees, but with it being so close to the end of the year, it wouldn't suprise me if DVC is increasing this fee for 2005.

Cruis-o-matic, you as the buyer are paying the transfer fee? Usually the seller (meaning prior owner) is the one who pays that fee?

 

[Chuck S]

The term "Transfer" in this case means when someone buys a membership (ownership interest) on the resale market. Disney charges a fee, sort of a "registration fee" for new owners who didn't buy direct.

Another type of transfer is when someone owns multiple contracts and home resorts, then transfers the annual points allotment from one contract to the other. Members can also transfer some of their curent use year points to another member. These types of transactions have no fee.

 

[cruise-o-matic]

Apparently DVC doubled the fee to $200 effective 12/15. The thing is that when the contract passed ROFR, prior to the 15th, DVC's cover letter to the seller states that the transfer fee is $100. The seller is contacting DVC for clarification.

One would (hopefully) expect Disney to honor something they put in writing.

 

[cbjl]

Hmm - this is very interesting. I wonder if that could be why Disney still doesn't have us in their system (closed Dec. 16) - our contract was written with a $100 transfer fee (seller paid). I'm checking with our closing company right now to see if that has caused a problem with the transfer on Disney's end.

 

[cruise-o-matic]

Your closing agent may be waiting for a copy of the recorded Deed, so thay may not have even received that yet to send to DVC.

Please keep me informed on what you find out.

 

[justKim]

Thanks jel0511 and Chuck S!

 

[cbjl]

It turned out that we had an entirely different problem, which is now resolved (see thread oh no problem after resale closing). We did find out that the fee increase was effective for closings after the 17th (accdng to our closing agent).

 

[cruise-o-matic]

Just a quick update:

The Fee increase was effective as of 12/16. My seller contacted DVC and since our paperwork is dated 12/15 (whew!), there will only be a $100 fee.

Also, here's another tidbit for those who want to expedite getting "in the system": Once the funds have been disbursed to the seller and the Deed sent for recording, have your closing agent go ahead and send the transfer fee to DVC along with a letter stating this (funds disbursed/Deed sent). That way you're not being held up by the County recorder.

So hopefully, I'll be "in the system" in the next 2 weeks.