What Told Re Extension Documents on Late '07/Early '08 Resale?

[5forDiz]

( apologies, had posted about this on earlier thread on OKW, "Extension/LockOut Mentioned"<began by BobH >, but bit OT so rewrote up as new )

If anyone here bought OKW resale around same time as we did, what is your experience on receiving any info or paperwork that pertains to extension to 2057 ?

We closed OKW resale on Feb. 7. ( purchase process/deposit began mid-December 2007; Our broker/agent told us previous owners did not pay price per point to extend contract to 2057). Original 2042 is expiration date of contract.

After closing Feb. 7 we phoned DVC (admin) to ask about about extension - as new owners of this contract may we extend to 2057 if we want to pay the prevailing price per point and were told yes and as the new owners we would be receiving paperwork in next few weeks to either accept offer to extend or formally decline.

We then noticed in April that OKW owners were beginning to post here that they were receiving their " official document(s) " concerning 15 yr extension which needs to be signed, notarized and returned to DVC if declining.

We still have not received anything in the way of documents from DVC concerning extending or not extending (like we had been told when we phoned).

We called again thinking that perhaps "official document" that OKW owners are receiving in this past month perhaps has been mailed to the previous owners of our OKW contract? DVC didn't seem able to give definite answer that THAT had in fact not happened.
So we ask what if they do sign, notarize and now return this document ? can that somehow impact this contract in someway that we own as of Feb. 7 . . .
like our deciding to go ahead and pay prevailing price per point for extended expiration to 2057 or perhaps in some other regard ?

Our uneducated guess would be that even if previous owners in past recent weeks did receive, sign & notarize document declining that it would be ' void ' because they are no longer this contract owners.

We worry about legalities of all this because there seems to be many gray areas re DVC receiving an official reply by a particular date ( or risk perhaps lock-out etc.) DVC seems too vague on what exactly the story is with the whole OKW extension thing in general.

On second call inquiring about 3 weeks ago got more of " you'll be receiving all the info you need to either accept or decline extension, etc."
Don't want to seem impatient but really by now we want to look it all over, so again placed a call & hopefully hear back from DVC with something more definite.

 

[RobDoc]

If you know you wish to extend, you might want to call your guide and let them know. I believe the prevailing rate at this time is $20 per point.

 

[5forDiz]

sure would be nice to receive that paperwork.

Yes you are correct price per point is $20 and they emphasized SOON to be $25. This was interesting though ( and we think a nice gesture on DVC's part ) - - they did say if we decide 'soon' they could probably extend us at the original price per point because. Makes one wonder if they may at some point in the near future, in order to convince more members to extend, offer additional incentive(s) or go back to offering at original price per point or lower ?

 

[BobH]

The original offer that Disney made to me was $15 per point and it was good until Feb 28, 2008. I received the offer around November of 2007. I think you may still find posts on this board discussing the whole extension issue when it first came up. It would appear your original contract was signed before that $15 period expired. From you comments it would also appear that Disney did not make you aware that you were still within the time period where you could extend your contract for $15 per point (end of Feb 2008). I sent back my notification card just prior to expiration period and declined to extend my contract. I then received the necessary paperwork in the 3rd week of April to decline the offer and this paperwork said that the offer to extend would cost $20 per point as of the date I received the papers in April. If you currently have a recorded deed and it is dated before the end of February 2008 I should think that Disney should have been able to offer you an extension of your OKW points at the origianl price of $15 per point. If you don't have a recorded deed yet use this website to look it up and find the date it was recorded. I have looked up my own deed here:
http://www.occompt.com/orfaq.html#deed

If the website doesn't work (I am not too good at this) just Google the Orange County Florida Registry of Deeds.

 

[BobH]

I am of the opinion that whether you extend your ownership interest depends primarily on your age. Without giving away my ancient status, I am of the opinion that if was going to spend more money I would use it to purchase extra points that I could use right now, rather than points that I can't use until I am 90. In other words, don't get too angry that the timing of your closing put you in the middle of all this. You still have options.For example at $25 per point I could extend my 240 points beyond the date of my death - who knows if my kids would want to pay the dues? Or I could buy an extra 50 -60 points at Saratoga Springs or another resort that I could start using right now. Best of luck.

 

[5forDiz]

but will check that out via Orange County records site.

What a tangled web DVC seems to have weaved with OKW extension !

Do hope that for the sake of owners at BWV, BCV, VWL, VB, HHI who are hoping that they eventually are offered opportunity to extend their 2042 expiration that the process is improved !

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( Added ): LOL !!! DH & I will be 80+ years after 2042 so our 3 kids would really be getting use out of extended years. It does seem that money would be better spent on getting additional points to use now in the present/near future while we are still making trips all of us together. Hard to say how the kids will feel about it 30 or more years from now.

 

[BobH]

I don't know what happens with resales, I bought directly from Disney. However, I received a copy of the signed deed from Disney via mail.
I suggested the Orange County Website in the event you have not received a copy of the deed yet.

 

[BWV Dreamin]

I don't know what happens with resales, I bought directly from Disney. However, I received a copy of the signed deed from Disney via mail.
I suggested the Orange County Website in the event you have not received a copy of the deed yet.

My brother just bought OKW resale, closed in end of March/first of April, hasn't receicved any docs. He called yesterday, they didn't have him on the list to get any, so NOW they are sending him the docs.

 

[5forDiz]

DVC seems to have a few wrinkles to iron out concerning those who recently bought resale.

Good to know we aren't only ones experiencing this.

 

[RobDoc]

We signed the declination documents in February while at WDW. We just went over to the SSR Sales Center and they took care of everything including the notary and witness.

A few weeks ago we also received the same documents in the mail. I called Member Accounting to see what was going on and was told we could just destroy the mailed documents since they already had everything they needed from us.

Our decision to decline was based on our age in 2042 (mid 90's) and paying $$$ right now for something which cannot be used for another 35 years.

 

[dianeschlicht]

We signed the declination documents in February while at WDW. We just went over to the SSR Sales Center and they took care of everything including the notary and witness.

A few weeks ago we also received the same documents in the mail. I called Member Accounting to see what was going on and was told we could just destroy the mailed documents since they already had everything they needed from us.

Our decision to decline was based on our age in 2042 (mid 90's) and paying $$$ right now for something which cannot be used for another 35 years.

We had the same thing happen, Doc. It made me wonder if they had a record of us declining at all! It was okay though.

 

[bookwormde]

I just settled on an OKW the 6th of May. I guess I will have to see if the previous owners had already sent in the paperwork back. If they did not it should have shown up as an encumbrance on the estopple paperwork. I guess I will have to ask for a copy from the settlement company. If DVC did not include this with the estopple information I would guess that they have made themselves quite a mess.

bookwormde