A Guide to Purchasing a DVC Resale Contract

Section 2: The Process of Purchasing a DVC Resale Contract

2.1 Waiting for the Right Contract

Finding the right DVC resale contract can take some time, especially if you have specific criteria in mind. Contracts for popular resorts, such as Disney’s Beach Club Villas, may be in high demand and not readily available. It is important to be patient and keep a close eye on listings to find the perfect contract that meets your needs.

2.2 Making an Offer

Once you find the desired contract, it’s time to make an offer. Whether by email or phone, you can submit your offer to the seller or the broker representing them. In most cases, a counteroffer will be presented, and negotiations will take place until an agreement is reached.

2.3 Receiving and Signing the Contract

After an agreement is reached, the contract will be sent to you for review and signature. The documents can be delivered electronically, allowing for a quick and efficient signing process. It is essential to carefully review the contract and seek legal advice if needed before proceeding.

2.4 Paying the Deposit

To secure the DVC resale contract, a deposit is required. This deposit typically amounts to 10% of the total contract cost, excluding closing costs. Payment options may vary, but credit card transactions or wire transfers are commonly used methods.

2.5 Right of First Refusal

Once the contract is signed and the deposit is paid, the contract is submitted to Disney for the Right of First Refusal (ROFR) process. Disney has the option to exercise its right to purchase the contract before it can proceed to closing. The ROFR process can take several weeks, and the outcome will determine whether the sale can proceed as planned.

2.6 Closing Documents and Escrow

After the contract passes through ROFR, the closing process begins. The closing company, often chosen by the buyer, handles various tasks such as title searches, escrow funds, and other legal requirements. The closing company prepares the necessary closing documents, which are then sent to the buyer and seller for review and signature.

2.7 Paying Closing Costs

Alongside the closing documents, the buyer is responsible for paying the closing costs. These costs include fees associated with the transfer of ownership, recording the new deed, and obtaining a title insurance policy. The buyer should review the closing costs with their agent to ensure transparency and accuracy.

2.8 Closing and Recording the Deed

Once all the necessary documents are signed, the closing funds are paid, and the closing costs are settled, the closing process can be completed. The closing company will record the new deed with the appropriate county office, such as Orange County for Walt Disney World properties. This step finalizes the transfer of ownership and protects the buyer’s rights.

2.9 Disney Sets Up Your Contract

Following the successful closing, Disney will update its records and set up your DVC contract. If you are an existing member, the new points will be added to your existing membership number. If you are a new member, Disney will provide you with a new membership number and access code to set up your online account.

2.10 Enjoying Your DVC Membership

Once Disney has set up your contract, you are ready to enjoy the perks of your DVC membership. You can start making reservations at your desired Disney Vacation Club resorts and explore the world of magical experiences that await you.