Canadian DVC selling questions

My update
I sold a small OKW contract ,,just waiting for ROFR
What is the right of first refusal? A right of first refusal (ROFR) allows Disney Vacation Club to become the buyer of your Membership on the same terms and conditions, including financing, as specified in your contract for sale. I made a few dollars which will just get added to the retirement plan.

It seems Disney is not exercising this right now (or very limited) so the contract should go through.
The broker did say that due to our current times the whole process seems to be taking longer. I'm not in any rush right now so that's ok.

I thought I'd be sad selling the contract but I'm actually relieved ,,not much chance in me traveling back to Disney in the next 2-3 years.
Thru great ideas here on the DIS Canadian boards (Disney visa gift cards) I've paid out my dues for the next 2 years. I still have 3 small point contracts that I'll hold on to.


Hugs
Mel
That’s great news that you sold. We are thinking of selling our BCV (non blue card qualifying contract), but the thought of applying for an ITIN right now seems overwhelming. It’s a 270 point contract, so we’d want to reclaim as much of the taxes as we could. I can honestly imagine we’d feel relieved at this point too, which makes me so sad 😞
 
That’s great news that you sold. We are thinking of selling our BCV (non blue card qualifying contract), but the thought of applying for an ITIN right now seems overwhelming. It’s a 270 point contract, so we’d want to reclaim as much of the taxes as we could. I can honestly imagine we’d feel relieved at this point too, which makes me so sad 😞

Hi Hon
Yeah I would definitely be collecting the withholding taxes on a 270 point contract.
Well we may not be able to travel south of the border but many people are finding some great things to do here in Canada. We have our families / homes and hopefully our health.
You could email the Timeshare store and ask what is involved for a Canadian in retrieving the taxes and applying for a ITIN.

Hugs to you
Mel
 
Hi Hon
Yeah I would definitely be collecting the withholding taxes on a 270 point contract.
Well we may not be able to travel south of the border but many people are finding some great things to do here in Canada. We have our families / homes and hopefully our health.
You could email the Timeshare store and ask what is involved for a Canadian in retrieving the taxes and applying for a ITIN.

Hugs to you
Mel
Absolutely. We are thinking of maybe returning to Europe (we were there 2 summers ago) before going back to the US, do the money would come in handy!
 
We are hoping to buy a second contract at some point but will wait for prices to drop some more and hopefully the CDN gets better as well. Not much point, especially when we don't feel safe going now. We have to use up our 75 points by January as it is.
 


That’s great news that you sold. We are thinking of selling our BCV (non blue card qualifying contract), but the thought of applying for an ITIN right now seems overwhelming. It’s a 270 point contract, so we’d want to reclaim as much of the taxes as we could. I can honestly imagine we’d feel relieved at this point too, which makes me so sad 😞

Getting your ITIN is super easy and if you need a contact, I can provide one in the US who does everything for you. I think it cost us about $50. You will need to do a quick facetime with her just so she can actually see you are a real person and she will do all the legwork. She can also help with your FIRPTA rebate.
 
Getting your ITIN is super easy and if you need a contact, I can provide one in the US who does everything for you. I think it cost us about $50. You will need to do a quick facetime with her just so she can actually see you are a real person and she will do all the legwork. She can also help with your FIRPTA rebate.
Great! Can you PM me your contact please? Thanks 😊
 
Great! Can you PM me your contact please? Thanks 😊
I will post here (as long as the filter doesn't block it) in case anyone else needs it. When I purchased one of my contracts, the seller was Canadian and for some reason, I needed an ITIN even though I was the buyer.

Her name is Nancy. nancy@fitaxes.com
https://fitaxes.com
You will see some testimonials on her site from Canadians who have used her services.
 


Hi Hon
Yeah I would definitely be collecting the withholding taxes on a 270 point contract.
Well we may not be able to travel south of the border but many people are finding some great things to do here in Canada. We have our families / homes and hopefully our health.
You could email the Timeshare store and ask what is involved for a Canadian in retrieving the taxes and applying for a ITIN.

Hugs to you
Mel
is ITIN the same as FIRPTA? I don't know what the acronyms stand for.🤷‍♀️
Looking to sell a 150 point contract through the Timeshare Store, they say they can refer me to a specialist that can help me to get the money back.
 
One is a number that the USA gov identifies you by.=ITIN (kind of like a social Ins number which identifies you as a Canadian).
You have to apply for this number if you want to get back the percentage of tax that the broker will direct the closing company to hold back.
What is a Individual Taxpayer Identification Number (ITIN)?
Look here for definition and explanation
https://agtax.ca/itin-canadians-foreigners-us-taxes/


FIRPTA is the reference to the actual tax (Foreign Investment In Realty Property Tax Act )
This is the name of the Tax you would be getting back.
FIRPTA tax is usually 15%. (I choose to forgo receiving that amount back ,therefor it goes to the US government. My contract was small though.

https://www.irsvideos.gov/Individua...=If the law applies to,Form 8288 with the IRS.


I have never applied for a number but a 150 point contract would be worth having the specialist apply for you ,,I think one I heard of is Nancy Carpenter.

Hope that helps a bit more
Regards
Mel
 
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I guess I am more nervous then some of you. If 150 point contract and say sell even at $120. They take 15% that is $2700. For me and the USA IRS doesnt have any of my info, I am fine with that. For me yes a good chuck of money, but I bought my contracts low and at par, so I am ok with giving up that. Plus are we sure you get that all back, or just a portion that then makes it even more attractive to me to wave good bye to it.
 
Update
well we are moving along here...........................:moped::moped::moped:
My contract sold in two days of posting.(asking price)

Disney finally got back to me ..............yep they told my agent broker wrong info end date 2042,,,I knew I was right (I did extend it to 2057).

So we had to do an amendment and Disney Admin called me and apologised for their 5 wrong emails to my broker and for taking a month to get back to my phone calls and emails.
Broker said they have never had this happen before. (apparently Disney Admin never admits to doing wrong ).

Disney said they'd expedite the process,,today I got the closing doc from title company.
Tonight I went to the Notary's office,,signed sealed and then I Fed Ex then back to title company.
So we shall see how long it takes the closing company.

Hugs Mel

P.S
here is how to check your contract info
Copies of your deeds can be downloaded via the Orange County Comptrollers Website (www.occompt.com).

Click to "Official Records Search"
Accept their Terms of Service
Once on the Document Search page, search via the "Either Party" field to pull up all recorded documents related to your purchase.
You will be able to view, print, and download a copy for your records.
 
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I have a question about this now... I just did the search and our DVC lists me and my husband but then also lists two other people who if I remember correctly are the people we bought from (it's been 6 years so I can't quite remember their names)... is this normal?

Grr definitely meant to quote your post @bababear_50
 
I have a question about this now... I just did the search and our DVC lists me and my husband but then also lists two other people who if I remember correctly are the people we bought from (it's been 6 years so I can't quite remember their names)... is this normal?

Grr definitely meant to quote your post @bababear_50

Hi Hon
I checked my contract / deed and can't see the previous owners name (I bought it resale).
My other contracts are direct/new.
I would make a call to DVC Administration and inquiry about this.
Best wishes
Mel
 
Hi Hon
I checked my contract / deed and can't see the previous owners name (I bought it resale).
My other contracts are direct/new.
I would make a call to DVC Administration and inquiry about this.
Best wishes
Mel

Thanks! I thought it was really weird but it's been so long since I looked at it I wasn't sure.
 
I have a question about this now... I just did the search and our DVC lists me and my husband but then also lists two other people who if I remember correctly are the people we bought from (it's been 6 years so I can't quite remember their names)... is this normal?

Grr definitely meant to quote your post @bababear_50

When I do the search, 6 things come up for our 4 contracts (3 of which were resale contracts). Four are labeled "deed" and those do not have the previous owner's names. Two are labeled "notice" which do have their names. When you pull up the document for the ones labeled notice, it is Disney's ROFR waiver. Hope that helps.
 
When I do the search, 6 things come up for our 4 contracts (3 of which were resale contracts). Four are labeled "deed" and those do not have the previous owner's names. Two are labeled "notice" which do have their names. When you pull up the document for the ones labeled notice, it is Disney's ROFR waiver. Hope that helps.

Pretty sure I was looking at the notice. Thanks for easing my mind!
 
We have decided our first resale contract will be at Baylake. Hoping to wait until the dollar is better though. Plus of course we want to wait until we for sure can use the points as we still aren't sure how we are using our direct contracts points by January. We are booked for Aulani after 4 previous DW DVC trips have been cancelled but Aulani is looking like it might not work in January either.
 
My update
I sold a small OKW contract ,,just waiting for ROFR
What is the right of first refusal? A right of first refusal (ROFR) allows Disney Vacation Club to become the buyer of your Membership on the same terms and conditions, including financing, as specified in your contract for sale. I made a few dollars which will just get added to the retirement plan.

It seems Disney is not exercising this right now (or very limited) so the contract should go through.
The broker did say that due to our current times the whole process seems to be taking longer. I'm not in any rush right now so that's ok.

I thought I'd be sad selling the contract but I'm actually relieved ,,not much chance in me traveling back to Disney in the next 2-3 years.
Thru great ideas here on the DIS Canadian boards (Disney visa gift cards) I've paid out my dues for the next 2 years. I still have 3 small point contracts that I'll hold on to.


Hugs
Mel
 
My update
I sold a small OKW contract ,,just waiting for ROFR
What is the right of first refusal? A right of first refusal (ROFR) allows Disney Vacation Club to become the buyer of your Membership on the same terms and conditions, including financing, as specified in your contract for sale. I made a few dollars which will just get added to the retirement plan.

It seems Disney is not exercising this right now (or very limited) so the contract should go through.
The broker did say that due to our current times the whole process seems to be taking longer. I'm not in any rush right now so that's ok.

I thought I'd be sad selling the contract but I'm actually relieved ,,not much chance in me traveling back to Disney in the next 2-3 years.
Thru great ideas here on the DIS Canadian boards (Disney visa gift cards) I've paid out my dues for the next 2 years. I still have 3 small point contracts that I'll hold on to.


Hugs
Mel
 

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