Verify DVC contract?

[andy_from_fl123]

Hi,
I'm buying a DVC contract, and wonder if I can verify what I'm actually getting. If I buy a house, I can visit the house and look up the deed online on any number of sources. I'm allegedly getting 150 points a week, 27 this year, through 2042. Is there any site I can use to verify that before I actually buy the contract? I did look for this topic here and elsewhere, sorry if it was obvious and I missed it.

Thanks.

 

[RoseGold]

The title company does this as part of the sale. I would absolutely get title insurance on resale. You can look up who has bought what on the Orange County Controller website, if they bought recently-ish.

Only the seller and Disney know the exact points, which is why your contract should give you $X/point if they are missing. This is verified by the title company as part of the sale.

 

[macman123]

The contract will also say usually towards the end about what points are due in which year.......

For example one of my old contract says:

"10. SPECIAL CLAUSES (BANKED POINTS, CURRENT POINTS, ETC.) 2 BANKED POINTS AUGUST 2019 +150 POINTS AUGUST 2020 + 150 POINTS COMING AUGUST 2021 AND FORWARD."

 

[andy_from_fl123]

The contract will also say usually towards the end about what points are due in which year.......

For example one of my old contract says:

"10. SPECIAL CLAUSES (BANKED POINTS, CURRENT POINTS, ETC.) 2 BANKED POINTS AUGUST 2019 +150 POINTS AUGUST 2020 + 150 POINTS COMING AUGUST 2021 AND FORWARD."

I do see that in the contract, but it's just the contract. If the people who wrote the contract were lying or wrong, I wouldn't know about it until after the fact.
I realize it's extremely unlikely that they'd lie, a little less that they could be wrong, but I like to verify what I hear when possible.

 

[geargrinder]

I do see that in the contract, but it's just the contract. If the people who wrote the contract were lying or wrong, I wouldn't know about it until after the fact.
I realize it's extremely unlikely that they'd lie, a little less that they could be wrong, but I like to verify what I hear when possible.

When I got my notice that I had passed ROFR, my broker listed instructions to the seller that they had to provide a points statement prior to closing.

I don't think there is a way for you to verify. Only those with access to the account can know the current status of points and reservations.

 

[macman123]

I do see that in the contract, but it's just the contract. If the people who wrote the contract were lying or wrong, I wouldn't know about it until after the fact.
I realize it's extremely unlikely that they'd lie, a little less that they could be wrong, but I like to verify what I hear when possible.

You will have title insurance anyway. It will go to Disney. It will be confirmed how many points are owed.

If the points declared is wrong, then you can back out. Or the Broker (depending on who) can pay you compensation per point.

I have 25+ resale contracts and it has never been an issue.

 

[anomamatt]

As others have said: (a) You have no way of doing this. (b) And you are protected via title insurance.

The listing agent / company does ask for the detailed printouts from a seller's DVC account prior to listing a contract. So it's not just the word of the seller -- there is some due diligence done on the part of the listing company. Of course, a seller can transfer points after sending the printouts... But a good contract should always specify the remedy for any missing points (e.g., $xx per missing point).

 

[Sandisw]

There is absolutely no way to guarantee prior to buying that what the seller said is correct, other than the broker and title company verifying that they were sent the info from the owner via the points activity statement.

Be aware, that up until a contract is transferred to you, the owner has access and something could happen....its rare, but that is what title insurance and the clause that gives you X dollars for points that are not there when you get your account.

 

[Best Aunt]

I don't think anybody mentioned that you can look up the deed online. This link works, unless the contract is for a home resort which is not in Orange County Florida, so that's... somebody help me out here. Aulani, Hilton Head, Vero Beach... Am I missing one?

https://or.occompt.com/recorder/web/login.jsp

 

[Sandisw]

I don't think anybody mentioned that you can look up the deed online. This link works, unless the contract is for a home resort which is not in Orange County Florida, so that's... somebody help me out here. Aulani, Hilton Head, Vero Beach... Am I missing one?

https://or.occompt.com/recorder/web/login.jsp

That will work to show that the person does indeed own the contract. But, it won't do anything to verify what points are currently available to use by UY. I think that is what the OP was trying to verify.

Only the broker and title company have access to the actual points activity statement from the seller.

 

[Best Aunt]

That will work to show that the person does indeed own the contract. But, it won't do anything to verify what points are currently available to use by UY. I think that is what the OP was trying to verify.

Only the broker and title company have access to the actual points activity statement from the seller.

Yup, but a deed was something OP mentioned in their first post.

 

[Flash_Sloth]

... I'm allegedly getting 150 points a week, 27 this year, through 2042. Is there any site I can use to verify that before I actually buy the contract? ...

I think you mean 150 points per year, not week. But there is one other clarification. You only get points through 2041, and you have until January 31, 2042 to use your final points.

 

[discreet]

There is absolutely no way to guarantee prior to buying that what the seller said is correct, other than the broker and title company verifying that they were sent the info from the owner via the points activity statement.

Be aware, that up until a contract is transferred to you, the owner has access and something could happen....its rare, but that is what title insurance and the clause that gives you X dollars for points that are not there when you get your account.

#1 If my contract has the special clause mentioning the seller would pay $25/missing point.... How would that work? The seller already has the money at closing. The contract would be already closed. Who would chase the seller for the missing points and how?

#2 What if my contract doesn't have that special clause and it only specifies the number of points expected... Would could be done if the seller decides to transfer the points after the closing?

Thank you so much!

 

[discreet]

I think these problems would not exist if the money could be held in escrow until the buyer confirms the points. But it doesn't work that way, right? My understanding is that the escrow usually releases the funds at closing.

Thanks again!

 

[Sandisw]

#1 If my contract has the special clause mentioning the seller would pay $25/missing point.... How would that work? The seller already has the money at closing. The contract would be already closed. Who would chase the seller for the missing points and how?

#2 What if my contract doesn't have that special clause and it only specifies the number of points expected... Would could be done if the seller decides to transfer the points after the closing?

Thank you so much!

Some title companies do not release funds until it’s verified. My seller had to wait 5 weeks in 2020 until my contract showed up.

But, technically, probably nothing would stop a seller who as not an honest person from moving points i know mistakes have happened but I bet there are very few who would.

 

[discreet]

I have a pending contract with no special clause in it regarding any penalties for the seller in case the points would vanish after the closing. I raised my concern and both the broker and the title company agreed it's fair to keep the money in escrow until I'll confirm the points transferred to my account. I cannot name the broker here, sorry.
I'm very grateful for the information I'm getting from this board. Thank you!

 

[CarolMN]

I have a pending contract with no special clause in it regarding any penalties for the seller in case the points would vanish after the closing. I raised my concern and both the broker and the title company agreed it's fair to keep the money in escrow until I'll confirm the points transferred to my account. I cannot name the broker here, sorry.
I'm very grateful for the information I'm getting from this board. Thank you!

It will be interesting to know if they actually do that. Probably no way for you to know, though.

 

[discreet]

The title company should be on buyer's side, since they're only paid by the buyer. And the title company is the one holding the escrow. Nothing is 100% sure, but I do feel better than yesterday.