FREQUENTLY ASKED QUESTIONS FOR NEW MEMBERS
Typically, closing costs average between $500-$700, based on the purchase price and if you are financing. This is a fee charged by the title company. Included in this fee is a title search, title insurance, and all of the document preparation and recording fees with the county where your property is based. Closing costs will differ from state to state. Florida, California, South Carolina and Hawaii all have different laws, and we take care of the necessary paperwork and fees that pertain to these counties. Our associates will give you a more exact amount based on which contract you are looking to purchase.
The purpose of DVC’s “right of first refusal” (ROFR) is to control the value of their property so that it remains in step with current values. When there is an accepted offer and a signed contract with a good faith deposit in escrow with a licensed and bonded title company, we immediately forward all contracts to the DVC Review Board. The criteria DVC uses for ROFR is not public information but one important factor for exercising (stepping in as buyer) the ROFR would be if DVC feels the selling price, including who pays closing costs and maintenance and taxes is below the target price they have established. If DVC exercises their Right of First Refusal (ROFR) and steps in as the Buyer, your deposit will be refunded in full, or we’ll continue to work to find another membership for you.
You will receive the same great service as any other Disney Vacation Club Member! You’ll have access to member services, and to all the DVC Resorts and all of the Worldpassport Collection Resorts (RCI). The only difference is that the points you purchase on the resale market cannot be used towards purchasing Disney Cruises, Disney Hotels (that are not DVC villas), Adventures by Disney and the Concierge Collection. These options typically are not a great use of points, and many people who are thinking of vacationing in this way may elect to rent out their points and use the cash to pay for their trip. Also note that Disney Vacation Club denotes these options as “incidental benefits” of Membership and reserves the right to discontinue them at any time regardless of how the membership is purchased.
Once the sale has closed, it takes about 7-14 days for Disney to complete the transfer of ownership. At that time, they will send you a welcome letter (via snail mail) with your new member number. This could take as long as 3 weeks after closing. If you are a current DVC member you will have access to the additional points as soon as they are deposited into your account.
Once the Disney Vacation Club contract has been properly signed and the deposit received, closing typically takes place within 45-50 days. Please consult with one of our agents for a better time frame for your particular contract. Similar to most real estate closings, our Title company handles all money that changes hands between buyer and seller. The entire closing process is handled via email and FedEx overnight delivery.
The “Use Year” refers to the 12 month period starting on the first day of the “Use Year” you own. If you own a December use year, DVC will deposit your allotted points into your account on December 1st of each year. If you usually vacation around the same time each year, you may want to purchase an ownership where the use month precedes the vacation time by no more than 10 months (this gives you time to bank points if you cancel your vacation). If you are flexible with your vacationing, “use year” is less important.
Each Disney Vacation Club property has a different point chart, and taking a look at these charts will help you determine what your family needs. Please refer to the point charts and plan a typical vacation that your family would take. Don’t forget to take into consideration the time of year, typical accommodation size, and how many times a year you would like to vacation. This will give you the number of points your family will typically need. Also, if you’re planning a bigger trip one year, Disney offers the flexibility to bank or borrow some or all of your points from one year to the next. In my 22 years working as a Disney Vacation Club Guide, over 40% of my Members have called me to add more points to their Membership. And here’s a little secret….if you eliminate one of the weekend nights from your stay, you will use far fewer points. Many people like to do a Sunday-Saturday stay. Take a look at the point charts on our website or use our DVC Point Calculator.
The number of points needed to stay at a DVC resort is based upon the size of the room, the time of year, and the resort where you choose to stay. Points can be saved, (or “banked”) for use the following year. Points can also be borrowed from the upcoming year for use in the current year. Maximum use is 3 years worth of points at one time (by combining banked, current, and borrowed points). This is just another example of how DVC offers flexibility for its Members!
When you purchase a DVC resale, all dues will be current at closing. DVC bills all owners in December for the next year’s dues. These dues are to be paid by February, regardless of the use year (the month Disney puts the points into your account). You can pay annually by credit card, or check. You also have the option to pay monthly, by setting up an automatic checking account deduction plan with DVC, 12 months interest free.
Once your purchase is complete, and Disney has updated their system with your membership information and point balance, that’s when the fun begins! You can either log on to www.dvcmember.com and Book Online, or call DVC at 1-800-800-9800. It’s that easy!
When buying a resale, you may purchase as few as 25 points.
A “Home Resort” is the Resort in which a Member owns a real estate interest. The main advantage to owning at one Resort over another, is that members receive a priority when booking a stay at their Home Resort. Members may call as much as 11 months ahead at their Home Resort. For other DVC Resorts, you may call no more than 7 months in advance. A Member’s Home Resort also determines the amount of annual dues paid each year.
When a reservation is cancelled within 1 and 30 days prior to check-in, Disney will put these points in a “holding” account. Holding points are still the property of the member, but they can only be used to book a trip within 60 days’ notice or less. Holding points may not be banked, and will expire at the end of the current Use Year.
The Disney Vacation Club (DVC) is a wholly owned subsidiary of the Walt Disney Company. It is a point based system, which allows for far greater flexibility when planning a vacation than a fixed week timeshare ownership. You can stay for as little as 1 night, or as many nights as you like, based on the size of your membership. DVC is the only timeshare located right on Disney property- putting you in the center of the action! There are many benefits to Membership at a Disney Vacation Club Resort.
The biggest difference in purchasing a resale from DVC Sales versus buying directly from the Disney Vacation Club is the price! A buyer will often save as much as 40% by purchasing a resale. There are some differences, however, in how your membership works. Disney Vacation Club is doing a second iteration of DVC resale restrictions on “incidental benefits”, which became effective April 4, 2016. To summarize, this change in incidental benefits states, “new purchasers of Disney Vacation Club® ownership interests not purchased directly from Disney Vacation Development, Inc. will not have access to Membership Extras, including Member discounts on dining, shopping, Member-exclusive events, and certain special Membership offers, as well as Disney and Concierge Collection options, already restricted for secondary market purchasers as of March 21, 2011.” In addition, core Disney Vacation Club Membership privileges such as Home Resort Priority and use of other Disney Vacation Club Resorts will remain unchanged. All Disney Vacation Club Members will still be able to book stays through RCI and Buena Vista Trading Company. The main differences between the two avenues of purchasing include the expanded resort options available on the resale market (DVC resorts that are sold out at Disney are often available through the DVC resale market), and the per point price savings. Disney will continue to treat every owner equally, as a valued guest. You will receive your new owner’s package directly from Disney after your purchase has closed.
Disney initially handed down some resale restrictions in March of 2011. The members buying a resale after this date are prevented from using those points to book Disney Hotels (outside of the DVC Resorts), Disney Cruise Line, Adventures by Disney and the Concierge Collection. For the majority of our Members, these restrictions were not significant as the points needed for those vacations didn’t have nearly the same value as using points for Disney Vacation Club Resorts (the reason most members join the Club!). Additionally, some Members may choose to rent their points and take those proceeds to pay for those types of vacations. Also, those restricted options were and still are considered “incidental benefits”, which can be changed or taken away at any time regardless of how the Membership is purchased. Disney Vacation Club should be purchased for the core of what you are buying as that is what is guaranteed.
The core of the Membership includes the Disney Vacation Club network of resorts, and that is where the Membership is intended to save you money. For example, let’s say that a family was considering purchasing 200 points at Disney’s Bay Lake Tower Resort. To purchase that membership directly from Disney, you can expect to pay $38,200. Currently, the average listing price for a 200 point membership on the secondary market is $29,000. That’s a $9,200 savings!