Direct Closing Costs

[3cuteboys]

Just like everything else at Disney, it appears direct closing costs have gone up. We are in the middle of adding on direct and are being charged a $195 Document Prep fee. Previously this fee was $100 and it would be waived if you were an existing member. I spoke with Member Administration and they said as of October 1st this fee is now being charged to all buyers and will no longer be waived for those adding on. Anyone have luck getting this fee waived since October 1st?

 

[LittleFishy101]

Just like everything else at Disney, it appears direct closing costs have gone up. We are in the middle of adding on direct and are being charged a $195 Document Prep fee. Previously this fee was $100 and it would be waived if you were an existing member. I spoke with Member Administration and they said as of October 1st this fee is now being charged to all buyers and will no longer be waived for those adding on. Anyone have luck getting this fee waived since October 1st?

Good thing we decided to add on in September! Sorry about the fee.

 

[The Jackal]

No, we were trying to add 75 points. They called and said it was available but it was 2 contacts one with 50 points and one with 25. We would have to pay two separate closing costs and document prep fee. We asked them to drop the second one and they said no. So we said no and will wait for 75.

 

[disneynutz]

No, we were trying to add 75 points. They called and said it was available but it was 2 contacts one with 50 points and one with 25. We would have to pay two separate closing costs and document prep fee. We asked them to drop the second one and they said no. So we said no and will wait for 75.

Were these two different use years? They don't resale contracts, they strip the points by UY year and use what they need for the new contract.

Bill

 

[zavandor]

They might have been for the same UY but different units so they couldn't be combined.

 

[The Jackal]

Were these two different use years? They don't resale contracts, they strip the points by UY year and use what they need for the new contract.

Bill

Yes same use year. They were from different units so they cannot combine them.

 

[BillPA]

different units? do you mean different resorts?

 

[lovin'fl]

Each contract is a specific unit. If the contract is 200 points it can be broken. But if it's a 75 point from one owner and 25 from another, with likely 2 different units, they cannot be combined. Even though they have same UY. If you look at your paperwork from buying, you will see a unit number. IE: my CCV deed says I own 0.1246% of unit 5A at CCV. It's 70 points Aug UY. If DVC took it back somehow, they could split it and sell two 35 pointers, for example, but they could not combine with 50 Aug UY of unit 4A.

I added on direct in 2014 and had to pay closing costs. Same in 2016 and it went up a tad. Then again, we added CCV, this July and paid closing costs and they went up again. Is OP saying they are now adding a prep fee ON TOP OF the closing cost fee? If so, might make doing small direct add ons not worth it anymore.

 

[KAT4DISNEY]

No, we were trying to add 75 points. They called and said it was available but it was 2 contacts one with 50 points and one with 25. We would have to pay two separate closing costs and document prep fee. We asked them to drop the second one and they said no. So we said no and will wait for 75.

I am a little surprised that with that situation they wouldn't drop it for one.

 

[zavandor]

I am a little surprised that with that situation they wouldn't drop it for one.

I though the same at the beginning. But it's possible they knew someone down the WL who wanted 25 and another 50. So they new they will see both for full price.

 

[The Jackal]

I though the same at the beginning. But it's possible they knew someone down the WL who wanted 25 and another 50. So they new they will see both for full price.

Exactly. Why lose $195 from me when they can get it from someone else.

 

[BillPA]

Sounds like DVC would rather we all just buy resale.

 

[Frederic Civish]

So, there is a $195 document prep fee, per contract. And how much are the closing costs? I’m trying to get a feel for all the fees, to compare them to the resale market.

(By the way, document prep fees are not ‘required’ by any law or rule. It is just a way that they can squeeze a bit more out of you, by paying almost $200 for some worker to type your names and some dates on the document. The computer templates take care of the rest. And it probably takes them 20 minutes. And do you think Disney isn’t paying them a salary to do this? Paying them whether they are typing your document, or not? Of course they are. It is just pure profit for them.)

 

[The Jackal]

I think the fee on 50 points was a little over 200. So the total was just over $400. So DVC just made resale a better deal, than it was on small contracts.

 

[Jason@dvcstore]

Sounds like DVC would rather we all just buy resale.

 

[E2ME2]

So, there is a $195 document prep fee, per contract. And how much are the closing costs? I’m trying to get a feel for all the fees, to compare them to the resale market.

(By the way, document prep fees are not ‘required’ by any law or rule. It is just a way that they can squeeze a bit more out of you, by paying almost $200 for some worker to type your names and some dates on the document. The computer templates take care of the rest. And it probably takes them 20 minutes. And do you think Disney isn’t paying them a salary to do this? Paying them whether they are typing your document, or not? Of course they are. It is just pure profit for them.)

I think the fee on 50 points was a little over 200. So the total was just over $400. So DVC just made resale a better deal, than it was on small contracts.

I recently added 40 points, and Total Closing was $316.20-
($195 Doc Fees, $121.20 Settlement Costs)
This is considerably lower than the closing costs for resale.

 

[lovin'fl]

The 70 CCV I bought in July was $181.70 for closing and no processing fee.

 

[E2ME2]

The 70 CCV I bought in July was $181.70 for closing and no processing fee.

Resale?
Who did you purchase through?, as the online brokers I've inquired with all had closing in excess of $495

 

[lovin'fl]

Resale?
Who did you purchase through?, as the online brokers I've inquired with all had closing in excess of $495

No, direct and way less in July than now. For direct CC/fees.

Mine was about $2.60pp and your, 40 pointer, was about $7.90pp

 

[KAT4DISNEY]

I recently added 40 points, and Total Closing was $316.20-
($195 Doc Fees, $121.20 Settlement Costs)
This is considerably lower than the closing costs for resale.

I see $415-$425 for the small contracts with DVC Resale Market. With DVC more than doubling their closing costs on the small contracts it's really not considerably lower anymore.