2020 dues rebate

[petbren]

Recently sold (end of December) our BCW contract.
The dues rebate is supposed to be applied to our 2021 dues, that we won’t have. Will we get a rebate check ?
Thanks all.

 

[lovin'fl]

We, who are selling contracts (I have 2 about to close), will not get that credit. I think that is what has been said. It goes with the contract that we sold...to the new owners who will pay the dues with the credit applied to it. Pretty sure that is what has been said.

 

[Sandisw]

It goes to the current owner of the contract to offset 2021 dues. But, check the settlement statement to see how they dealt with what the buyer paid for DVC dues.

Those have to be paid when closing in December so it’s possible you indirectly got the credit. If not, then unfortunately, the buyer will get it,

 

[roadtripper]

Disney is buying back our contract. Will we get the dues rebate?

 

[petbren]

I thought the rebate was for the 2020 dues we paid last year. The operating expenses last year were lower cause resorts were closed a lot.
I paid dues for 2020 on something I couldn’t use.

 

[Lumpy1106]

Disney is buying back our contract. Will we get the dues rebate?

If it didn't expressly say so in the contract that went to ROFR, I doubt it.

 

[icc2515]

I thought the rebate was for the 2020 dues we paid last year. The operating expenses last year were lower cause resorts were closed a lot.
I paid dues for 2020 on something I couldn’t use.

You should have a chat with the broker that sold your contract for you. They did you a disservice by not telling you about this. That is their job to know what is going on with the market. It is not Disney's problem. They just send the check to the current owners of the contract. Your broker is the one to blame here. If you sold it yourself, then I guess you were the broker.

 

[Sandisw]

I thought the rebate was for the 2020 dues we paid last year. The operating expenses last year were lower cause resorts were closed a lot.
I paid dues for 2020 on something I couldn’t use.

The credit from 2020 was given back to owners as a credit on the 2021 bill. Normally, any credit would go into a capital reserves fund...which, once no longer an owner, would not benefit someone,

This year, because of the closure, DVCM decided to offer it back to offset the 2021 dues, They were not required to do it, but did.

For example, if you paid X for taxes in 2020 but then the actual bill was more than what you paid via the estimate, the current owner would be on the hook for that additional....not you as previous owner.

It does stink...and I too sold in 2020..but all you can do is find out if there was anything in the contract for it.

 

[miTnosnhoJ]

We have 436 points. Our rebate for that many points was $351. I wouldn't lose any sleep unless you had a ton of points.

 

[Roughians_satchel]

We have 436 points. Our rebate for that many points was $351. I wouldn't lose any sleep unless you had a ton of points.

Right! Our rebate is bigger for Riviera than it is for VGC which is STILL closed
2020 -the year that keeps on giving.

 

[Cyberc1978]

I have the same issue with my contract, the rebate follows the contract, but the title company will apply the rebate as a credit from buyer to seller

 

[Sandisw]

I have the same issue with my contract, the rebate follows the contract, but the title company will apply the rebate as a credit from buyer to seller

But this is only going to happen for those who have not yet closed and it is caught before then,

I closed in June and therefore, did not and will not receive a credit. So, anyone who did close already, even if December, but before this could be dealt with won’t get it,

 

[lovin'fl]

Yeah, mine was $35 for the two 25 pointers I am selling. They haven't closed yet but we already notarized and sent back the closing docs. I can't blame the brokers either as this was just decided by DVC like right before Xmas. I could call and ask them to add the credit but then we'd likely have to get notarized again and it will be delay (and cost since here in PA our bank won't notarize a timeshare and we had to pay a neighbor $25 to do both contracts...was 7 pages to notarize). Really not a big deal to me and just chalk it up to part of the sale.

 

[drusba]

My understanding is that the sale discussed in this thread has not closed yet. What sellers need to do is see if and how the refund will be treated at closing, I.e., are the closing documents saying anything about it. Also, what are they saying about payment of 2021 dues.

The closings should require that any dues still owed to DVC for the year will be paid in full to DVC as part of the closing. The sellers need to be aware that those dues that must be paid at closing are now all the 2021 dues. They also need to be aware that they are still the owners that are liable for all those dues if closing has not yet occurred.

Typically, when closings are this early in the year, the buyer will likely be paying those dues as part of closing unless the parties have agreed otherwise. But, in that case, what is actually occurring is that buyer would be paying the liability for 2021 dues that the seller actually owes. Thus, if the seller is going to raise the issue that he should get the refund, the easy response from the buyer Is that the seller, who currently owes all the 2021 dues has already gotten credit for that refund from DVC; the buyers only liability should be for 2021 dues still owed after that refund. One could perhaps try to negotiate otherwise.

The issue is thus not one that depends on seeking a refund from DVC, which when it issued the lower dues bill for 2021, had already applied the refund to the seller’s liability for those dues. It is instead just an issue between the seller and the buyer.