A sign that resale restrictions will be removed or changed soon?

[CarolMN]

why is it a mess?

Points are tied to specific units, units are tied to the resort’s land lease from Disney.
To Extend OKW, DVC had to extend the lease on the entire resort, and then ask all owners to either buy the extension or pretty, pretty please sign a notarized quit claim deed to give the extension back to Disney.

And most thought the price charged for the extension was a poor economic value. TO the best of my knowledge, the resale market has never valued the extension at the price DVD charged. IMO, that's why so many refused the extension.

Also, Disney did some "arm twisting" to gain acceptance, required a notary signature & offered only a nominal amount as compensation for the hassle. AFAIK, even today, the extension must be accepted or refused in order to sell a contract with a 2042 expiration.

 

[SL6827]

So did all the owners either buy the extension or sign the quit claim?

 

[Bearval]

Noticed something interesting today. I am a post Jan. 2019 resale only owner. So, I am unable to book at RIV. In fact, when I search for rooms it will not even show up in the search results. I just now checked availability across all properties out of curiosity, and to my surprise, RIV showed up in the search results. Of course when I tried to click through on a room it said the room was no longer available, and I tried doing it a couple times with different room types and dates to make sure I didn't just miss something, so I still can't book there. However, could this be a sign that they are preparing to remove restrictions and open up RIV to resale owners and possibly let RIV resale only owners book other resorts? Not sure why RIV would suddenly start showing up now.

It is probably just a technical glitch, but one could hope

Probably just a marketing ploy by DVC to remind you that you have a 2nd class membership and cannot book here.

 

[_auroraborealis_]

So did all the owners either buy the extension or sign the quit claim?

Nope. And that is why there is potential for mayhem in 2042 because without a quit claim any 2042 contract was legally extended.

 

[SL6827]

Nope. And that is why there is potential for mayhem in 2042 because without a quit claim any 2042 contract was legally extended.

Ohhhhhhh, lawd! That could be a mess. Wonder how many right now there are?

 

[Bearval]

Nope. And that is why there is potential for mayhem in 2042 because without a quit claim any 2042 contract was legally extended.

I am sure DVC is not going to accepting yearly maintenance fees from any of those owners and that they will not be able to book a room.

 

[SL6827]

I am sure DVC is not going to accepting yearly maintenance fees from any of those owners and that they will not be able to book a room.

Very possibly. It will be interesting to see if I am still alive to see such.

 

[SL6827]

I am sure DVC is not going to accepting yearly maintenance fees from any of those owners and that they will not be able to book a room.

Would that mean that the owners to did buy the extensions will have to make up the lost maintenance fees?

 

[Sandisw]

I am sure DVC is not going to accepting yearly maintenance fees from any of those owners and that they will not be able to book a room.

Actually, I don’t think DVD will have an easy time in not allowing those owners to use and pay MFs as normal,

From the way I understand it, the ground lease is what extended the deed as that is what prevents all of us from owning forever.

If the lease no longer ends in 2042, then technically owners have right to still use, That is why when those deeds are sold, new owners have to sign away.

So, it will be a mess to see how they find a way legally to stop them

 

[SL6827]

Actually, I don’t think DVD will have an easy time in not allowing those owners to use and pay MFs as normal,

From the way I understand it, the ground lease is what extended the deed as that is what prevents all of us from owning forever.

If the lease no longer ends in 2042, then technically owners have right to still use, That is why when those deeds are sold, new owners have to sign away.

So, it will be a mess to see how they find a way legally to stop them

What was Disney thinking? Did they really think every single owner would extend?

 

[Sandisw]

What was Disney thinking? Did they really think every single owner would extend?

I just became a member when this was still Going on and honestly, no idea what they were thinking, other than they thought the $15/point for buying at first was cheap enough that everyone would jump at it?

 

[Bearval]

Actually, I don’t think DVD will have an easy time in not allowing those owners to use and pay MFs as normal,

From the way I understand it, the ground lease is what extended the deed as that is what prevents all of us from owning forever.

If the lease no longer ends in 2042, then technically owners have right to still use, That is why when those deeds are sold, new owners have to sign away.

So, it will be a mess to see how they find a way legally to stop them

There is still 21 years to go and anytime the ownership changes a quit claim is required. I think the average time a DVC member keeps their ownership is less than 20 years. I would expect as 2042 gets closer and the value of the remaining 2042 contracts plummet DVC will use ROFR and convert them to 2057. There could be such a small number of the 2042 contracts left that a class action lawsuit wouldn't be profitable enough for a law firm to take on leaving individuals to sue on their own when DVC will not allow them access to book rooms.

 

[_auroraborealis_]

They were not thinking.

 

[chalee94]

why is it a mess?

https://disboards.com/threads/2042-expiration.3801259/page-3#post-61883503

 

[Sandisw]

There is still 21 years to go and anytime the ownership changes a quit claim is required. I think the average time a DVC member keeps their ownership is less than 20 years. I would expect as 2042 gets closer and the value of the remaining 2042 contracts plummet DVC will use ROFR and convert them to 2057. There could be such a small number of the 2042 contracts left that a class action lawsuit wouldn't be profitable enough for a law firm to take on leaving individuals to sue on their own when DVC will not allow them access to book rooms.

It would not take a class action suits. DVD would not break the law on purpose so in 2042, if there are owners legally entitled to the property they will not keep them out when they know they can not.

But, as you say, who knows by that point how many owners there will be, I have read recently maybe about 35% of the resort Is extended or quit claims signed,

The point is it will be a mess that DVD will legally have to decide and IMO, those owners who still own who did not sign, will continue to be allowed to use their membership until 2057