What is DVCs Right of First Refusal and how does it affect me?
DVC sets their “Fair Market Value” break point for each resort and if they find that a particular contract is deemed “Under Fair Market Value” or if DVC has an unspecified internal need for your particular ownership, they will step in as the Buyer. The terms you agreed upon with the original Buyer will be honored. DVC will take over the closing process. • How much is the good faith deposit and who controls the money? The good faith deposit is usually $2,000 (can be more or less depending on purchase price) and is held in escrow by a licensed and bonded title company. All monies are controlled by the title company. • Do I have to come to Florida for the closing? No. Contracts are sent via e-mail or fax and closing documents are sent via Federal Express. It is a very simple closing and we are here for the entire process. • Are contracts contingent on Buyer’s financing? No. We do not write contracts contingent on Buyer obtaining financing. • When an offer is accepted, how long before I ca
