Closing costs...

[ClosetDisMom]

I tried searching, but I couldn't find any recent updates. What are the current closing costs for direct purchases? I am trying to debate between a small contract add on either resale or direct purchase and I remember that I read somewhere that sometimes the savings from resale is mitigated by the closing costs in smaller contracts but I can't find an updated closing cost from Disney to compare. I figured this board would likely know.

 

[akirk18]

I am in the process of buying around 100 points and the closing costs is the neighborhood of $500. Thats with financing. I think the cash option is $100ish cheaper.
Sorry for the vague numbers but I don't have everything in front of me right now. Hopefully this gives you some idea though.

 

[wnielsen1]

When I bought CCV in April 2017, I bought two 50 point contracts at the same time. The closing costs were $240 for the first contract and $140 for the second contract. I bought 2 contracts so they would be easier to pass on to my daughters someday (if they want them).

 

[Philsfan77]

we just closed a 150 point contract at CCV and our closing costs were right around $700

 

[BillPA]

we just closed a 150 point contract at CCV and our closing costs were right around $700

Was that a resale or direct contract. Sounds high for direct.

 

[Philsfan77]

direct

 

[Katie L]

Was that a resale or direct contract. Sounds high for direct.

I read they recently hiked direct closing costs quite a bit. It sounds in line with all the other stuff they're doing.

 

[wnielsen1]

Wow, I just checked the DVC website cost estimator and they did hike the closing costs:

100 points: $556.54
150 points: $722.71
200 points: $889.23

 

[crvetter]

Wow, I just checked the DVC website cost estimator and they did hike the closing costs:

100 points: $556.54
150 points: $722.71
200 points: $889.23

Some members on here are suggesting dropping the title insurance when buying direct, under the assumption that Disney is selling a clean title. While that lowers your closing costs, on a 200 point purchase what was only about $200 and not something I was willing to risk. What made up my closing costs was:

1. Recording Fees $18.50 (Deed)
2. Transfer Tax $254.80 (Deed)
3. Doc Prep Fee $195 - This is the one I find the most ridiculous and you could even buying direct use your own title company to avoid that maybe, as a buyer you have a right to select.
4. Owner's Policy $209.30 - This is optional but I didn't think it was worth whatever remote risks there are ever.

So those don't quite add up to the numbers you have, because Disney is assuming financing which increases the transfer tax by about $150 and the Recording Fees by $10. That gets super close to their estimates. Of the closings costs 1 and 2 are dictated that the buyer pays them no matter what (perhaps in the past Disney covered these items). As for 3 that is pure money into Disney's closing company Vista Title, I think. The 4th one is optional and you can chose not to purchase it but it does carry some level of risk, perhaps small but everyone has their own risk aversion. Again no matter the title company if you buy title insurance this number won't change much (if at all) because it is dictated by the state what can be charged based on purchase price.

 

[BillPA]

WOW, all of our direct contracts (2 OKW, 2 BCV, WL) had no closing cost. Ah, the good old days.

 

[KAT4DISNEY]

Direct closing costs have taken quite a jump. It's another profit center for Disney and I'm sure they wanted to jump on the huge price increase and profit bandwagon.