Fidelity Resales Blog

Glossary of DVC Resale Terms

Posted by Paul Rotter on Dec 9, 2014 7:55:00 AM

Learning DVC Resale termsDVC resale transactions are complicated enough without getting bogged down by industry jargon. The terms and definitions below will empower you to breeze through contracts, closing documents, DVC forums, and any Disney Vacation Club articles without consulting Wikipedia or pulling your hair out.

AKL

Animal Kingdom Lodge, a DVC resort

Annual Dues

Yearly charges levied by the Disney home resort. These are applied on a cost per point basis and vary depending on your home resort. 

ARS, AUL

Aulani Resort and Spa, a DVC resort in Hawaii

Banking, Banked Points

DVC members can reserve, or "bank" points for use in the following year

BCV

Beach Club Villas, a DVC resort

BLT

Bay Lake Tower, a DVC resort

Borrowing, Borrowed Points

DVC members can "borrow" points from the upcoming year for use in the current year

BWV

Boardwalk Villas, a DVC resort

Closing

Finalizes the resale transaction. Click here for Everything You Need to Know about the DVC Resale Closing Process

Closing Costs

Expenses incurred during the sale-closing process and paid to the title company for full title services

Deed Only Closing

Alternative to a full closing, deed only closings do not include a title search or some of the other confirmation measures performed by the title insurance company. It is cheaper but more risky to the buyer than a full closing.

DVC

Disney Vacation Club

Escrow Agent

The title insurance company that holds the deed in escrow and handles the closing

Exclusive Right of Sale, Exclusive Right to Sell

Grants the real estate agent sole right to sell a specified property. Under this agreement the seller cannot list the property with another real estate agent

FIRPTA Tax

Refers to U.S. income tax on foreign individuals selling U.S. real estate (including Disney Vacation Club membership)

HARPTA

Flat 5% tax levied by the state of Hawaii to non-residents selling real estate property, such as ownership at Aulani

HHI, HH

Hilton Head Island, a DVC resort in South Carolina

Leasehold Deed

A deed with an expiration date

Listing Agreement

Contract between a seller and a real estate agency hired to sell a DVC property

OBO

"Or Best Offer"

Point Allotment

The number of vacation points a DVC owner receives from Disney each year

Point Summary

Document that outlines the details of a DVC member's ownership including point allotment, banked and borrowed points. Used by a real estate agency to confirm ownership prior to listing

RCI

RCI (Resort Condominiums International) is the largest timeshare exchange company in the world

Resale

A vacation property being advertised for sale after it was originally purchased from the resort developer

ROFR (Right of First Refusal), FROR (First Right of Refusal

Terms used interchangeably to refer to Disney's option to buy a DVC property from the seller rather than allowing a resale transaction to take place. Check out these tips that can help prevent ROFR from ruining your resale transaction.

SSR

Saratoga Springs Resort, a DVC resort

Use Year

A 12-month period beginning on the first day of the month that coincides with the start of a DVC membership, this is when the point allotment is renewed

VB

Vero Beach, a DVC resort

VGC

Disney's Grand Californian Villas, a DVC resort in California

Vesting Options

Determine how the deed will be handled in the event of an owner's death

VGF

Villas at Grand Floridian, a DVC resort

VWL

Villas at Wilderness Lodge, a DVC resort

Questions, concerns, or insights? Share them in the comments section below. We love to hear from interested readers and if there are any terms or concepts that you would like to know more about, we have the answers!

Want to know more about DVC? Download our free Family Guide to Disney Vacation Club to learn all about choosing a home resort, deciding how many points to purchase, and how to maximize the value of DVC membership.

If you've been shopping around for DVC points but have struggled to find the right point package for you, sign up for Fidelity's priority mail list. You'll have the latest DVC listings delivered to your inbox before they're advertised online to the public.

Topics: Disney Vacation Club