Twelve years after offering 15-year ownership extensions at Disney's Old Key West Resort, Disney Vacation Club has begun filing deeds with Orange County to formalize the new contract end date.
Back in 2007, Old Key West owners were given the opportunity to extend the expiration date of their contracts from January 31, 2042 to January 31, 2057. Owners could pay $25 per point point--initially discounted to $15 per point--to extend their ownership interest for an additional 15 years. Those who chose not to extend were asked to submit a Quit Claim deed conceding ownership back to Disney as of the original January 2042 end date.
Now, Disney is filing documentation with the Orange County Comptroller that confirms which deeds have been extended the additional 15 years.
On August 30, 2019, Disney filed 405 Old Key West “extension” deeds with the Orange County Comptroller for those owners that chose to extend. Each extension deed shows the name of the owner(s), a description of the undivided real estate interest and Residential Unit, and the number of Disney Vacation Club points. A paragraph in the deed states:
“The purpose of this Deed is to document and confirm the acquisition of title to the Extended Ownership Interest, as of the Effective Date, by the above names Grantee(s), and to further document and confirm such title in subsequent buyers, personal representatives, heirs, successor and assigns, or other transferees, claiming by through or under the named Grantee(s), if any.”
The deed expressly states that Disney has conveyed to the owner(s) the Extended Ownership Interest commencing January 31, 2042, and expiring on January 31, 2057.
It appears Disney is processing these extension deeds on a sequential basis, starting with the Old Key West owners who were among the first to purchase points. All 405 extension deeds filed so far were for owners who purchased in 1991 or 1992, including any add-on Old Key West deeds that were subsequently purchased by these owners prior to September 2007, when all Old Key West deeds were sold with the 2057 expiration date. Many more extension deeds are expected to be filed in the coming weeks.
Disney Vacation Club has not previously disclosed any figures on the number of owners who took advantage of the extension offer. Contract extensions have never been made available for any other DVC resort. Five other properties currently share the 2042 expiration date including Disney's BoardWalk Villas and Disney's Beach Club Villas.
Wil Lovato is a contributor to DVCNews.com and has been a Disney Vacation Club owner since 2009. His DVC Home Resorts include Bay Lake Tower, Animal Kingdom Villas, and Aulani. He can be found posting on many Disney discussion forums under the username of “wdrl.”
