Money timeline?

ProudMommyof2

DIS Veteran
Joined
Feb 21, 2007
Looking at paying cash for a resale purchase and I am wondering about the timeline re: when money has to be put out?

When is the deposit due and what percent is generally put down?
When is the remainder due? Before or after Estoppel?

Thanks
 
I just bought another contract resale. The couple of times I bought resale, the deposit was always $1000. Last few times, they took a credit card (I assume this varies with the reseller.)
The money was due when I received my closing documents (after estoppel).
 
My deposit was 10% down the final due once it passes Estoppel which is about 60-70 days later
 


Deposits can vary. Generally $1,000 or 10%, which ever is higher. I had a $1,000 deposit on a $3.000 deal, and a $400 deposit on a $2,000 deal. So, it can vary, and it's probably even a little negotiable.

Cash is due when you return your closing papers, which should be a couple days after the estoppel. I'd have the cash in liquid form and readily convertible into a wire or cashiers check about 45 days after the offer.
 
$1,000 deposit on credit card. Cash due via certified check after closing papers are signed, another $1k can be on credit card...

We used fidelity
 
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Timeshare store has down payment of 10%. That could be on a credit card but they charge a $45 fee to do so. So for us it wasn't worth it for the $1000 max they allow. Told us rest would be due at closing and not allowed to be on credit card.
 


It depends on the broker, I had a $1,000 deposit with the balance due at closing in the form of wire or cashier's check. I went through DVCResaleMarket
 
Looking at paying cash for a resale purchase and I am wondering about the timeline re: when money has to be put out?

When is the deposit due and what percent is generally put down?
When is the remainder due? Before or after Estoppel?

Thanks

Deposit is due within 5 days of signing the contract. It is generally $1K, although some brokers require a larger deposit (it has more to do with the title company they use).
The remainder is due when the closing papers are issued. AFTER the estoppel. It has been taking 30 days for ROFR, and around 35 for the estoppel, so you can expect to have the balance due 65-75 days after signing the original contract.
I received closing papers in the first part of April and had to wait 2 weeks to send the final amount because I was waiting for my tax refund. Fortunately the sellers were okay with waiting and we still hit the closing date that was listed in the contract.
 

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