DVC RESALES
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Old 10-13-2012, 07:40 PM   #1
Lizard Valley
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Update in post #14: Should I/Could I walk away?

Hi everyone,

I found a good contract through Fidelity, and the sellers accepted my offer on Thurs Sept 26th. (200 SSR Dec, 200 banked '11; 200 '12 and on; 57/pt, seller pays '12 mf's and I pay closing). We both received the contract via email on Fri Sept 27th.

I had my docs signed and faxed over that weekend. (edited to add: "I was advised yesterday that") The sellers didn't sign and send theirs until this week (Oct 10th), a full 14 days after receiving them. They're in the UK, and I remembered reading that it can be a little complicated getting documents notarized over there. After a bit of research, and after receiving a copy of the executed contract, I realized that this first set of documents was simply a print/sign/fax deal for them, with no notary involvement needed (yet).

I'm concerned that this is a sign of things to come. If it took them this long to simply sign and fax something, can you imagine how long they might take to find a notary for the closing documents? It could involve travelling to a different part of the country, and making an appt weeks ahead of time.

So I'm wondering if I should cancel this contract while I still (might) have time. My docs say that I had 10 days from the time I signed (sept 29th) so Oct 8th... But the contract also says that if it isn't executed by Oct 8th, the buyer gets their deposit back. It wasn't actually executed until they signed on Oct 10th. I think I have a case if I choose to walk away from this now, and get my deposit back.

The contract also states that it should close within 95 days of the execution date. Is this standard? I know that it is reasonable to expect it to close way before this, but the sellers could legally drag their feet on this and take the full 65+ days after passing ROFR without consequence. I have no intention of waiting that long.

I'm considering sending an email to my broker to request that they ask the sellers make an appointment for a notary immediately, advise me of the appt date, and assure me that they will get things done on their end in a timely manner, or I will cancel.

So I guess my questions are (in your opinion)?

1. Am I legally able to cancel? (edited to add: based on the seller not fulfilling their obligation to return paperwork by Oct 8th).
2. Am I right to be concerned?
3. Would you walk away if you were in my shoes?

As a side note, I have two other contracts in ROFR right now, one SSR 100 (that should pass), and one 210 BCV (that is likely to not pass). I dont NEED this contract, but I have a trip planned in March that I was hoping to be able to use these points for (yes, I'm prepared to be at SSR, but would still like to try for AKV). Anyone ever been in this situation?

Thanks!

Last edited by Lizard Valley; 12-12-2012 at 11:32 AM.
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Old 10-13-2012, 07:53 PM   #2
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Quote:
Originally Posted by Lizard Valley View Post
Hi everyone,

I found a good contract through Fidelity, and the sellers accepted my offer on Thurs Sept 26th. (200 SSR Dec, 200 banked '11; 200 '12 and on; 57/pt, seller pays '12 mf's and I pay closing). We both received the contract via email on Fri 27th.

I had my docs signed and faxed over that weekend. The sellers didn't sign and send theirs until this week (Oct 10th), a full 14 days after receiving them. They're in the UK, and I remembered reading that it can be a little complicated getting documents notarized over there. After a bit of research, and after receiving a copy of the exucuted contract, I realized that this first set of documents was simply a print/sign/fax deal for them, with no notary involvement needed (yet).

I'm concerned that this is a sign of things to come. If it took them this long to simply sign and fax something, can you imagine how long they might take to find a notary for the closing documents? It could involve travelling to a different part of the country, and making an appt weeks ahead of time.

So I'm wondering if I should cancel this contract while I still (might) have time. My docs say that I had 10 days from the time I signed (sept 29th) so Oct 8th... But the contract also says that if it isn't executed by Oct 8th, the buyer gets their deposit back. It wasn't actually executed until they signed on Oct 10th. I think I have a case if I choose to walk away from this now, and get my deposit back.

The contract also states that it should close within 95 days of the execution date. Is this standard? I know that it is reasonable to expect it to close way before this, but the sellers could legally drag their feet on this and take the full 65+ days after passing ROFR without consequence. I have no intention of waiting that long.

I'm considering sending an email to my broker to request that they ask the sellers make an appointment for a notary immediately, advise me of the appt date, and assure me that they will get things done on their end in a timely manner, or I will cancel.

So I guess my questions are (in your opinion)?

1. Am I legally able to cancel?
2. Am I right to be concerned?
3. Would you walk away if you were in my shoes?

As a side note, I have two other contracts in ROFR right now, one SSR 100 (that should pass), and one 210 BCV (that is likely to not pass). I dont NEED this contract, but I have a trip planned in March that I was hoping to be able to use these points for (yes, I'm prepared to be at SSR, but would still like to try for AKV). Anyone ever been in this situation?

Thanks!
You might want to consult with your legal advisor.

I think that if you had canceled on October 8th or 9th (your 10 day rescision), you would have been well within your rights to cancel, but at this time you have even waited an additional 3 days after the sellers met their obligation.

I would not read anything into the situation at this point. If the 95 days was an issue for you, the time to address that would have been prior to returning your documents and agreeing to the contract.

However you proceed, it would be wise to make sure you will not forfeit your deposit. Your window to cancel appears to have already expired.

Good luck!
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Old 10-14-2012, 04:49 AM   #3
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Quote:
Originally Posted by Lizard Valley View Post
Hi everyone,

I found a good contract through Fidelity, and the sellers accepted my offer on Thurs Sept 26th. (200 SSR Dec, 200 banked '11; 200 '12 and on; 57/pt, seller pays '12 mf's and I pay closing). We both received the contract via email on Fri 27th.

I had my docs signed and faxed over that weekend. (edited to add: "I was advised yesterday that") The sellers didn't sign and send theirs until this week (Oct 10th), a full 14 days after receiving them. They're in the UK, and I remembered reading that it can be a little complicated getting documents notarized over there. After a bit of research, and after receiving a copy of the exucuted contract, I realized that this first set of documents was simply a print/sign/fax deal for them, with no notary involvement needed (yet).

I'm concerned that this is a sign of things to come. If it took them this long to simply sign and fax something, can you imagine how long they might take to find a notary for the closing documents? It could involve travelling to a different part of the country, and making an appt weeks ahead of time.

So I'm wondering if I should cancel this contract while I still (might) have time. My docs say that I had 10 days from the time I signed (sept 29th) so Oct 8th... But the contract also says that if it isn't executed by Oct 8th, the buyer gets their deposit back. It wasn't actually executed until they signed on Oct 10th. I think I have a case if I choose to walk away from this now, and get my deposit back.

The contract also states that it should close within 95 days of the execution date. Is this standard? I know that it is reasonable to expect it to close way before this, but the sellers could legally drag their feet on this and take the full 65+ days after passing ROFR without consequence. I have no intention of waiting that long.

I'm considering sending an email to my broker to request that they ask the sellers make an appointment for a notary immediately, advise me of the appt date, and assure me that they will get things done on their end in a timely manner, or I will cancel.

So I guess my questions are (in your opinion)?

1. Am I legally able to cancel? (edited to add: based on the seller not fulfilling their obligation to return paperwork by Oct 8th).
2. Am I right to be concerned?
3. Would you walk away if you were in my shoes?

As a side note, I have two other contracts in ROFR right now, one SSR 100 (that should pass), and one 210 BCV (that is likely to not pass). I dont NEED this contract, but I have a trip planned in March that I was hoping to be able to use these points for (yes, I'm prepared to be at SSR, but would still like to try for AKV). Anyone ever been in this situation?

Thanks!
You can likely cancel if you want. I do not see red flags so far other than just the fact that they are overseas and the added difficulty involved with notaries there. I would not walk away if you're happy with the deal, at least not yet. Ask your broker what your options are in case you decide to cancel later, esp in regards to the violation of the contract already in place. IF they'll send back your deposit, that's all that matters if you decide to cancel.
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Old 10-14-2012, 08:23 AM   #4
Meggysmum
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Getting things notorised is not too big a deal in the UK and if I was selling I would have made sure I knew who I was going to use long before a contract got that far.

I wonder if perhaps your vendors were on holiday and that is why it took two weeks to get things signed and faxed. September is a really popular month here for holidays, especially for people without school age children and many people were banned from having any vacation throughout the summer due to the Olympics.

If the deal is a good one for you then I would say to stick with it but make it known that you are not happy with the delay, what had Fidelity done in that time to chase it up for you?
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Old 10-14-2012, 10:01 AM   #5
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I think your decision to cancel (if possible) should be based more on whether or not you want the contract and less on the actions of the sellers. I've said it before on here, but buyers and sellers prioritize the resale process very differently. As a buyer, your DVC contract is one of the most important things you have going on at the moment. As a seller, it is one more thing that has to get done.

Although the two week delay might be a sign of a potentially longer closing, I don't see it as anything that would make me want to walk away from the contract.
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Old 10-14-2012, 03:28 PM   #6
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Quote:
Originally Posted by ELMC View Post
I think your decision to cancel (if possible) should be based more on whether or not you want the contract and less on the actions of the sellers. I've said it before on here, but buyers and sellers prioritize the resale process very differently. As a buyer, your DVC contract is one of the most important things you have going on at the moment. As a seller, it is one more thing that has to get done.

Although the two week delay might be a sign of a potentially longer closing, I don't see it as anything that would make me want to walk away from the contract.
I agree. If you are happy with the deal and don't mind that this contract could take extra time, then keep it.

I bought a contract that was from an estate sale from the UK which took well over a month longer than normal, but the price was right so I didn't mind, but then I wasn't trying to use the points immediately.
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Old 10-15-2012, 07:45 AM   #7
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It doesn't have to take any extra time when dealing with a seller from the UK. Our fastest closing resale contract was purchased from a couple in the UK. We were done from start to finish in 6 weeks. They appeared to be very motivated, as they had their documents back to the reseller before we did, and we just live in Georgia.
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