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Old 03-17-2013, 09:02 PM   #1
disbound09
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Using PTS in a Contract before We close. Good or Bad Idea?

Ok here is my problem. I have a 320 SSR contract that is dragging on for a number of reasons. Aug UY so I had the owner bank the points last week.

We have non refundable airfare to be in Disney June 12th-19th. Signed 1/9 Passed ROFR Wired Balance on 3/4/13 The seller has not returned the corrected contract yet so it has not been sent in to Disney yet. Title company had wrong amount on contract they provided.

I am concerned that SSR will not have a 2 bedroom available if it gets down to the wire, say 2 months out.

So can I have the current owner book a reservation in our name and just wait for the contract to finally finish or would this somehow hinder the contract from closing.

Could the owner rescind the reservation after they are paid? Would I need a rental agreement? Is this a good idea?

Thanks for any insight.
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Old 03-17-2013, 09:21 PM   #2
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I don't think a contract can be sold with an active reservation. The closing would have to be delayed until after the reservation was completed.
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Old 03-17-2013, 10:35 PM   #3
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Quote:
Originally Posted by Kidanifan08 View Post
I don't think a contract can be sold with an active reservation. The closing would have to be delayed until after the reservation was completed.
Bummer I thought I had read something to that effect. Just looking for a way to salvage my plan. I have two months 3 weeks and 4 days. Its going to be close.
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Old 03-17-2013, 10:42 PM   #4
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Reservations are canceled before the contract closes.

Banking the points may have changed the terms of the contract submitted to Disney, if so you will have additional delays.

Bill
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Old 03-17-2013, 10:43 PM   #5
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Well as of right now no problem with getting a 2 bedroom dedicated or a lock off! Hope the rest goes quickly for you but I really think you will be fine! Have fun!
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Old 03-17-2013, 11:52 PM   #6
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Quote:
Originally Posted by disneynutz View Post
Reservations are canceled before the contract closes.

Banking the points may have changed the terms of the contract submitted to Disney, if so you will have additional delays.

Bill
Oh boy it just gets better and better.
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Old 03-18-2013, 10:44 AM   #7
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Oh boy it just gets better and better.
Call your broker and find out about banking and the contract as submitted to Disney and signed by you and the seller to see if it's an issue.

Better to fix a problem now instead of getting a surprise later.

Bill
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Old 03-18-2013, 10:58 AM   #8
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I am pretty sure you cannot close on a contract with points "in use" AND it would change the contract and add a lot of time. We are in a similar boat with a contract that started in September. We JUST received *and returned* our closing material on Friday. Our trip is planned for the end of April, and we have no idea where we will be staying. talk about calling it close!!!
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Old 03-18-2013, 08:06 PM   #9
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Quote:
Originally Posted by disneynutz View Post
Call your broker and find out about banking and the contract as submitted to Disney and signed by you and the seller to see if it's an issue.

Better to fix a problem now instead of getting a surprise later.

Bill
Spoke to Title Company Rep and she assured me the contract was fine with the points being banked. Said they have held sending in the transfer until after a reservation has had to pass before to help a buyer with a similar problem???

Broker has not returned call or email yet but usually they do after a few days or a week or so. LOL

I am hoping they get the paperwork back this week. Apparently not only did the first broker quit/fired, but the sale was because of an unexpected death and two parties have to sign and return documents not just one. Wish I had known all of this before we signed on the dotted line.

....................Pass the popcorn the shows about to start.
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Old 03-18-2013, 08:09 PM   #10
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Quote:
Originally Posted by Moira222 View Post
I am pretty sure you cannot close on a contract with points "in use" AND it would change the contract and add a lot of time. We are in a similar boat with a contract that started in September. We JUST received *and returned* our closing material on Friday. Our trip is planned for the end of April, and we have no idea where we will be staying. talk about calling it close!!!
Well I didn't think it could be done but you have made me somehow feel better that I am not the only one going in a circle ever so slowly.
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Old 03-21-2013, 09:45 PM   #11
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I'm not positive but I believe there was an instance of a renter having their res cancelled because the contract was sold. It was some time ago but I believe if you have the current owner make the res it will be cancelled when you close.
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Old 03-21-2013, 10:10 PM   #12
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I'm not positive but I believe there was an instance of a renter having their res cancelled because the contract was sold. It was some time ago but I believe if you have the current owner make the res it will be cancelled when you close.
ALL pending reservations are canceled at the time of ownership transfer including RCI and direct.

What could be done would be to schedule, travel then send it in if the seller is willing. Worst case scenario is you lose the pending reservation that you don't have anyway. Banking points shouldn't be an issue from a ROFR standpoint. However, if the wrong purchase info/price was submitted ROFR, that will be a problem in all likelihood though the closing company may be able to get it through if it's close.
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Old 03-22-2013, 07:56 AM   #13
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Quote:
Originally Posted by Dean View Post
ALL pending reservations are canceled at the time of ownership transfer including RCI and direct.

What could be done would be to schedule, travel then send it in if the seller is willing. Worst case scenario is you lose the pending reservation that you don't have anyway. Banking points shouldn't be an issue from a ROFR standpoint. However, if the wrong purchase info/price was submitted ROFR, that will be a problem in all likelihood though the closing company may be able to get it through if it's close.
The banked points were part of the ROFR so I have told it would not be a conflict that would hinder closing. However found out there are two heirs involved in the transaction that do not agree with one another. So I wired money 3/4/13 and they still have not sent paperwork back in. Not sure what steps other than calling TBS broker and title company I can take. Neither are returning my twice weekly calls. Unprofessional, at the very least my business would fail if I ran it like they do. I think they should be pressuring the sellers. Gong Show!!
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Old 03-22-2013, 06:01 PM   #14
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The banked points were part of the ROFR so I have told it would not be a conflict that would hinder closing. However found out there are two heirs involved in the transaction that do not agree with one another. So I wired money 3/4/13 and they still have not sent paperwork back in. Not sure what steps other than calling TBS broker and title company I can take. Neither are returning my twice weekly calls. Unprofessional, at the very least my business would fail if I ran it like they do. I think they should be pressuring the sellers. Gong Show!!
So the wording above
Quote:
Title company had wrong amount on contract they provided.
was related to the points accounting? IF it was on the contract to DVC then you should be fine. If you pass your close deadline, don't keep on with this contract. I'd start looking for others and keep up with the closing company to see when/if things come through.
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Old 03-22-2013, 10:33 PM   #15
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Quote:
Originally Posted by Dean View Post
So the wording above was related to the points accounting? IF it was on the contract to DVC then you should be fine. If you pass your close deadline, don't keep on with this contract. I'd start looking for others and keep up with the closing company to see when/if things come through.
They had made a mistake in the agreed amount the seller was to pay of the closing cost. As I understand it today the contract has been signed and sent back but the deed has to go through the attorney, father and husband of the deceased. They aren't on speaking terms and adding an attorney in the middle doesn't help the timeline. Didn't know I was purchasing a timeshare with baggage. So late now in the process just waiting it out and hoping they get it back sooner rather than later.
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