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Old 05-11-2013, 01:31 PM   #1
MODBL
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What happens if documents aren't returned in time?

We are waiting to close on our sale through TTS. We are the sellers. Our closing date is 5/16/13. We returned our documents two weeks ago, but haven't heard a peep about the buyer returning their documents. I emailed Magic Vacation Title to ask if they had any update, but no one responded. I know there is still time, but am starting to wonder - what happens if the buyers don't return their documents by the closing date?

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Jen
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Old 05-11-2013, 03:48 PM   #2
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Nothing, they extend the closing date if the buyer hasn't backed out.

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Old 05-11-2013, 08:49 PM   #3
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I'm also a seller with a May 16 closing date.....waiting patiently.....
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Old 05-11-2013, 09:43 PM   #4
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Quote:
Originally Posted by MODBL View Post
We are waiting to close on our sale through TTS. We are the sellers. Our closing date is 5/16/13. We returned our documents two weeks ago, but haven't heard a peep about the buyer returning their documents. I emailed Magic Vacation Title to ask if they had any update, but no one responded. I know there is still time, but am starting to wonder - what happens if the buyers don't return their documents by the closing date?

Thanks!
Jen
It depends on the terms of the contract but if they miss the deadline you and the closing company could keep their deposit and move on.
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Old 05-11-2013, 09:49 PM   #5
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Quote:
Originally Posted by MODBL View Post
We are waiting to close on our sale through TTS. We are the sellers. Our closing date is 5/16/13. We returned our documents two weeks ago, but haven't heard a peep about the buyer returning their documents. I emailed Magic Vacation Title to ask if they had any update, but no one responded. I know there is still time, but am starting to wonder - what happens if the buyers don't return their documents by the closing date?

Thanks!
Jen
Did you email Brenda? She has gotten back to me so quickly on 3 different transactions, even if she did not have an answer - I am surprised. I would call on Monday to find out what is going on! Good luck
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Old 05-11-2013, 09:57 PM   #6
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Did you email Brenda? She has gotten back to me so quickly on 3 different transactions, even if she did not have an answer - I am surprised. I would call on Monday to find out what is going on! Good luck
I did email Brenda. I've heard back from her quickly before, but no response on this one. I will call Monday for sure. My email address got switched with the buyer's email address by someone, so my closing documents originally got sent to him. I had to wait extra time for them. I wonder if that error has something to do with the non-response, maybe all updates are going to his email?
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Old 05-14-2013, 09:09 AM   #7
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Got word last night that my contract closed....will it really take 25 days to get the check??
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Old 05-14-2013, 10:00 PM   #8
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Got word last night that my contract closed....will it really take 25 days to get the check??
That's funny, we also got word yesterday that we closed and were thinking that 25 days seemed like a long time!
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Old 05-15-2013, 07:49 AM   #9
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They mail the cheque as soon as Disney transfer the points to the buyer so the hold up for your cheque is Disney. they used to transfer points in around 10 days but at the moment seem to be taking 2-3 weeks. 25 days is probably worst case possibly more like 18-20
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