Closing Time!!

[sgrap]

And now I'm here.

$134-$13,883-100-BLT-Oct-0/'15, 100/'16, 100/'17

Offer accepted - 8/12
Submitted to ROFR - 8/13
Passed ROFR - 9/8
Received closing docs - 9/22
Closing docs/payment made - ???
Closed - ???
Recorded - ???
Points in hand - ???

Another very fast BLT contract! Congratulations!

 

[Loveallthingsmouse]

Happy to say...
Offer made 7/5
Offer excepted 7/6
Sent to ROFR 7/8
Passed ROFR 8/3
Received closing Docs 9/10
CLOSED 9/22
So excited to see the points loaded and be DONE with this process!!

 

[bcwilson]

Happy to say...
Offer made 7/5
Offer excepted 7/6
Sent to ROFR 7/8
Passed ROFR 8/3
Received closing Docs 9/10
CLOSED 9/22
So excited to see the points loaded and be DONE with this process!!

So excited that your points loaded. We have almost the same dates but aren't members yet so we are still waiting on the Disney info to come in the mail.

 

[RobbW]

Happy to say...
Offer made 7/5
Offer excepted 7/6
Sent to ROFR 7/8
Passed ROFR 8/3
Received closing Docs 9/10
CLOSED 9/22
So excited to see the points loaded and be DONE with this process!!

Sorry. Just wondering about that last sentence of yours. Are you saying you have already received your member number and your points have already been loaded to your account? After only closing yesterday? Or should that sentence read, "I will be so excited once the points are loaded and be DONE with this process!!"?

 

[Loveallthingsmouse]

Correct...I mean I WILL be excited to see the points loaded and be done!! We are current members with same UY so think by end of next week we could have them loaded.

 

[Loveallthingsmouse]

So excited that your points loaded. We have almost the same dates but aren't members yet so we are still waiting on the Disney info to come in the mail.

We haven't gotten our points loaded yet...I meant I WILL be so excited to see the points loaded and be done! I checked OCC site yesterday, the deed has been recorded. So we might get the points in the next 10-12 days...but our luck it will be another few weeks, this has been a very long process!

 

[RobbW]

We haven't gotten our points loaded yet...I meant I WILL be so excited to see the points loaded and be done! I checked OCC site yesterday, the deed has been recorded. So we might get the points in the next 10-12 days...but our luck it will be another few weeks, this has been a very long process!

The deed was recorded on the OCC site the same day as closing?! Wowza! Good show!

Hope mine goes that fast. FedEx confirmed our signed closing docs and cashier's check were received by the title company this morning. Last night, our broker emailed us to say that since the sellers have already returned their closing docs, once the title company receives our check and docs, the contract will be closed. I don't know what to make of this. Does that mean that our purchase can/should be closed immediately upon all closing docs and payments being received? I'm confused because yesterday the title company told us once they receive our docs, it would probably be another two weeks for them to update the docs and prepare the deed for recording. Our closing date is scheduled for 10/18. Not sure who to believe.

 

[Loveallthingsmouse]

The deed was recorded on the OCC site the same day as closing?! Wowza! Good show!

Hope mine goes that fast. FedEx confirmed our signed closing docs and cashier's check were received by the title company this morning. Last night, our broker emailed us to say that since the sellers have already returned their closing docs, once the title company receives our check and docs, the contract will be closed. I don't know what to make of this. Does that mean that our purchase can/should be closed immediately upon all closing docs and payments being received? I'm confused because yesterday the title company told us once they receive our docs, it would probably be another two weeks for them to update the docs and prepare the deed for recording. Our closing date is scheduled for 10/18. Not sure who to believe.

I'm not sure who to believe. We received an email Saturday stating we would close after the seller returned a form that was incorrect. Received notice yesterday that we had closed and I checked OCC and it was there.

 

[Eric Topp]

You have to love the OCC site. Now if you could only export the data to Excel!

 

[sgrap]

I'm not sure who to believe. We received an email Saturday stating we would close after the seller returned a form that was incorrect. Received notice yesterday that we had closed and I checked OCC and it was there.

I would say to believe the OCC website.

 

[RobbW]

You have to love the OCC site. Now if you could only export the data to Excel!

Don't tempt me!

 

[knobster]

Don't tempt me!

Speaking of the OCC sight, I happened to be looking through documents for closing prices to get some ideas before I made my last offer (this was before Pangyal graciously picked up the ROFR thread) and I noticed that there seemed to be only one closing agent (***, for those of you familiar) who puts the purchase price into the closing papers. The others use some legal wording like "$10 plus other...". So it would hard to glean any useful number data from there, I would think.

 

[Eric Topp]

It depends on the document but this is what I came up with for an answer:

1) Search on the date range and enter the property name in "Legal Remarks". If you type in Bay Lake it will bring up everything with the name "Bay" and "Lake" in it (and lots of non-Disney stuff). Filter only on "Deed"
2) See the Doc Deed Tax and divide by $.70 and then multiply by 100 = X (which is the total sales price).
3) Review the doc to see how many points and divide X by the number of points

You will also see more than one document for the same transaction and some versions only have a tax of $.70. Not sure why but this may only be a "transfer". Perhaps someone else has an idea? Know that these numbers are like 90 days old (as to when the deal was struck) and that it may not include side deals like who paid for the points. You will probably also never see OKW listed in the documents as one of the Brokers told me that this is due to the fact that DVD just lists this as DVD "property" as they never thought they would do more than one! DVD is still selling plenty of things at $155-$170 a point!

 

[RaymOOOnd]

Hey all,

Sorry to ask such an inexperienced question but this is essentially my first thing resembling a real estate contract. Our BLT contract passed ROFR today. The estoppel for this resort appears to be taking a MUCH shorter time than I'd anticipated when I timed my offer, and the arrival of the closing documents appears likely to land at the beginning or middle of my honeymoon (during which I'm out of the country for just over two weeks, and will be unable to send a certified check from my bank, wire money, etc).

Does anyone have an impression of what the maximum acceptable delay is between receiving the closing docs and actually mailing out the funds? Would a couple of weeks in the worst case scenario be deal-breaking?

 

[JWG]

The deed was recorded on the OCC site the same day as closing?! Wowza! Good show!

Hope mine goes that fast. FedEx confirmed our signed closing docs and cashier's check were received by the title company this morning. Last night, our broker emailed us to say that since the sellers have already returned their closing docs, once the title company receives our check and docs, the contract will be closed. I don't know what to make of this. Does that mean that our purchase can/should be closed immediately upon all closing docs and payments being received? I'm confused because yesterday the title company told us once they receive our docs, it would probably be another two weeks for them to update the docs and prepare the deed for recording. Our closing date is scheduled for 10/18. Not sure who to believe.

Ok, I'm annoyed. I confirmed ours and sellers docs were all received but our closing isn't scheduled until 10/23?!??! You're going to sit on my money for a month? Seems like a racket to earn interest. Not happy

 

[Eric Topp]

Ray,

Did the same on my first contract and just set a wire from my bank since I was in Chad/Niger. Did electronic signatures via Adobe. If I may ask, how long was your ROFR?

 

[RaymOOOnd]

Ray,

Did the same on my first contract and just set a wire from my bank since I was in Chad/Niger. Did electronic signatures via Adobe. If I may ask, how long was your ROFR?

It was sent for ROFR on 9/02 - so exactly 21 days. But the thing that's even more impressive is the recent reports of 12-15 day estoppel. I put in my offer on 9/01 knowing I'd be back around 11/01, thinking the thing had to take at least 60 days. This was at a time of estoppel taking what seemed like 40-45 days for most people.

 

[hjlawton]

Ok, I'm annoyed. I confirmed ours and sellers docs were all received but our closing isn't scheduled until 10/23?!??! You're going to sit on my money for a month? Seems like a racket to earn interest. Not happy

Don't blame you one bit and I completely agree. We are in a similar situation. We were notified that all of the closing documents were received on 9/21 and closing will be scheduled as soon as possible, but they did not give us a date or time estimate. They stated we would be notified again once closing was completed. So who knows how much longer? We really need access to our November expiring points ASAP; it's hard to be patient.

 

[Iamthequeen]

I cancelled our pending contract today. The seller did not return their signed documents and I am not waiting another day on them. We made an offer on another contract today, and so we get to start this process all over.

 

[Iamthequeen]

Hey all,

Sorry to ask such an inexperienced question but this is essentially my first thing resembling a real estate contract. Our BLT contract passed ROFR today. The estoppel for this resort appears to be taking a MUCH shorter time than I'd anticipated when I timed my offer, and the arrival of the closing documents appears likely to land at the beginning or middle of my honeymoon (during which I'm out of the country for just over two weeks, and will be unable to send a certified check from my bank, wire money, etc).

Does anyone have an impression of what the maximum acceptable delay is between receiving the closing docs and actually mailing out the funds? Would a couple of weeks in the worst case scenario be deal-breaking?

You actually have 45 days in which to get your documents in. The longer you wait, the longer it will be to closing. Also, you probably want to let your broker know about the delay.