AKV Contract -Is this a scam???

[lam]

OK, It just got brought to my attention that I seem to be buying an AKV contract for the EXACT No of Points AND the Exact same Price AND the EXACT Use Year AND the EXACT No of BANKED ponts as another DISBOARD Member.

I am really concerned.
Could it be just a co-incidence?

I have some questions.

I'm buying from Republic of Ireland and the 'Contacts' were emailed to me,1 page for Titles .,1 page for Contract and 1 Page for 'duties of Agent'.

I signed and faxed back and sent originals in the post.
Was told Sellers had signed and then I sent deposit.

I haven't actually seen Sellers signature on any docs yet??Only teir name?.

NO NOTARY PUBLIC request?
No FEDEX Documents to sign?

Is it normal procedure to sign docs like this and send deposit
THEN GO THROUGH ROFR
AND THEREAFTER WERE SENT THE FEDEX LEGAL DOCS TO SIGN ???

I'd really appreciate any response?Especially from those of you who purchased resale in Republic of Ireland or UK.
I'd be shocked if this wasn't a co-incidence or misunderstanding as the Agent has been absolutely terrific!!

I'd also hate it if the other person who is buying a similar/same contract is 'hoodwinked' too.

worried

Lam

 

[Donald is #1]

lam, have you tried contacting the resale company?

 

[RobDoc]

OK, It just got brought to my attention that I seem to be buying an AKV contract for the EXACT No of Points AND the Exact same Price AND the EXACT Use Year AND the EXACT No of BANKED ponts as another DISBOARD Member.

I am really concerned.
Could it be just a co-incidence?

I have some questions.

I'm buying from Republic of Ireland and the 'Contacts' were emailed to me,1 page for Titles .,1 page for Contract and 1 Page for 'duties of Agent'.

I signed and faxed back and sent originals in the post.
Was told Sellers had signed and then I sent deposit.

I haven't actually seen Sellers signature on any docs yet??Only teir name?.

NO NOTARY PUBLIC request?
No FEDEX Documents to sign?

Is it normal procedure to sign docs like this and send deposit
THEN GO THROUGH ROFR
AND THEREAFTER WERE SENT THE FEDEX LEGAL DOCS TO SIGN ???

I'd really appreciate any response?Especially from those of you who purchased resale in Republic of Ireland or UK.
I'd be shocked if this wasn't a co-incidence or misunderstanding as the Agent has been absolutely terrific!!

I'd also hate it if the other person who is buying a similar/same contract is 'hoodwinked' too.

worried

Lam

Resales are a very different transaction than a direct purchase thru DVC. DVC will use FedEx to deliver the documents and they will need to be notarized. Resales are simply "reselling" the original contract purchased thru DVC and any (DVC) terms agreed to by the original purchaser will be passed along to the resale buyer. The resale documents are very abbreviated when compared to the original documents.

Typically, you will not have anything signed by the seller until after the closing process has been completed.

As for the EXACT same contract, unless you know the EXACT contract number, you won't know if it's really the same contract being sold to someone else. Hopefully, you are working with a reputable resale broker who can lead you thru the process.

Good luck with that process.

 

[lam]

lam, have you tried contacting the resale company?

Not yet, its literally only just been brought to my attention within last hour or so (i was emailed earlier by other 'member' who spotted a potential problem but wasn't 'online' when he/she left message)

Have asked several questions and hope to get to the bottom of this BEFORE i contact the Resale Co.


Will let you know how it goes

Fingers crossed just a co-incidence

lam

 

[KAT4DISNEY]

OK, It just got brought to my attention that I seem to be buying an AKV contract for the EXACT No of Points AND the Exact same Price AND the EXACT Use Year AND the EXACT No of BANKED ponts as another DISBOARD Member.

I am really concerned.
Could it be just a co-incidence?

I have some questions.

I'm buying from Republic of Ireland and the 'Contacts' were emailed to me,1 page for Titles .,1 page for Contract and 1 Page for 'duties of Agent'.

I signed and faxed back and sent originals in the post.
Was told Sellers had signed and then I sent deposit.

I haven't actually seen Sellers signature on any docs yet??Only teir name?.

NO NOTARY PUBLIC request?
No FEDEX Documents to sign?

Is it normal procedure to sign docs like this and send deposit
THEN GO THROUGH ROFR
AND THEREAFTER WERE SENT THE FEDEX LEGAL DOCS TO SIGN ???

I'd really appreciate any response?Especially from those of you who purchased resale in Republic of Ireland or UK.
I'd be shocked if this wasn't a co-incidence or misunderstanding as the Agent has been absolutely terrific!!

I'd also hate it if the other person who is buying a similar/same contract is 'hoodwinked' too.

worried

Lam

I can only comment that we are purchasing a resale and yes, what you described as the process is exactly what ours was. No notary, no signing for fedex etc. It is quite a coincidence on your contract but they do happen. I'm hoping that it what is going on with yours!

I would contact my agent though for my own comfort and try and learn more. Maybe someone had split their contract when they bought, never used it, and are selling both.

 

[lam]

Resales are a very different transaction than a direct purchase thru DVC. DVC will use FedEx to deliver the documents and they will need to be notarized. Resales are simply "reselling" the original contract purchased thru DVC and any (DVC) terms agreed to by the original purchaser will be passed along to the resale buyer. The resale documents are very abbreviated when compared to the original documents.

Typically, you will not have anything signed by the seller until after the closing process has been completed.

As for the EXACT same contract, unless you know the EXACT contract number, you won't know if it's really the same contract being sold to someone else. Hopefully, you are working with a reputable resale broker who can lead you thru the process.

Good luck with that process.

Thanks this has 'eased' my concerns a little.
The person who own the Resale Co was recommended to me and has been brilliant-so I'd be so disappointed if this wasn't a co-incidence or a genuine error.
I have the Sellers ame and the Contract No and have asked the other 'member' involved for same info to see if it 'matches'.

If it does and theres a 'duplication', then we have a problem to resolve

Fingers crossed i'm worrying about nothing!!!

lam

 

[lam]

I can only comment that we are purchasing a resale and yes, what you described as the process is exactly what ours was. No notary, no signing for fedex etc. It is quite a coincidence on your contract but they do happen. I'm hoping that it what is going on with yours!

I would contact my agent though for my own comfort and try and learn more. Maybe someone had split their contract when they bought, never used it, and are selling both.

The more I read about the process, the more convinced i am that this is either a co-incidence OR a genuine error/duplication and NO fault to the Agent who has been superb!!

Will contact them tomorrow.

awaiting some info

thanks for your good wishes and good luck with your VWL awaiting to close

lam

 

[Donald is #1]

lam, good luck with your contract!

 

[Jaaron2]

 

[disneynutz]

OK, It just got brought to my attention that I seem to be buying an AKV contract for the EXACT No of Points AND the Exact same Price AND the EXACT Use Year AND the EXACT No of BANKED ponts as another DISBOARD Member.

I am really concerned.
Could it be just a co-incidence?

I have some questions.

I'm buying from Republic of Ireland and the 'Contacts' were emailed to me,1 page for Titles .,1 page for Contract and 1 Page for 'duties of Agent'.

I signed and faxed back and sent originals in the post.
Was told Sellers had signed and then I sent deposit.

I haven't actually seen Sellers signature on any docs yet??Only teir name?.

NO NOTARY PUBLIC request?
No FEDEX Documents to sign?

Is it normal procedure to sign docs like this and send deposit
THEN GO THROUGH ROFR
AND THEREAFTER WERE SENT THE FEDEX LEGAL DOCS TO SIGN ???

I'd really appreciate any response?Especially from those of you who purchased resale in Republic of Ireland or UK.
I'd be shocked if this wasn't a co-incidence or misunderstanding as the Agent has been absolutely terrific!!

I'd also hate it if the other person who is buying a similar/same contract is 'hoodwinked' too.

worried

Lam

I was just wondering, is the resale agent and escrow company in the Republic of Ireland or is it just the seller?

 

[Grandbuddy]

OK, It just got brought to my attention that I seem to be buying an AKV contract for the EXACT No of Points AND the Exact same Price AND the EXACT Use Year AND the EXACT No of BANKED ponts as another DISBOARD Member.

I am really concerned.
Could it be just a co-incidence?

I'd also hate it if the other person who is buying a similar/same contract is 'hoodwinked' too.

worried

Lam

If there has been a mistake (some contracts are offered through more than one reseller), it will be caught. If your agent is honest, but the seller is unscrupulous and has accepted more than one offer, all money should remain in escrow with the title company, in any case (and if only one title company is involved, any mistake should have been caught, immediately). Once the deposit has been received, if Disney does not exercise their ROFR, the contract(s) are submitted to Disney for estopple - the freezing of points, and verification that all aspects of the contract are as they were represented to the buyer. There is no way that a duplicate sale could get through this process. If your agent is not telling you to expect up to two weeks or more to get through ROFR, and an additional three weeks or more for estopple, before closing, you might worry. If you get a quick request for the balance of the sales price when these processes have not been taken care of...certainly do not send any additional funds.

 

[JimMIA]

The part of the transaction you are involved in right now is the offer-acceptance-deposit phase. When you get to the actual legal transfer of the property from the seller to you, you will have all the notarized, certified delivery, etc, requirements that you were expecting.

This is not the time for that.

I assume you are IN Eire and are dealing with a resale broker in Florida. If so, be assured that they are very tightly regulated, and work under very strict legal requirements. I'm sure you're fine.

 

[bookwormde]

If you have concerns about the broker google FL real estate licensing site and you can check the status of the brokers license and if there are any unresolved complaints.

I did that and checked the attorney’s license that was doing the settlement. It was not because I did not have full confidence in them, just doing due diligence.

bookwormde

 

[lam]

I was just wondering, is the resale agent and escrow company in the Republic of Ireland or is it just the seller?

The Resale Co and escrow Co are in Florida
The buyer (me) is in Republic of Ireland
The Seller I'm not sure? Somewhere in USA I think.

lam

 

[lam]

If there has been a mistake (some contracts are offered through more than one reseller), it will be caught. If your agent is honest, but the seller is unscrupulous and has accepted more than one offer, all money should remain in escrow with the title company, in any case (and if only one title company is involved, any mistake should have been caught, immediately). Once the deposit has been received, if Disney does not exercise their ROFR, the contract(s) are submitted to Disney for estopple - the freezing of points, and verification that all aspects of the contract are as they were represented to the buyer. There is no way that a duplicate sale could get through this process. If your agent is not telling you to expect up to two weeks or more to get through ROFR, and an additional three weeks or more for estopple, before closing, you might worry. If you get a quick request for the balance of the sales price when these processes have not been taken care of...certainly do not send any additional funds.

Thank you so much for this advice.
I think the Resale Co are absolutely 'sound'. They have a really good recommendation and I've received many PM's stating so too.
Also I truly believe that, from the professional and efficient manner they've shown so far.
They've been absolutely superb ad I cannot stress that enough!

They told me ROFR would take up to 4weeks + and not to send any more funds until thereafter. The balance of funds plus dues and their fees would normally be sent approx 1 week before closing to the escrow Co.

They didn't mention the 'estopple' part though but maybe thats what they mean't by the 4 weeks?

I've emailed them bringing this all to their attention and will let you know outcome.
Thanks so much for your response


lam

 

[lam]

The part of the transaction you are involved in right now is the offer-acceptance-deposit phase. When you get to the actual legal transfer of the property from the seller to you, you will have all the notarized, certified delivery, etc, requirements that you were expecting.

This is not the time for that.

I assume you are IN Eire and are dealing with a resale broker in Florida. If so, be assured that they are very tightly regulated, and work under very strict legal requirements. I'm sure you're fine.

Thanks,thats very comforting to know.
You are right I am in Eire and the Resale Co are in Florida.
Maybe i'm just panicking because of the distance involved and the different legal requirements etc.

It just sounded sooo wierd to me-thats all!!

Thanks for taking the time to respond!!

lam

 

[lam]

If you have concerns about the broker google FL real estate licensing site and you can check the status of the brokers license and if there are any unresolved complaints.

I did that and checked the attorney’s license that was doing the settlement. It was not because I did not have full confidence in them, just doing due diligence.

bookwormde

What a briliant idea!
had no idea I could do this.
Will get on to it straight away

Cheers

lam

 

[JimMIA]

Here's a link to the site's search page: https://www.myfloridalicense.com/wl11.asp?mode=1&SID=&brd=&typ=

You can enter the info either by person's name or broker/business name. For category of license, click on "Real Estate." The business' name will be shown as a link, and if you click on that, you can get complaints, etc.

 

[disneylaurie]

Hi lam,

I am the other party who contacted you regarding the possible duplicate contract. We spoke with DVC--Resale on Friday and they indicated that the sellers have three contracts with the exact same use year, points, etc. which we are buying. I think it's a bit odd myself, but they assured us everything was legit. In addition, we have been very impressed with our resale agent and the promptness in which she responds to our questions. However, I think it's good that we stay in touch to be sure this all works out!

Many thanks to all the members who have responded to help ease our concerns. This site is AWESOME! I've been a "lurker" for a while, but my husband has encourged me to post. I'm now addicted and hope to actually get some work done at the office this week!

Keep your fingers crossed for us! With any luck, in a few weeks we will both be "Welcomed Home!" to an AKL DVC!

 

[dianeschlicht]

Hi lam,

I am the other party who contacted you regarding the possible duplicate contract. We spoke with DVC--Resale on Friday and they indicated that the sellers have three contracts with the exact same use year, points, etc. which we are buying. I think it's a bit odd myself, but they assured us everything was legit. In addition, we have been very impressed with our resale agent and the promptness in which she responds to our questions. However, I think it's good that we stay in touch to be sure this all works out!

Many thanks to all the members who have responded to help ease our concerns. This site is AWESOME! I've been a "lurker" for a while, but my husband has encourged me to post. I'm now addicted and hope to actually get some work done at the office this week!

Keep your fingers crossed for us! With any luck, in a few weeks we will both be "Welcomed Home!" to an AKL DVC!

That sounds like these people originally purchased three identical contracts and are now selling all of them. When a member purchases add-on contracts, they will all have the same contract number but will have an identifier at the end. I suspect that is what both of your are seeing.