I started an earlier thread about my AKV Resale regarding the issues with getting documents from an international seller. The documents finally arrived, but in emailing back and forth with the title company, I have some questions that the title company isn't answering to my satisfaction.
I'm guessing you guys are better help anyway.
Here is my timeline so far:
Sept 30 - Faxed contract to GMAC
Oct 1 - Docs to Disney for ROFR
Oct 10 - Notified we passed ROFR
Oct 29 - Receive closing docs from title company
Oct 30 - we send closing docs and wire money
Dec 1 - closing docs rec'd from seller
Now what? I thought at this point we were pretty much finished and I just have to wait until Disney records me in their system and transfers the points from the contract to me.
Not so. Here's the email I received from the title company (names removed):
It is not closed until we receive the updates from Disney.
As soon as we receive the updates from Disney to close the sellers account then we will close the file, and the Warranty Deed will be faxed over to Disney for them to transfer the ownership.
When I emailed back asking what exactly this all meant for me (and for a timeline), I received this in response:
No, we have to get an update of the sellers account from Disney to make sure that the points due to you are still there and then if they have any payoffs of a mortgage or maintenance fees.
Once, we receive that information then we will close the file and the Warranty Deed will be faxed to Disney for them to transfer the ownership.
I thought from reading other people's timelines, that the title search was done before closing documents were received. It sounds like they still need to do the title search. Is this correct?
We are now at 60 days (which is the timeframe allowed for on the contract). Does anyone have a guess on how much these last two steps should take?
We stupidly started this thinking it would be finished in time to book our March vacation, so now I'm incredibly worried that by the time it is all finalized, there won't be anything left to book.
Thanks,
Michelle
I'm guessing you guys are better help anyway.
Here is my timeline so far:
Sept 30 - Faxed contract to GMAC
Oct 1 - Docs to Disney for ROFR
Oct 10 - Notified we passed ROFR
Oct 29 - Receive closing docs from title company
Oct 30 - we send closing docs and wire money
Dec 1 - closing docs rec'd from seller
Now what? I thought at this point we were pretty much finished and I just have to wait until Disney records me in their system and transfers the points from the contract to me.
Not so. Here's the email I received from the title company (names removed):
It is not closed until we receive the updates from Disney.
As soon as we receive the updates from Disney to close the sellers account then we will close the file, and the Warranty Deed will be faxed over to Disney for them to transfer the ownership.
When I emailed back asking what exactly this all meant for me (and for a timeline), I received this in response:
No, we have to get an update of the sellers account from Disney to make sure that the points due to you are still there and then if they have any payoffs of a mortgage or maintenance fees.
Once, we receive that information then we will close the file and the Warranty Deed will be faxed to Disney for them to transfer the ownership.
I thought from reading other people's timelines, that the title search was done before closing documents were received. It sounds like they still need to do the title search. Is this correct?
We are now at 60 days (which is the timeframe allowed for on the contract). Does anyone have a guess on how much these last two steps should take?
We stupidly started this thinking it would be finished in time to book our March vacation, so now I'm incredibly worried that by the time it is all finalized, there won't be anything left to book.
Thanks,
Michelle
