Anyone made it through (or not made it through) ROFR recently? - Section V

[agie65]

I was the seller with TSS and it took about 10 days to get closing documents and when I emailed Brenda at closing company she said they HAD been done and she would nudge the broker to okay them so she can send them out to me and buyer. I got the impression they had been done for a least a week just sitting to be approved. I also "nudged" the broker and he wrote back that it would be another 3 - 4 days when I replied that 14 days was unacceptable and that this was the 3rd time with TSS and never had to wait like this I received them that day! Brenda indicated broker was new and worked part time hours.

Very Interesting story in this deal. Always you will get stuff gets stuck here and there with some one who is doing it first time, or seller or buyer can not get papers on time. Only complain everybody is having is why some professional takes way toooooooooooooooo long then others??????????????????????

 

[agie65]

Yup... and we are there now. Who knows, maybe our closing documents will still come in today. If not... monday makes day 11.

Hope fully you will have it Monday morning. Good luck.

 

[danana]

Updated timeline:

5/4: Made offer and accepted
5/5: contracts sent back to TSS
5/6: went into ROFR
6/3: PASSED ROFR
6/4: received closing documents
6/4: sent documents and check via FedEx
6/7: title company notified us that they received all documents and payment and everything looks good

Now just waiting for the sellers to return everything. She said she got everything it would close right away! So far a quick and smooth process!

Wow that is quick! I too am using TSS and passed ROFR 6/3, but I received an email stating it would be 10 days before I received my closing docs.

I wonder why the delay?

We're using TSS as well and passed ROFR on 6/3. We were also told that it would 10 days to receive the closing documents. I thought 10 days was the normal timeframe to expect closing docs. Is the expectation that you should receive closing documents the day after passing ROFR? I don't see 10 days as a delay, but maybe I'm missing something here. We're using *** to close if that makes any difference.

 

[annmarieda]

We're using TSS as well and passed ROFR on 6/3. We were also told that it would 10 days to receive the closing documents. I thought 10 days was the normal timeframe to expect closing docs. Is the expectation that you should receive closing documents the day after passing ROFR? I don't see 10 days as a delay, but maybe I'm missing something here. We're using *** to close if that makes any difference.

I know I didn't expect them the next day. I was hoping for sometime this week since it was in the 7 to 10 business days time frame. Now I hope for the 11 to 15 business days. I was merely pointing out that the one time frame was a very quick one. We are nearly at 2 months since we put in the offer.

 

[maburke]

However... a thought. Since we are going to get all of our 2013 points with a December UY. I don't need to bank them by the end of July this year, right? But rather July of 2014? I had a brief moment of panic thinking "what if we don't get points into our account before they need to be banked...we will lose them all" But I am correct, right... Decemberr uy means the points wont be available as a current points until 12/1...and thus banking 7 months later is necessary..right?

That is right. Dec. '12 points need to be banked by the end of July 2013, and Dec. '13 points need to be banked by the end of July 2014. HTH.

 

[annmarieda]

That is right. Dec. '12 points need to be banked by the end of July 2013, and Dec. '13 points need to be banked by the end of July 2014. HTH.

Thanks

 

[bstarprincess37]

I am getting a little nervous reading through some of the posts here ...

We are waiting to pass ROFR for an 150 pt OKW contract, Jun UY at 58 ppt, 117 '13 points and all forward, seller pays mf for used points and buyer pays mf for 117 pts.

Here's our timeline so far:

5/18 - submitted offer
5/18 - offer accepted,
5/19 - signed and returned documents
5/19 - submitted to Disney for ROFR

still waiting to hear back...
Think I will make it through?

 

[HollenAngi]

I would think you might hear something this week. Good luck!

 

[Countryrunner262]

I am getting a little nervous reading through some of the posts here ...

We are waiting to pass ROFR for an 150 pt OKW contract, Jun UY at 58 ppt, 117 '13 points and all forward, seller pays mf for used points and buyer pays mf for 117 pts.

Here's our timeline so far:

5/18 - submitted offer
5/18 - offer accepted,
5/19 - signed and returned documents
5/19 - submitted to Disney for ROFR

still waiting to hear back...
Think I will make it through?

We went into ROFR 5/6 and found out we passed 6/3. Maybe a chance this week, but my guess is the week after.

 

[lovin'fl]

I updated the list- page 162.

 

[agie65]

I am getting a little nervous reading through some of the posts here ...

We are waiting to pass ROFR for an 150 pt OKW contract, Jun UY at 58 ppt, 117 '13 points and all forward, seller pays mf for used points and buyer pays mf for 117 pts.

Here's our timeline so far:

5/18 - submitted offer
5/18 - offer accepted,
5/19 - signed and returned documents
5/19 - submitted to Disney for ROFR

still waiting to hear back...
Think I will make it through?

Monday or Tuesday you should have good news.

 

[Pbuttadad]

Round 2. BWV 220 at 75pp. March uy. 30pts carryover from 13 to 14 all forward. Sub today. Split closing and no mf to 14. Wish us luck!

 

[annmarieda]

Closing documents came.

I have already called the title company, but am waiting to hear back. Maybe one of you will be quicker to put my mind at ease.

First, I notice that the total amount for closing and the total credit from the seller to us for closing (seller is paying closing) are not the same. Now... we are talking a penny.. but will that matter?

Second, on the HOA statement it reads "closing documents received after 12/05/2013 will require the 2014 annual dues to be paid in full prior to transfer of ownership to buyer." I thought we had until January to pay the 2014 dues. Does this mean we will not be able to be "owners" until we pay DVCMC the full 2014 dues? Will that hold up closing?

I just don't want there to be any more delays than need be...and I am just a tad confused.

 

[annmarieda]

And I have to pay the IRS 10% of the purchase price within 20 days?

I am so confused. I thought I just had consider the purchase price + closing (coming from seller) + my portion of 2013 annual dues. Now it looks like I need to pay the IRS and additional 10% of the selling price and pay all of 2014 dues.

 

[lovin'fl]

Closing documents came.

I have already called the title company, but am waiting to hear back. Maybe one of you will be quicker to put my mind at ease.

First, I notice that the total amount for closing and the total credit from the seller to us for closing (seller is paying closing) are not the same. Now... we are talking a penny.. but will that matter?

Second, on the HOA statement it reads "closing documents received after 12/05/2013 will require the 2014 annual dues to be paid in full prior to transfer of ownership to buyer." I thought we had until January to pay the 2014 dues. Does this mean we will not be able to be "owners" until we pay DVCMC the full 2014 dues? Will that hold up closing?

I just don't want there to be any more delays than need be...and I am just a tad confused.

Don't know about the penny difference being a problem, but you do not need to pay the 2014 dues before you close. You will get a bill for those around Xmas time. I also have no idea about paying IRS. Never heard of that and we never paid anything to IRS.

 

[annmarieda]

Don't know about the penny difference being a problem, but you do not need to pay the 2014 dues before you close. You will get a bill for those around Xmas time. I also have no idea about paying IRS. Never heard of that and we never paid anything to IRS.

You help to make me feel a tad better. Honestly over here having a tad bit of a panic.

The penny... yeah, not sure it would totally matter. If I were the seller, I wouldn't squabble over it. And since the totals do end up matching (just a penny more coming from seller) I wonder if it will be fine. I will still confirm with the title company though.

The dues... in my bit of panic I noticed it reads "12/05/13" but some how I converted that in my mind to last december...not the one coming up. Good grief...

The tax withholding... best I can figure is it has to do with the seller being a foreign seller. It kinda looks to me like if the seller was not foreign the 10% would come out of the sale. Since seller is a foreign one, then we have to pay it on top of the sale? That kinda would suck. Would mean my price per point would be 10% higher, right?

 

[Galun]

Bought another contract.

200 AKV Dec UY 188-12 200-13, $65/point. Buyer pays 2013 mf and closing. Fidelity.

Passed ROFR

 

[agie65]

You help to make me feel a tad better. Honestly over here having a tad bit of a panic.

The penny... yeah, not sure it would totally matter. If I were the seller, I wouldn't squabble over it. And since the totals do end up matching (just a penny more coming from seller) I wonder if it will be fine. I will still confirm with the title company though.

The dues... in my bit of panic I noticed it reads "12/05/13" but some how I converted that in my mind to last december...not the one coming up. Good grief...

The tax withholding... best I can figure is it has to do with the seller being a foreign seller. It kinda looks to me like if the seller was not foreign the 10% would come out of the sale. Since seller is a foreign one, then we have to pay it on top of the sale? That kinda would suck. Would mean my price per point would be 10% higher, right?

If the seller is not from USA then title company should withheld some from the sell before dispersement of the funds for tax purpose. Once the seller provides the tax identification withheld money can be disperse. You are not responsible for tax. Yes if IRS does not get the tax, year or two down the road may come back to you but this is what the job of closing agent is to make sure Uncle Sam gets paid first.

 

[annmarieda]

If the seller is not from USA then title company should withheld some from the sell before dispersement of the funds for tax purpose. Once the seller provides the tax identification withheld money can be disperse. You are not responsible for tax. Yes if IRS does not get the tax, year or two down the road may come back to you but this is what the job of closing agent is to make sure Uncle Sam gets paid first.

So I don't have to pay them my self? My document states the buyer has to file and pay the IRS.

 

[annmarieda]

Ok, all figured out... all my panicking was for nothing. In case anyone else encounters this...

Basically, foreign seller with no ss# can not be charged taxes on the sale... but IRS still needs their money. So it becomes the responsibility of the buyer. The withholding will actually go into our tax "account". Since there is a closing agent, though in our case... they take care of all that filing and payment. If not, we would need to file the proper forms with the IRS.

So we owe nothing more at closing (or 20 days later) and we need to do nothing regarding the FIRPTA.