BLT Sale Closed?

[WilsonFlyer]

I just noticed this morning that the portion I financed through Disney on BLT has posted in the loans section today.

Does this mean that we have closed? I think it does but I just wanted to make sure.

Thanks!

 

[disneynutz]

That depends. What do you think "closed" means.

 

[hellerjw]

I think it means that most of the internal Disney processing is done, which is the important part for day-to-day DVC activities (reservations, banking/borrowing, payments, etc). I don't think it means all the legal paperwork has been recorded or finalized with the proper state entities.

 

[WilsonFlyer]

That depends. What do you think "closed" means.

The purchase of real estate has a terminology called "closing". It involves the filing of the deed with the registrar in the county in which the property is deeded.

Historically, from my understanding, Disney does not activate loan payments until "closing". THAT'S what I'm talking about.

People talk about closings in this forum all the time. I'm surprised you haven't run across the term before.

I'm sorry. I haven't read where anybody has actually closed on BLT yet. I was hoping this was a sign. I just wanted to know if it was.

http://en.wikipedia.org/wiki/Closing_(real_estate)

 

[disneynutz]

The purchase of real estate has a terminology called "closing". It involves the filing of the deed with the registrar in the county in which the property is deeded.

Historically, from my understanding, Disney does not activate loan payments until "closing". THAT'S what I'm talking about.

People talk about closings in this forum all the time. I'm surprised you haven't run across the term before.

I'm sorry. I haven't read where anybody has actually closed on BLT yet. I was hoping this was a sign. I just wanted to know if it was.

http://en.wikipedia.org/wiki/Closing_(real_estate)

Closing means different things to different people, that's why I needed a basis of your understanding.

Here are the steps for a direct sale, as I understand them for a purchase from home.

Information about the purchase is collected by your Guide, and sent via email to Contracts Team and the Finance Team.

Contracts Team drafts the sales documents and they are sent to the Guide for review.

Finance Team drafts the finance docs and they are added to the package.

Guide sends contracts to buyer.

Buyer signs docs and if financing, gets the note notarized. Returns all docs to Quality Assurance Team for review.

Quality Assurance forwards info to Contracts Administration who creates your on-line account, builds your membership and enters the contracts into the on-line system.

Membership Services inputs your points into your account and orders your membership information to be mailed to you.

Finance Team processes your loan and forwards a request for lien to the Escrow Team. Sets up your payment information and bank transfer info.

Contracts Administration forwards your information to the Escrow Team who prepares the deed.

Escrow Team files lien and deed with County Recorder.

All of the steps except the recordings can be completed in a few days depending upon the sales workload.

The recordings can take a couple of months, again depending upon the work load.

Hope this helps.

 

[DebbieB]

I didn't think you could close on a building that was not yet ready for occupancy. Has anyone closed on AKV Kidani?

 

[RJAYL]

My points are showing up online, however it shows the Home Resort as Null.

I do know that they cashed the check as I paid cash, however I have not yet received final paperwork or New Membership cards.

 

[disneynutz]

My points are showing up online, however it shows the Home Resort as Null.

I do know that they cashed the check as I paid cash, however I have not yet received final paperwork or New Membership cards.

The resort is null because it doesn't exist yet.
Why are you getting new membership cards? Different UY or names on the account?

 

[RJAYL]

The resort is null because it doesn't exist yet.
Why are you getting new membership cards? Different UY or names on the account?

I was assuming, I bought all my previous points as resales.

This is my first Disney transaction, I have a large family (by My standards) and really wanted the ability to get a grand villa, I also love the Contemporary so it was a no brainer.

 

[disneynutz]

I was assuming, I bought all my previous points as resales.

This is my first Disney transaction, I have a large family (by My standards) and really wanted the ability to get a grand villa, I also love the Contemporary so it was a no brainer.

If your UY and names on the accounts/contracts are all the same, you should only have one membership number. There will be a master contract and the others will be listed as .001, .002 etc.

If the new contract wasn't combined with your others, call Member Administration and find out why.

 

[RJAYL]

If your UY and names on the accounts/contracts are all the same, you should only have one membership number. There will be a master contract and the others will be listed as .001, .002 etc.

If the new contract wasn't combined with your others, call Member Administration and find out why.

No it wa combined with 1 of my contracts.

I have 3 seperate use years for my BCV which doesnt bother me, but now 1 of those is combined with all my BLT points

 

[disneynutz]

No it wa combined with 1 of my contracts.

I have 3 seperate use years for my BCV which doesnt bother me, but now 1 of those is combined with all my BLT points

 

[JaxFLBear]

I didn't think you could close on a building that was not yet ready for occupancy. Has anyone closed on AKV Kidani?

If I recall, our paperwork has an estimated closing date of 11/2/2008.

 

[RJAYL]

If I recall, our paperwork has an estimated closing date of 11/2/2008.

I get the felling BLT is the exception to the rule!

DVC must need the Money to finish!

 

[JaxFLBear]

I get the felling BLT is the exception to the rule!

DVC must need the Money to finish!

We paid cash for our 50 points, so Disney already has our money.

 

[RJAYL]

Paid cash Just got my paperwork in the Mail

Have not gotten the post card for the Tempo fountain yet.