Buying a Resale w/o a Broker?

robinb

DIS veteran
Joined
Aug 29, 1999
Messages
44,627
I am looking into buying a resale from an individual and not a broker. They save on the broker fee and I get a better price. The only thing I'm worried about is the closing. Has anyone bought from an individual? If so, what kinds of things did you have to do? I know I'll need a title search, the deed will have to be processed somehow and papers filed with Disney. Will we have to work with an attorney? Any recomendations?

Thanks!
 
If you go this route, I'd recommend that you have an attorney look at / draw up the papers. Look at all the costs / leg work you'll have to do before you decide that it's worth it.

Remember that Disney has a right of first refusal, so you have to work with Member Services. They'll likely tell you that they won't do anything until they see the proposed resale contract. It they think the price is too low, they'll buy it at the offered price.

You can opt to not have a title search. Since Disney maintains the membership records, there is a lessened risk that someone else is in the chain of ownership.

Once a deed is done and approved by Disney, you'll have to get the original to the County Recorder of Deeds, pay the recording fees, and follow-up to see that the deed is actually recorded and that you get the recorded deed back. If you live close to the county office, you can go in and check easily. Otherwise, it will be a hassle and many County offices are not really equipped to easily handle remote do-it-yourself customers.

You might instead just ask one of the regular disney closing services how much they would charge to process it if you sent the papers to them. It might be less than you think, if there is just the closing service fee, instead of a real estate commission.
 




















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