Buying resale contingent on submission by 3/20?

[EWL]

Still shopping for a resale contract and hoping for something before 3/20, but am wondering: if something comes up this week and I make an offer that is accepted, is it possible to make that offer contingent upon the contract being submitted by the 3/20 ROFR deadline? Meaning that if I promptly provide everything required of me, but there is some snag with the seller or the agency that causes it not to be submitted by 3/20, am I legally required to complete the purchase?

Hopefully this situation would not arise, but I'd like to understand in advance what the options would be. Certainly not looking to be unfair or unethical to the seller or agency, but I would want the right to reconsider if the 3/20 date passes as the market may be different then. Is there a 10-day recission period for resales?

 

[DVCconvert]

is it possible to make that offer contingent upon the contract being submitted by the 3/20 ROFR deadline?

It sure is! Of course the seller has to agree, and the broker will have to say there's enough time - you might also have to overnight or wire/cc the deposit.

 

[KingRichard]

The person we went through did everything in one day!

We all agreed to price over phone.

She email contracts.

We printed, signed and faxed back same day.

She sent/submitted to Disney!

Now the real wait!

 

[SanDeeKath]

PUT IT IN WRITING. Our friend purchased almost 2 months ago and for some strange reason it wasn't submitted to ROFR for almost 2 weeks. She didn't find out until recently that there was a 2 week delay. No one ever bothered to tell her.

I would highly recommend that at this late in the game, the contingency be in writing for everyone who is buying to submit to Disney by the 18th or 19th at the latest because it's very easy for the closing company to sit on the paperwork or for something strange to come up (they told her it was a problem with points not being available or something like that).

Katherine

 

[JimMIA]

Putting it in writing is not a bad idea, but I would NOT rely on just a clause in the contract. You don't need to know that everyone agrees they want that to happen, you need to know for sure that it HAS HAPPENED.

If I were in that situation as a buyer, I would simply tell the broker that the deal had to be submitted for ROFR by 3/18 or so -- and I wanted to be notified in writing when it was submitted. On 3/18, if I hadn't heard positively, I'd call the broker and if they said there was some holdup, I'd cancel and look for another contract. You'll be within your 10-day recision period and there would be no problem.