Buying resale from Timeshare store - balance is due when?

[peacefrogdog]

Assuming an offer is accepted by a seller through TTS, I've heard that a 10% deposit is due within a few days. Thereafter, how long is it until the balance is due (if I don't finance)? Is the remaining 90% due at one time?

 

[gargoyle007]

I am awaiting closing, probably in May for my SSR purchase. This is the info I received from the Timeshare store:
"During the time of ROFR, the title company waits to hear from Disney. Once Disney waives their ROFR, the title company will do a title search on the property, order a title insurance policy and request an Estopple report from Disney. The Estopple report is what the title company uses to put together your final closing statements. This may take 2 to 4 weeks to get from Disney after ROFR is completed. When your closing documents are ready, the title company will email them to you. You will need to review these documents, sign them and send them back with your final funds (certified). Therefore closing from start to finish may take 6 to 8 weeks. "

 

[disneynutz]

I am awaiting closing, probably in May for my SSR purchase. This is the info I received from the Timeshare store:
"During the time of ROFR, the title company waits to hear from Disney. Once Disney waives their ROFR, the title company will do a title search on the property, order a title insurance policy and request an Estopple report from Disney. The Estopple report is what the title company uses to put together your final closing statements. This may take 2 to 4 weeks to get from Disney after ROFR is completed. When your closing documents are ready, the title company will email them to you. You will need to review these documents, sign them and send them back with your final funds (certified). Therefore closing from start to finish may take 6 to 8 weeks. "

That's been our experience other than the Seller or Disney slowing things up even more.

 

[peacefrogdog]

So the the 90% balance is due in that 6-8 period? Do they give you any warning when the deadline is?

For example, if my offer is accepted May 1st, and the 6-8 week time period for title searches, ROFR etc proceeds - will all of a sudden (sometime in that 6-8 period) will they say "the balance of $XXXXX is due in 5 days"? Or will they give me notice earlier in that 6-8 week period that "the balance of $XXXXX wil be due on June XX". i.e. how much notice will I have of the payment deadline for the balance?

 

[bookwormde]

I am not working with TSS but I would assume that your contract has a settlement date; you should just need the funds in time to send back with your settlement papers (say 3 day ahead). If things are moving faster and settlement is “moved up” by a 30 days after ROFR clause then you just need to adjust your settlement day accordingly. Of course if your paperwork is available earlier than this and you want to “move up” settlement (and the seller also wants to) then use that date.

Hope this helps

bookwormde

 

[salmoneous]

When we bought through TSS, we were given an anticipated closing date with the notification that we had passed ROFR. They are fairly good at knowing how long things will take, but it can be longer or shorter depending upon how quick the seller is with their paperwork, how fast Disney is with theirs, etc.

At some point near the closing date, you will get the closing documents emailed to you with instructions to sign and mail back with the balance of the payment. Mine came a couple days before the scheduled close. I needed a few days to move money into the right account, get to the bank during working hours etc. and that wasn't a problem.

 

[miksilver]

I just bought resale through TTS. The date I contacted them was 3/14 (I told the rep. that date that I wanted to buy) and the date I received notification that everything was closed was 4/11. My balance due check was sent in on 4/9 and yes, it was the entire amount. On my closing statements that I needed to sign it did mention that I had until 5/2 to send all documents back, but obviously I didn't need all of that time . I did pay cash for my DVC with no financing and am not-so-patiently-waiting (as my DH likes to say) to call MS and make my first reservation.