Buying Resale, how do I confirm the remaining points for each use year before closing

[argmjs]

Hello,

I hope I am in the correct forum. I am buying resale, received the closing documents but not a copy of the estoppel. I asked to review the estoppel since this contract has wonky points, banked, borrowed, held, etc. Its been two days and the title company keeps telling me to review to the occupancy and use disclosure which is a copy of what is listed in the contract. Then in big letters it says that the title company guarantees title only. I want to see something official from Disney showing the points to make sure it matches the contract. I also have emailed the broker with no response. Is the information that I am looking for in the estoppel? Do I have the ability to ask for it prior to signing the closing documents? Do they check it prior to funding? I don't want to find out after the fact that the points are different than the contract. Thank you for your assistance.

 

[disneynutz]

Your contract spells out what you are buying, and you legally expect the contract to be correct. If your broker isn't responding, let them know that you will be filing a complaint with the state. Make them do their job.

Bill

 

[supersnoop]

Your original signed contract (the one sent to Disney for ROFR) should have the proper accounting of points. If it was wrong, Disney would have complained.

 

[mustinjourney]

Your original signed contract (the one sent to Disney for ROFR) should have the proper accounting of points. If it was wrong, Disney would have complained.

Agree with this statement...but what's to stop the seller from transferring those points right after estoppel? Is there any check on the system? I'm assuming their account isn't put on hold.

 

[LAX]

Agree with this statement...but what's to stop the seller from transferring those points right after estoppel? Is there any check on the system? I'm assuming their account isn't put on hold.

Not sure how accurate this info is. I was told that once Disney is notified of a potential transfer by way of ROFR, all activities on the account will be frozen and all pending reservations will be canceled. The reason I was told about this is because the contract I am purchasing has 30 banked points that will expire by November of this year and I asked the broker to request the sellers to make a reservation in my name using those points before ROFR so that I would have some more options at that time than after the transfer.

LAX

 

[supersnoop]

Agree with this statement...but what's to stop the seller from transferring those points right after estoppel? Is there any check on the system? I'm assuming their account isn't put on hold.

Around here, people think an estoppel is a document. But it's a process. An estoppel is the process of freezing the account until it's transferred to the new owner. Nothing can happen to the account. All changes are locked out. It is, indeed, "put on hold."

 

[mustinjourney]

Not sure how accurate this info is. I was told that once Disney is notified of a potential transfer by way of ROFR, all activities on the account will be frozen and all pending reservations will be canceled. The reason I was told about this is because the contract I am purchasing has 30 banked points that will expire by November of this year and I asked the broker to request the sellers to make a reservation in my name using those points before ROFR so that I would have some more options at that time than after the transfer.

LAX

won't that delay your closing? I was under the impression that they can't close on a resale transfer until all pending reservations are completed.

 

[bumbershoot]

won't that delay your closing? I was under the impression that they can't close on a resale transfer until all pending reservations are completed.

I think she's saying that she learned you can't do it when she was requesting it.

 

[mustinjourney]

I think she's saying that she learned you can't do it when she was requesting it.

ahh...that makes sense.

 

[luvdisneyland]

Around here, people think an estoppel is a document. But it's a process. An estoppel is the process of freezing the account until it's transferred to the new owner. Nothing can happen to the account. All changes are locked out. It is, indeed, "put on hold."

I didn't know that! Thanks for the info..