Canadians Buying Resale

[Antonette2128]

May I please ask for the timeline in the money exchange for a resale purchase?

What I mean is, because I have to transfer from my Canadian bank account to my USD account, I wanted to know if I need to have the full amount right away on the account. I know there is a deposit of about $1k or 10% right off the bat but what about the balance? When is that needed?

Has anyone wire transferred money to them from their Canadian Bank Account? If this is possible, then I don't need to worry too much.

Any input is appreciated

 

[canadiandisneymommy]

Yes I wire transferred the full amount when it was time and sent them a U.S. money order draft from my Canadian account for the deposit.

 

[Antonette2128]

Thank you. When approximately is the time, out of curiosity?

 

[KAT4DISNEY]

Normally the balance is due on resale once the contract passes ROFR and the title company has closing documents prepared. Typical could be anywhere from 25-35 days from the time it's sent to Disney for ROFR but if things moved fast (not too likely) it could be a little less or if they moved slowly (more likely) it could be a little longer.

 

[montrealdisneylovers]

We put our deposit on a credit card and wired the balance to the closing company once we passed ROFR. It was quite simple actually.

 

[Antonette2128]

Oh I thought the credit card can not be used at all. May I please ask which resale company you used? Thanks again to everyone's help

 

[mort1331]

We have used both Fidelity and a company that cant be named here. |Both allowed the deposit on cc, balance with wire transfer, which is easier, IMO

 

[montrealdisneylovers]

We dealt with the Timeshare Store that took our deposit by credit card. After ROFR we had to deal with a transfer agent (Magic Vacation Title in our case) and we sent the balance via wire transfer.

 

[pangyal]

Same as many PP, we put the deposit on credit card for points and the balance was due about thirty days after the contract was initially sent to ROFR (there were no estoppel, etc. delays at the time). We sent a certified cheque via Expressport, though, as our bank (CIBC) couldn't figure out which receiver bank to wire the funds to. There were three listed on the wire transfer instructions, and the title company didn't know either. It usually takes the seller longer to get their documents in order, so sending via regular postal mail seems to be fine

 

[Canadian Disney Mom]

We purchased resale through Fidelity. We paid the deposit on our Visa and did a certified check or the balance. I just checked my emails from the time we did the purchase. Here is the timeline:

The seller accepted our offer Aug 12 2011.
We got the contract on Aug 15.
We sent it back with the deposit info Aug 19.
Disney waived their ROFR on Sept 7.
We got the closing documents on Sept 15.
Fidelity received the signed docs from us with the certified check on Sept 20.
The contract closed Sept 22.
The new points were showing in our account by Oct 3.

 

[Antonette2128]

Thank you for your responses! Really appreciate it!

 

[ILovePixieDust]

What is the percentage you can put on your credit card as a deposit?

 

[pangyal]

What is the percentage you can put on your credit card as a deposit?

10% or $1000, whichever is higher .