Closing documents finally arrived!... But wait, spot the error!

[Sean91]

I so hope this won't send us back to ROFR :')

... but seriously, it won't will it?!

 

[wilkeliza]

SMH on that error. Hopefully it won't send it back to ROFR.

 

[KAT4DISNEY]

I wouldn't think it would go back to ROFR - the terms of the sale haven't changed which is all ROFR is about.

Actually, let me amend - this won't send it back to ROFR. This is just about how title is held.

 

[erionm]

Actually, let me amend - this won't send it back to ROFR. This is just about how title is held.

Haven't purchased resale, but I would agree with this statement.

 

[sndral]

Naw, just tell the title co. to send new, correct doc.s out ASAP!
ROFR is about the status of the contract and whether DVC wants it, I don't think the closing docs are even drawn up until after you've passed ROFR and DVC has finished estoppel.
Hopefully the buyers (grantees) names are correct irrespective of their relationship to each other.
Note that sometimes it can make a difference in how title is held if the buyers are spouses as in some states there's a specific way of holding title available to married couples but not to unmarried owners - not sure if Florida is one of those states & it's been years since I learned real property, so that's all I remember about that .

 

[KAT4DISNEY]

Haven't purchased resale, but I would agree with this statement.

I amended after remembering I had to make a change to the closing document for one of our resales. Just needed to talk to the Title company and they had to resend documents to both myself and the seller but that was it.

 

[Reuven Shechter]

View attachment 226777

I so hope this won't send us back to ROFR :')

... but seriously, it won't will it?!

There was nonsense like this in our contract--I just ignored it. Obviously, the title companies are still living in the past. It annoys me though.

 

[Jillian Lopez]

View attachment 226777

I so hope this won't send us back to ROFR :')

... but seriously, it won't will it?!

What a bummer! Mine passed ROFR 3 days after yours so i sure am hoping that our contract arrives soon! Esp since we are not in the UK!

 

[SuzGM84]

Naw, just tell the title co. to send new, correct doc.s out ASAP!
ROFR is about the status of the contract and whether DVC wants it, I don't think the closing docs are even drawn up until after you've passed ROFR and DVC has finished estoppel.
Hopefully the buyers (grantees) names are correct irrespective of their relationship to each other.
Note that sometimes it can make a difference in how title is held if the buyers are spouses as in some states there's a specific way of holding title available to married couples but not to unmarried owners - not sure if Florida is one of those states & it's been years since I learned real property, so that's all I remember about that .

Ah - the good o'l days of real property. I'm not a real estate expert (work in finance now but the concepts are similar) - the specific title for holding property as a married couple is TIE (tenants in entirety). Typically this just affords greater creditor protection than a straight JWROS (joint with rights of survivorship) in that you can't force a sale for the debts of only one spouse because the married couple is treated as a single owner. In order to force a sale of TIE property you'd need a judgment against both spouses. With a JWROS you can force the sale for the debts of one owner b/c each owner owns 100% of the property (although it may be equal percentages for real estate). There may be more reasons to choose TIE v. JWROS beyond creditor protection as well.

 

[GXIncognto]

I just bought a resale contract and the title company screwed up on the closing docs (it said we were buying 220 points when we were actally buying 180)...I just pointed it out, they sent corrected documents the next day, and we closed everything out shortly afterwards. The only delay was that one day where they corrected the closing docs.

 

[drusba]

I assume it is an error, although it raises an interesting point of Florida law and procedure. There are essentially three ways a deed can traditonally be issued when there are two purchasers:

Tenancy by the entireties. If they are married, the deed is typically issued to the two named persons as "husband and wife" (or wife and husband). That is the designation that has long been used in Florida to show that the married couple has a "tenancy by the entireties." That constitutes a joint tenancy with right of survivorship, i.e., both own the property together, neither can transfer the property without the other's agreement, and if one dies the other automatically owns the entire property. In additon to joint tennacy rights, a tenancy by the entireties prevents creditors of one spouse from being able to seize the property or force its sale to pay off the debt.

Joint Tenancy with Right of Survivorship. That is what the deed will say instead of husband and wife if you have two unmarried persons together on the deed and they want the property to be a joint tenancy; however, as an unmarried couple they cannot get a tenancy by the entireties that provides that extra creditor protection.

Tenants in Common. That is what the deed will say, or what results if the deed says nothing, and the two buyers are not married and want to keep their ownership interests separate, meaning one can sell or otherwise transfer his 1/2 interest to anyone without the pother owner's consent and upon death the interest of the decendant goes to his desiganted heirs.

Since the Supreme Court ruling in June 2015, Florida (and other states) now recognize same-sex marriage, and that such a married couple can also purchase property via the tenancy by the entireties in Florida. Moreover, the deed can actually still say husband and wife to establish the tenancy by the entireties, although tenancy by the entireties can now also be established on the deed by saying "husband and husband," "wife and wife," or just "a married couple." (One should specifically ask the title company for the currently allowed phrases.) And it still has to say something to show the couple is married.

In other words, the wife and husband designation on a deed and related closing documents leading up to the deed would actually be proper if the buyers are of the same sex and married and desire the protections of tenancy by the entireties.

 

[Sean91]

It's all been sorted with a quick email, mini panic over! I have a question for you all, they attached a fed ex label for us to mail the documents back, does anybody know if these can be emailed or if they HAVE to be posted? Just emailed the title company to ask but they can be slow

 

[drusba]

It's all been sorted with a quick email, mini panic over! I have a question for you all, they attached a fed ex label for us to mail the documents back, does anybody know if these can be emailed or if they HAVE to be posted? Just emailed the title company to ask but they can be slow

Typically, they want documents with the original signatures on them and not just photocopies of such documents. Thus, you should be prepared to send them back fed ex.

 

[kboo]

It's all been sorted with a quick email, mini panic over! I have a question for you all, they attached a fed ex label for us to mail the documents back, does anybody know if these can be emailed or if they HAVE to be posted? Just emailed the title company to ask but they can be slow

Glad to hear it was easily sorted out! I actually scratched out the term when I was signing the forms, even though it technically doesn't affect me.

 

[Wakey]

I just emailed mine back, email copies were fine legally. Who you using, I remembered you passed, seems to be taking a long time.

 

[Miss Piggy 1978]

I've always scanned and emailed them back for resale, however Disney direct wanted them FedEx back.

 

[Orsino]

It's all been sorted with a quick email, mini panic over! I have a question for you all, they attached a fed ex label for us to mail the documents back, does anybody know if these can be emailed or if they HAVE to be posted? Just emailed the title company to ask but they can be slow

Hi. I'm submitting a contract and the title company is telling me I'm not eligible to hold as tenants by Entirety and that I have to hold as joint tenants since we are both husbands. Does that sound correct? You said it was all sorted out, but was the solution to switch to joint tenants or was it something else?

Thanks. Living in Massachusetts spoils me sometimes with the whole same-sex marriage thing. Here it isn't a problem at all.

 

[Orsino]

I did a bit of googling so I'll put what I found here in case someone in the future (Hi Future!) stumbles upon this thread and this is still relevant (hopefully it won't be).

Apparently, United States v. Windsor settled same-sex marriage on the federal level but did not specifically address anti-same-sex marriage restrictions in the states. So while one can get married in Florida there isn't anything stopping Florida from treating same-sex couples differently. Hence, Florida restricts Tenant by the Entirety to "Husband and Wife." While this is most likely unconstitutional, it hasn't been adjudicated as such yet. Furthermore, when it is settled by the courts there isn't any way to know now how Florida will treat deeds titled prior to the judgement.

Therefore same-sex couples are often advised to hold as tenants in common with right of survivorship where possible. Stupid Florida.

Reference:
https://www.floridabar.org/TFB/TFBR...ction LinePending Publication.pdf?OpenElement

 

[Orsino]

And now I contradict myself.
I have no idea what to do.

http://www.sun-sentinel.com/news/fl-same-sex-marriage-homestead-20150115-story.html

 

[Sean91]

Hi. I'm submitting a contract and the title company is telling me I'm not eligible to hold as tenants by Entirety and that I have to hold as joint tenants since we are both husbands. Does that sound correct? You said it was all sorted out, but was the solution to switch to joint tenants or was it something else?

Thanks. Living in Massachusetts spoils me sometimes with the whole same-sex marriage thing. Here it isn't a problem at all.

We did it as Joint tenants with rights of survivorship. We aren't married yet so it was straight forward for us