Closing Time!!

Sharing my info since I've been stalking the forum for updates myself to help familiarize with the timeline and found all the information very helpful. First time buyer and I was lucky everything went fairly smoothly.

Home: Saratoga Springs
Broker: DVCsales.com
Title Company: Mason Title Company
Offer made: 9/30/20
Offer accepted: 10/1/20
Sent to ROFR: 10/6/20
Passed ROFR: 10/30/20 (24 days)
Closing docs received: 11/10/2020 (11 days)
Closing docs returned: 11/11/2020
Sellers closing docs returned: 11/13/2020
Closing: 11/13/2020
Deed recorded: 11/13/2020
Contract Showing on Membership:11/25/20 (12 days after close, new member)
Points in account:12/5/20 (10 days)
Total days: 66 from submitting bid to points in account! My Welcome Home call is scheduled for tomorrow. My original stated closing date was 12/2/20 so very happy everything went without a hitch!

🥰
 
Welcome home email! Nice news to receive on a grey Monday up in Michigan!

Home: BLT
Broker: www.dvcstore.com
Title Company: Mason Title
Offer made: 10/03/20
Offer accepted: 10/03/20
Sent to ROFR: 10/04/20
Passed ROFR: 11/10/2020
Closing docs received: 11/19/20
Closing docs returned: 11/23/2020
Title Company in receipt of funds: 11/24/20
Sellers closing docs returned: ?
Closing: 11/25/20
Deed recorded: 11/25/20
Contract Showing on Membership (NEW member): 12/06/20
Points in account:
 
Home: AKV
Broker: www.fidelityresales.com
Title Company: Mason
Offer made: 10/7/2020
Offer accepted: 10/7/2020
Sent to ROFR: 10/13/2020
Passed ROFR: 11/2/2020
Closing docs received: 11/16/2020
Closing docs returned: 11/17/2020
Seller returned closing docs: 11/17/2020
Closing: 11/23/2020
Deed recorded: 11/23/2020
Contract Showing on Membership: 12/3/2020
Points in account: 12/6/2020

Total Time: 60 days!!!!


All done!! I cannot believe how quick everything took. My placeholder closing date was 1/25/21 so I am quite thrilled. First contract ever we are so excited to join the DVC family finally! If anyone is waiting on points to be loaded just call member services and ask nicely. In about 15 minutes the points were loaded to my account.
 
Home: Animal Kingdom
Broker: dvcresalemarket.com
Title Company: Magic Vacation Title
Offer made: 9/6/2020
Offer accepted: 9/6/2020
Sent to ROFR: 9/8/2020
Passed ROFR: 10/22/2020
Closing docs received:10/28/2020
Closing docs returned:10/29/2020
Sellers closing docs returned:11/5/2020
Closing:11/6/2020
Deed recorded:11/9/2020
Contract Showing on Membership: 11/19/2020
Points in account: 12/4/2020
 
update!

Home: VGF
Broker: Www.fidelityresales.com
Title Company: Mason
Offer made: 10/18/2020
Offer accepted: 10/19/2020
Sent to ROFR: 10/20/2020
Passed ROFR: 11/4/2020
Closing docs received: 11/18/2020
Closing docs returned: 11/18/2020
Seller returned closing docs: ?
Closing: 11/24/2020
Deed recorded: 11/25/2020
Contract Showing on Membership: 12/4/2020
Points in account: 12/7/2020 (called member services)

Updated again! Called member services this morning since a room we want for May (that I haven’t seen available when I’ve been checking) popped up and the cast member was so nice and got everything loaded for me!! In having the points loaded it looks like the sellers banked points that they weren’t supposed to but it doesn’t impact what we plan to do with the points, and we still got all of the points we paid for so I guess I will just leave it alone?! Could have been bad though!
 
Home: BRV
Broker: https://dvcsales.com/
Title Company: MTC
Offer made: 9/24/2020
Offer accepted: 9/24/2020
Sent to ROFR: 9/25/2020
Passed ROFR: 10/29/2020
Closing docs received:11/10/2020
Closing docs returned: 11/12/2020
Seller returned closing docs: UNK
Closing: 11/19/2020
Deed recorded: 11/19/2020
Contract Showing on Membership: 12/2/20
Points in account: 12/7/20

Done, with a caveat. It looks like my points are not what the contract said it would be for 2020. The contract said 100 points for 2020 (100 bankable) which is full points for 2020 and beyond. Instead I only received 93 for 2020 (43 banked from 2019, 50 for 2020). I'm less upset about the missing 7 points than I am about the fact that only half the points were bankable. :(
 
Done, with a caveat. It looks like my points are not what the contract said it would be for 2020. The contract said 100 points for 2020 (100 bankable) which is full points for 2020 and beyond. Instead I only received 93 for 2020 (43 banked from 2019, 50 for 2020). I'm less upset about the missing 7 points than I am about the fact that only half the points were bankable. :(

I would be seeking compensation from MTC for the un bankable points, I believe $20 per point is standard - they should have checked the points statement on closing.
 
Update:

Home: AKL
Broker: dvcstore.com
Title Company: Mason
Offer made: 11/18/2020
Offer accepted: 11/18/2020
Sent to ROFR: 11/20/2020
Passed ROFR: 11/27/2020
Closing docs received: 12/7/2020
Closing docs returned: 12/7/2020
Seller returned closing docs:
Closing:
Deed recorded:
Contract Showing on Membership:
Points in account:
 
I would be seeking compensation from MTC for the un bankable points, I believe $20 per point is standard - they should have checked the points statement on closing.
Is this the standard procedure? I also had a contract that was supposed to have 150 points to use by 1/31/21. My points loaded yesterday and there were only 60. I’m missing 90 points. I was going to do my closing time post now that I have my points but was first trying to figure out how to fix this. I reached out To my broker and he said he would look into it today but hasn’t gotten back to me yet.
 
Is this the standard procedure? I also had a contract that was supposed to have 150 points to use by 1/31/21. My points loaded yesterday and there were only 60. I’m missing 90 points. I was going to do my closing time post now that I have my points but was first trying to figure out how to fix this. I reached out To my broker and he said he would look into it today but hasn’t gotten back to me yet.

It was in my contract that the seller would be liable if the points weren't as stated. So I'm thinking your seller is liable and your broker should have checked the statement on closing.

9. SPECIAL CLAUSES: Seller to bank 2020 points prior to closing. This contract contains and transfers x banked points from the 2019 allocation, xxx (banked) points from the 2020 allocation, xxx points from 2021 and all points from closing forward. UNDER PENALTY OF LAW, SELLER CONFIRMS STATED POINTS ARE ACCURATE AND AGREES NO CHANGES WILL BE MADE TO POINTS AS REFERENCED WITHIN THIS PARAGRAPH WITHOUT WRITTEN ACKNOWLEDGEMENT AND AGREEMENT BY BOTH PARTIES. Seller agrees to provide points statement to closing agent at time of closing for verification. Seller agrees to pay buyer $20.00 US dollars per point should any points be used or status changed (banked, borrowed, holding, or any other undisclosed status) prior to the final completion of ownership transfer within the DVC system. Both parties agree to hold harmless DVC by Resale, Broker and agents for discrepancies, inaccuracies or misrepresentations. If either party fails or breaches any of the terms or conditions of this agreement, said party is hereby liable for any claims or cause of action arising out of this paragraph.
 
I’m missing 90 points.
:(
Ouch...that's a big shortfall.

Seller agrees to pay buyer $20.00 US dollars per point should any points be used
Mine only specifies $15/point for any missing points. Which in one sense is only 7 missing (105 dollars). But the bankable points discrepancy bothers me (banked 2019 points vs 2020 points). That to me is a big deal because I paid full 2020 dues because the advertisement and purchase agreement reflected full 2020 points that were all bankable. I would have only agreed to half the dues if I had known. I figured on banking the whole amount. I called Mason, awaiting a return phone call.
 
:(
Ouch...that's a big shortfall.


Mine only specifies $15/point for any missing points. Which in one sense is only 7 missing (105 dollars). But the bankable points discrepancy bothers me (banked 2019 points vs 2020 points). That to me is a big deal because I paid full 2020 dues because the advertisement and purchase agreement reflected full 2020 points that were all bankable. I would have only agreed to half the dues if I had known. I figured on banking the whole amount. I called Mason, awaiting a return phone call.
I did look at my contract and it states seller will pay $20/ point for any missing points from the contract. The real question is, how do we pursue that? What of the seller won’t pay up?
 
:(
Ouch...that's a big shortfall.


Mine only specifies $15/point for any missing points. Which in one sense is only 7 missing (105 dollars). But the bankable points discrepancy bothers me (banked 2019 points vs 2020 points). That to me is a big deal because I paid full 2020 dues because the advertisement and purchase agreement reflected full 2020 points that were all bankable. I would have only agreed to half the dues if I had known. I figured on banking the whole amount. I called Mason, awaiting a return phone call.

I would say you are missing 50 points, those 2019 points could expire before you plan to travel.
 
Home: BWV
Broker: ****************.com
Title Company: Mason Title
Offer made: 10/14/20
Offer accepted: 10/15/2020
Sent to ROFR: 10/16/2020
Passed ROFR: 11/4/2020
Closing docs received:11/16/2020
Closing docs returned:11/17/2020
Sellers closing docs returned:11/24/2020
Closing:11/24/2020
Deed recorded:11/30/2020
Contract Showing on Membership: 12/4/2020
Points in account: 12/6/2020

Ended up short 90 points for 2020. Here’s hoping this can be rectified.
 
It was in my contract that the seller would be liable if the points weren't as stated. So I'm thinking your seller is liable and your broker should have checked the statement on closing.

9. SPECIAL CLAUSES: Seller to bank 2020 points prior to closing. This contract contains and transfers x banked points from the 2019 allocation, xxx (banked) points from the 2020 allocation, xxx points from 2021 and all points from closing forward. UNDER PENALTY OF LAW, SELLER CONFIRMS STATED POINTS ARE ACCURATE AND AGREES NO CHANGES WILL BE MADE TO POINTS AS REFERENCED WITHIN THIS PARAGRAPH WITHOUT WRITTEN ACKNOWLEDGEMENT AND AGREEMENT BY BOTH PARTIES. Seller agrees to provide points statement to closing agent at time of closing for verification. Seller agrees to pay buyer $20.00 US dollars per point should any points be used or status changed (banked, borrowed, holding, or any other undisclosed status) prior to the final completion of ownership transfer within the DVC system. Both parties agree to hold harmless DVC by Resale, Broker and agents for discrepancies, inaccuracies or misrepresentations. If either party fails or breaches any of the terms or conditions of this agreement, said party is hereby liable for any claims or cause of action arising out of this paragraph.

Do you contact the title company or broker or both in this scenario? Ours weren’t as advertised Once they were loaded...
 
Do you contact the title company or broker or both in this scenario? Ours weren’t as advertised Once they were loaded...
I contacted both, however, haven’t heard back yet. I emailed. Tomorrow I will make a call or two if I don’t hear back from them.
 
I contacted both, however, haven’t heard back yet. I emailed. Tomorrow I will make a call or two if I don’t hear back from them.
Where did you find the clause about compensation? We used fidelity and Mason title and are having a hard time finding it in our paperwork?
 
I did look at my contract and it states seller will pay $20/ point for any missing points from the contract. The real question is, how do we pursue that? What of the seller won’t pay up?

Some title companies are holding back funds until points are verified. The contract I bought this summer did that and the seller couldn’t get their funds until I verified it.

So, the title company I think would be responsible for making sure that you get your money.
 
Where did you find the clause about compensation? We used fidelity and Mason title and are having a hard time finding it in our paperwork?
It was in my contract that I signed after my offer was accepted, not in my closing documents. Hopefully yours has it as well!
 














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