Closing Time!!

[RobbW]

For some reason, *** seems to be having significantly more issues than other title companies. Hopefully with Disney clearing it's backlog, brokers will start to look at turn around time when selecting title companies. Best case would be for brokers to have an agreed upon turn around time negotiated with the title company. The feeling I get is that *** is taking so long, brokers might be best served pulling business back if possible.

Which seems odd to me because if you watch the OCC site, *** is second only to DVC in the volume of deeds being recorded each day!

 

[JWG]

Which seems odd to me because if you watch the OCC site, *** is second only to DVC in the volume of deeds being recorded each day!

We actually closed through Timeshare Titles & More, so not ***. We've had great experiences with *** (granted, not since early 2014).

 

[DVCnewB]

Yesterday was our closing date and it was recorded today It's been a long 3 months.

 

[jnjhuddle]

Having purchased numerous resale contracts, the closing date given was always a "no later than" date that was an out if the contract didn't close for some reason. It was never "the" closing date. Our experience was we always closed within 1-2 weeks of the docs being done. This was an exception to our experience that they actually held until the no later than date. If we'd known, we'd have done differently.

So, I'm guessing what I experienced with TT&M was probably not the norm. I looked back at my paperwork and it listed a "settlement date" as if I was closing on a home, which was actually only a couple weeks after they sent the closing paperwork (not a month as I was thinking). Unless I interpreted it wrong, I assumed that it would not close until the settlement date. My original contract from the broker just listed closing as 60 days from signing the contract, not even a specific date. The contract I'm currently in lists closing as on or before December 1. (Different broker and closing company).

 

[Hockeymouse57]

Which seems odd to me because if you watch the OCC site, *** is second only to DVC in the volume of deeds being recorded each day!

Actually, that makes sense. *** folks are working extra hours as they have so much business so they are recording more deeds. Issue is that their overall volume of business has shot up and they have not brought on flex labor to keep turn around times down. Brokers have no leverage over Disney. The only leverage they have keeping their sellers happy and bringing them additional business is using title companies with shorter turn around times. My guess is that TTS will look for other title companies to spread out their volume to in the future as *** is causing them delays. (Comments are not against *** workers or the quality of their work but the company itself for not adding additional part time or full time labor as volume increases. Brokers are paid when the deal is done.)

 

[RobbW]

Actually, that makes sense. *** folks are working extra hours as they have so much business so they are recording more deeds. Issue is that their overall volume of business has shot up and they have not brought on flex labor to keep turn around times down. Brokers have no leverage over Disney. The only leverage they have keeping their sellers happy and bringing them additional business is using title companies with shorter turn around times. My guess is that TTS will look for other title companies to spread out their volume to in the future as *** is causing them delays. (Comments are not against *** workers or the quality of their work but the company itself for not adding additional part time or full time labor as volume increases. Brokers are paid when the deal is done.)

I guess I was comparing it to my experience with TT&M. They kept telling me they were severely backlogged with a high volume of filings, and that was why it was taking them so long to process my closing. However, checking the OCC site, TT&M only had a handful of filings a few days per week. Nowhere near the volume that *** was processing.

 

[3 DD love princesses]

Received our closing on 10/20 mailed 10/21 received 10/23 just waiting to close now. 39 days for *** to send closing docs after they had estoppel. Frustrated that *** is the one to slow down the process.

 

[ell13]

Finally updating! Deed recorded last week.

Offer accepted - 8/12
Submitted to ROFR - 8/13
Passed ROFR - 9/8
Received closing docs - 9/22
Closing docs/payment made - 9/24
Recorded - 10/22
Points loaded - ???

 

[girli565]

I sent an email to the agent at *** today to see where we are on receiving closing docs. Hopefully it's soon.

Offer made - 8/31/2015
Offer accepted - 8/31/2015
Paperwork sent - 9/1/2015
ROFR Submitted - 9/2/2015
ROFR Passed - 9/23/2015
Closing Docs Received - ??
Closing Docs Returned - ??

 

[Gemini1131]

Offer accepted - 6/30
Submitted to ROFR - 7/6
Passed ROFR - 7/30
Received closing docs - 9/21
Closing docs/payment made - 9/25
Closing date - 10/12 (due to vacation of sellers)
Recorded - 10/26
Points loaded - ???

Almost there!

 

[Marriedbythemouse]

ALL FINISHED! Here is our time line from TTS
ROFR Sent: 7/29/15
ROFR Passed: 08/24/15
Closing Docs Received and Returned: 09/28/15
Deed Recorded: 10/8/15
Membership number received: 10/26/15
Called and got Online login today and points are loaded! YAY

 

[RobbW]

ALL FINISHED! Here is our time line from TTS
ROFR Sent: 7/29/15
ROFR Passed: 08/24/15
Closing Docs Received and Returned: 09/28/15
Deed Recorded: 10/8/15
Membership number received: 10/26/15
Called and got Online login today and points are loaded! YAY

Woo hoo! Congrats, Debbie! I'm just waiting on that final step of getting our member number.

 

[mickeyman]

Disney received all our documents on 10/23 so now we are just waiting for member number also. Everything has been moving so quick for me this might be the longest step

 

[RobbW]

And speaking of that final step...

WOO HOO! We are done and official members!!!!!!!! Just tried calling Member Accounting again to check on our member number. Explained to the CM that my wife had called last week and was told the member letter was already in the mail, but we have not received it yet. We're trying to buy DVC-discounted APs for our trip next month. The CM was very helpful and verified all our information before giving me our member number and then transferring me to Member Services. Another very helpful CM at MS provided me with our Club ID# and our one-time activation code. I just signed in and linked it to our existing MDE account. Now on to purchasing APs for our Thanksgiving trip!!!!!

Hope everyone else who is waiting on closing and member members gets a sprinkle of pixie dust and good news soon!

 

[mickeyman]

And speaking of that final step...

WOO HOO! We are done and official members!!!!!!!! Just tried calling Member Accounting again to check on our member number. Explained to the CM that my wife had called last week and was told the member letter was already in the mail, but we have not received it yet. We're trying to buy DVC-discounted APs for our trip next month. The CM was very helpful and verified all our information before giving me our member number and then transferring me to Member Services. Another very helpful CM at MS provided me with our Club ID# and our one-time activation code. I just signed in and linked it to our existing MDE account. Now on to purchasing APs for our Thanksgiving trip!!!!!

Hope everyone else who is waiting on closing and member members gets a sprinkle of pixie dust and good news soon!

When was your deed recorded?

 

[RobbW]

Our deed was recorded early on the morning of Oct. 13.

 

[Miss Piggy 1978]

Offer made - 8/27/2015
Offer accepted - 8/27/2015
ROFR submitted - 8/31/2015
ROFR passed - 9/21/2015
Closing docs received - 09/30/2015
Closing docs returned - 10/07/2015
Deed recorded - 10/26/2015

Just waiting for our membership number, very excited!!

 

[3 DD love princesses]

Received our closing on 10/20 mailed 10/21 received 10/23 just waiting to close now. 39 days for *** to send closing docs after they had estoppel. Frustrated that *** is the one to slow down the process.

Deed recorded today now waiting on our number.

 

[JWG]

Ok, so not sure if we have a problem yet because the DVC website isn't working correctly (can't do anything tied to reviewing dues, contracts or points without server error), but anyway, contract was supposed to have some points banked into 2015 and while the base points are loaded, no banked points show. Soooooo, if the banked points don't show who do I contact? Member Admin., broker, closing agent? This has never happened before. Could also be the points have to be manually loaded separate from base points and they'll still show up later. I think there was a thread about this as I now recall -- I'll search.

Offer accepted - 8/10
Submitted to ROFR - 8/11
Passed ROFR - 9/1
Receieved closing docs - 9/16
Closing docs/payment made - 9/18
Closed - 10/20
Recorded - 10/21
Points in hand - 10/29 (sort of - missing banked points)

 

[LisaS]

Ok, so not sure if we have a problem yet because the DVC website isn't working correctly (can't do anything tied to reviewing dues, contracts or points without server error), but anyway, contract was supposed to have some points banked into 2015 and while the base points are loaded, no banked points show. Soooooo, if the banked points don't show who do I contact? Member Admin., broker, closing agent? This has never happened before. Could also be the points have to be manually loaded separate from base points and they'll still show up later. I think there was a thread about this as I now recall -- I'll search.

Offer accepted - 8/10
Submitted to ROFR - 8/11
Passed ROFR - 9/1
Receieved closing docs - 9/16
Closing docs/payment made - 9/18
Closed - 10/20
Recorded - 10/21
Points in hand - 10/29 (sort of - missing banked points)

Yes there are a couple of threads about this. Several people have had this issue with the banked points not being visible and had to call MS to book something using those points. If I remember correctly, when they called MS they were told it's a known issue.

ETA: I see JWG has found the thread discussing this issue. For the benefit of others who may have missed those threads, here are a couple of links:

http://www.disboards.com/threads/up...d-points-wont-show-up-on-website-now.3441444/

http://disboards.com/threads/warning-to-those-purchasing-resale-with-banked-points.3445098/