Closing Time!

[intamin]

You need to read your own docs closely...almost every timeshare/DVC contract I have seen in the last 10 years only creates a vague obligation to try to close by the prescribed closing date. There are almost always a number of different clauses permitting the date to be extended for any number of reasons (such that I find it nearly pointless to have one included).

It's not impossible your contract is tighter....but I would be surprised. These contracts are all VERY seller/agent friendly, with no real penalties for them dragging their feet endlessly or any number of infractions. Yet buyers have their deposit at risk for almost any deviation.

Thanks for the recommendation, honestly I'm not desperately trying to get out of this contract, I still think it's a fair price for AKV at around 111 pp after I had a part of the points refunded but I was considering getting a slightly larger contract for a little bit less per point. But I'm definitely making sure there isn't any like loss of deposit or fees associated if I am able to get out of this one and am in contact with the closing company.

 

[TinkAgainU]

Thanks for the recommendation, honestly I'm not desperately trying to get out of this contract, I still think it's a fair price for AKV at around 111 pp after I had a part of the points refunded but I was considering getting a slightly larger contract for a little bit less per point. But I'm definitely making sure there isn't any like loss of deposit or fees associated if I am able to get out of this one and am in contact with the closing company.

Do read your contract. Some have odd terms , for example - www.fidelityrealestate.com takes your deposit AND you are liable for full commissions if Buyer "defaults." If you can get out to purchase a larger contract - that might make sense - buying two small contracts might give you marketable resales - but cheaper to buy one time to avoid two sets of closing costs.

 

[intamin]

Do read your contract. Some have odd terms , for example - www.fidelityrealestate.com takes your deposit AND you are liable for full commissions if Buyer "defaults." If you can get out to purchase a larger contract - that might make sense - buying two small contracts might give you marketable resales - but cheaper to buy one time to avoid two sets of closing costs.

The sales contract says "The contract shall be closed on or before 4/3/2023 BUT NOTE BEFORE or within thirty days of the title company's receipt of estoppel if later than the on or before close date. If this contract is not executed by SELLER by within 7 days upon presentation, or if Disney repurchases the contract, the deposit shall be refunded to the BUYER, and then buyer is to deposit escrow money to title company within 7 days or contract is null and void."

"If BUYER fails to make any payment or perform any of his obligations hereunder, SELLER has the option of terminating this contract and BUYER shall forfeit the deposit. The Escrow Agent shall deduct from the deposit all expenses incurred, any, for escrow fees, administrative fees and title exam fees, said amount not to exceed $150, and the Escrow Agent is authorized by the BUYER to pay one-half of the deposit to the Broker and one-half to SELLER, except that the Broker's portion shall not exceed the full commission. If SELLER defaults on this contract, then the full comission is due the Broker by the SELLER and the SELLER shall pay the Escrow Agent for incurred costs, not to exceed $150 and the BUYER's deposit will be returned to the buyer. 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 guess it doesn't really specify what would qualify as the seller defaulting on the sale, if his closing docs aren't received on time? Do his closing docs just have to be in the mail before the closing date? He had a month to get his docs in and seemed to take his sweet time lol. Part of me wants a different contract and part of me doesn't but /shrug we'll see what happens.

 

[disney-inspired]

Do read your contract. Some have odd terms , for example - www.fidelityrealestate.com takes your deposit AND you are liable for full commissions if Buyer "defaults." If you can get out to purchase a larger contract - that might make sense - buying two small contracts might give you marketable resales - but cheaper to buy one time to avoid two sets of closing costs.

the more and more I hear about Fidelity, the more I think I’ll stay away from them.

not only buying issues I’ve read but if I were to resell, sounds like a hassle.

 

[Leeesa]

Update - contract was added to my current account without any email from Disney. big thanks to the people on this board for alerting me that this could even happen! now i will sit and wait for my points to be added

Home Resort: BWV
Broker: DVC Resale Market
Title Company: Magic Vacation Title
Offer made: 2/9
Offer accepted: 2/9
Sent to ROFR: 2/10
Passed ROFR: 2/24 (14 days)
Estoppel Issued: 2/24
Closing docs received: 3/11 (15 days)
Buyer Closing docs returned: 3/13 (2 days)
Seller Closing docs returned: 3/13 (2 days)
Closing: 3/15 (2 days)
Deed recorded: 3/16 (1 day)
Contract Showing on Membership: 3/31 (15 days)
Points in account:

I am so glad that your contract is there! Now lets all go together and have a beverage after all of this lol

 

[TinkAgainU]

The sales contract says "The contract shall be closed on or before 4/3/2023 BUT NOTE BEFORE or within thirty days of the title company's receipt of estoppel if later than the on or before close date.

Two thoughts (and I'm certainly not an attorney OR timeshare expert) ... 1) was Estoppel received with the ROFR waiver (ie: a while ago) and 2) did the rest of the document OR the Escrow Instructions you signed allow for some reasonable (or whatever) extension of the 4/3 deadline? Assuming your "reason" to cancel is Seller not closing on time. You not putting in final funds delaying closing is typically Default on your part.

While I would ask Escrow (preferably in writing) to clarify WHEN you can cancel and receive your deposit back, I'm guessing you'll ultimately be the one, and not Escrow, to make the decision (and deal with any liabilities) based on your reading of the contract ...

I've seen people cancel and walk away from their Deposit to get another deal ... but again, with some contracts you can lose more than the deposit after 10 days ...

 

[intamin]

Two thoughts (and I'm certainly not an attorney OR timeshare expert) ... 1) was Estoppel received with the ROFR waiver (ie: a while ago) and 2) did the rest of the document OR the Escrow Instructions you signed allow for some reasonable (or whatever) extension of the 4/3 deadline? Assuming your "reason" to cancel is Seller not closing on time. You not putting in final funds delaying closing is typically Default on your part.

While I would ask Escrow (preferably in writing) to clarify WHEN you can cancel and receive your deposit back, I'm guessing you'll ultimately be the one, and not Escrow, to make the decision (and deal with any liabilities) based on your reading of the contract ...

I've seen people cancel and walk away from their Deposit to get another deal ... but again, with some contracts you can lose more than the deposit after 10 days ...

The full amount of funds have already been wired. I'm not sure if they would wire that back to me since the contract was defaulted in that case. Again, not sure if I'll actually end up going through with all of this since it seems like a huge hassle but yeah.

 

[CathoDad22]

for the love of mickey - when i checked my member account right now - THE CONTRACT IS THERE! woohoo. now i'll wait for the points to come. geez, what a journey today has been!

This gives me hope that I may yet get my points next week!

 

[TinkAgainU]

The full amount of funds have already been wired. I'm not sure if they would wire that back to me since the contract was defaulted in that case. Again, not sure if I'll actually end up going through with all of this since it seems like a huge hassle but yeah.

I backed out of a (bad, for me) deal one time after wiring all the funds (Mason Title), and received everything back but the deposit. My deposit was pretty low if I recall, so it was worth it to me.... I've used that Escrow again since... nobody even blinked when I made a different offer, on a different contract.

 

[sndral]

The sales contract says "The contract shall be closed on or before 4/3/2023 BUT NOTE BEFORE or within thirty days of the title company's receipt of estoppel if later than the on or before close date. If this contract is not executed by SELLER by within 7 days upon presentation, or if Disney repurchases the contract, the deposit shall be refunded to the BUYER, and then buyer is to deposit escrow money to title company within 7 days or contract is null and void."

"If BUYER fails to make any payment or perform any of his obligations hereunder, SELLER has the option of terminating this contract and BUYER shall forfeit the deposit. The Escrow Agent shall deduct from the deposit all expenses incurred, any, for escrow fees, administrative fees and title exam fees, said amount not to exceed $150, and the Escrow Agent is authorized by the BUYER to pay one-half of the deposit to the Broker and one-half to SELLER, except that the Broker's portion shall not exceed the full commission. If SELLER defaults on this contract, then the full comission is due the Broker by the SELLER and the SELLER shall pay the Escrow Agent for incurred costs, not to exceed $150 and the BUYER's deposit will be returned to the buyer. 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 guess it doesn't really specify what would qualify as the seller defaulting on the sale, if his closing docs aren't received on time? Do his closing docs just have to be in the mail before the closing date? He had a month to get his docs in and seemed to take his sweet time lol. Part of me wants a different contract and part of me doesn't but /shrug we'll see what happens.

If this is the contract that passed ROFR back in Feb., the only date that’s now relevant is the 4/3 closing date.
If the seller’s documents are still ‘in the mail’ on 4/3 that’s not good enough, they have to be at the title company on or before 4/3 for the deal to close by the deadline.
If I were in your shoes I think I’d email the title company w/ a cc to the agent asking about the procedure for returning your funds in the event the seller defaults by not getting the signed documents back to the title company in time to close by the 4/3 deadline.

 

[Electron_si]

We are at 15 days since ROFR waived and still don’t have closing docs. I emailed the title company and they said expect them next week sometime.

This is painful.

 

[John Gry]

Update:
Home Resort: Boardwalk Villas 110
Broker:DVC Resale Market
Title Company: Magic Vacation Title
Offer made: 3/9/23
Offer accepted: 3/9/23
Sent to ROFR: 3/10/23
Accepted through Disney: ROFR 3/23/23
Estoppel submitted : 3/23/23
Closing docs received: 3/30/23 (7 days)
Closing docs returned:
Closing:
Contract Showing on Membership:
Points in account:

Closing documents were received from two different properties the same morning. Great! It made it more confusing, but ok, we have the documents! Strange, but one of the cover letter was wrong?? We figured it out still, glad that we have them rather than waiting.

 

[Electron_si]

Update:
Home Resort: Boardwalk Villas 110
Broker:DVC Resale Market
Title Company: Magic Vacation Title
Offer made: 3/9/23
Offer accepted: 3/9/23
Sent to ROFR: 3/10/23
Accepted through Disney: ROFR 3/23/23
Estoppel submitted : 3/23/23
Closing docs received: 3/30/23 (7 days)
Closing docs returned:
Closing:
Contract Showing on Membership:
Points in account:

Closing documents were received from two different properties the same morning. Great! It made it more confusing, but ok, we have the documents! Strange, but one of the cover letter was wrong?? We figured it out still, glad that we have them rather than waiting.

We purchased through the same broker and title company. Passed ROFR on 3/16 and still don’t have closing docs.

 

[dizzy.cali]

for the love of mickey - when i checked my member account right now - THE CONTRACT IS THERE! woohoo. now i'll wait for the points to come. geez, what a journey today has been!

Horray! So glad it showed up.

 

[intamin]

If this is the contract that passed ROFR back in Feb., the only date that’s now relevant is the 4/3 closing date.
If the seller’s documents are still ‘in the mail’ on 4/3 that’s not good enough, they have to be at the title company on or before 4/3 for the deal to close by the deadline.
If I were in your shoes I think I’d email the title company w/ a cc to the agent asking about the procedure for returning your funds in the event the seller defaults by not getting the signed documents back to the title company in time to close by the 4/3 deadline.

This is the same one that passed back in Feb. If they don't have it there within the 3 days then.. yeah I haven't decided what I'm going to do. I've been in contact with the title company but I guess I should contact the broker as well.

 

[TinkAgainU]

Strange, but one of the cover letter was wrong?? We figured it out still, glad that we have them rather than waiting.

Make sure you call the title company from an independently verified phone number (ie NOT one that came by any email), maybe even verify the phone number from two sources, to confirm the account numbers you are to send wires to - BEFORE wiring any money based on emails received. Wire fraud - by fake emails - is real

 

[naman1221]

the more and more I hear about Fidelity, the more I think I’ll stay away from them.

not only buying issues I’ve read but if I were to resell, sounds like a hassle.

For what its worth, i think there is both sides of the spectrum. I just purchased a contract through Fidelity and had a great experience. My agent was very responsive, instantly went and negotiated my price, and i went from ROFR to closing in less than 30 days. I did have some slight delays with the title company but thats not Fidelity's fault.

 

[Disney_David]

Wr also used fidelity. I think they’ve been reasonable, they were generally very quick. Here’s my progress:

Home Resort: Animal Kingdom Villas 180
Broker: Fidelity
Title Company: Mason
Offer made: 3/1/23
Offer accepted: 3/1/ 23
Sent to ROFR: 3/9/23
Accepted through Disney: ROFR 3/15/23
Closing docs received: 3/17/23
Closing docs returned: 3/17/23
Closing docs returned (seller): 3/28/33
Closing:
Contract Showing on Membership:
Points in account:

 

[teamsamant]

Home Resort: SSR
Broker: Fidelity
Title Company: First American
Offer made: 2/14/23
Offer accepted: 2/14/ 23
Sent to ROFR: 3/2/23
Accepted through Disney: ROFR 3/9/23
Closing docs received: 3/17/23
Closing docs returned: 3/17/23
Closing docs returned (seller): 3/28323
Closing: 3/30
Deed Recorded 3/30
Contract Showing on Membership:
Points in account:

 

[theplanets14]

Home Resort: OKW
Broker: Fidelityrealestate.com
Title Company: Mason Title
Offer made: 1/20/23
Offer accepted: 1/20/23
Sent to ROFR: 1/24/23
Passed ROFR: 2/21/23
Closing docs received: 2/21/23
Closing docs returned: 2/21/23 buyer 3/6/23 seller (needed notary d/t estate sale)
Closing: 3/13/23
Deed recorded: 3/13/23
Contract Showing on Membership (new member): 3/27/23
Points in account: ???

How long do I wait?

Days Total:

Points in account 3/28.

Points used for booking a trip and 2022 and 2023 UY points exhausted 3/28