Closing Time!

[Kkrup]

Generally speaking, what happens on offer acceptance is that both sides sign an agreement and the buyer pays a deposit that will be held by the title/escrow company; the contract is then sent off to Disney for ROFR. When it passes ROFR, the title company prepares closing documents which again the buyer must sign but the seller must also sign a set, typically in front of a notary. The seller's set of documents includes the actual deed transfer; this is what gets recorded by the authorities that do such things. The buyer sends funds to the title company. After the deed is recorded and the title company gets wind of it, they arrange for closing, which just means funds are transferred to the seller, less any adjustments, such as broker commission, etc. Then the deed is closed - but you still have to wait for Disney to set up an account and load in your points.

So basically we are past the returning of the documents. Other posts keep stating a date for the closing. What does that date involve? Anything from us, the buyers?

 

[FFMickey]

In all fairness; it was a delayed close. I had to wait for the seller to complete their vacation. In the meantime I was sweating the whole time since VGC prices had gone nuts in between passing ROFR and closing. I honestly wasn't sure that the seller wouldn't back out until it was done.

Makes sense with a delayed closing. I also didn’t know of the sellers would back out of my contract since we sent to ROFR the morning before the prices went through the roof. Now just waiting for Disney to get it into our membership. We closed about a week after you, so I’ll be checking my dashboard often next week.

We have reached that point. They stated the sellers documents were expected back today. But now what happens? Do we just wait till we hear the deed is recorded?

Yup, they’ll email you when is all finalized. You can check the comptroller site to see the recorded deed. Then the long wait to get your points….

 

[Kkrup]

Makes sense with a delayed closing. I also didn’t know of the sellers would back out of my contract since we sent to ROFR the morning before the prices went through the roof. Now just waiting for Disney to get it into our membership. We closed about a week after you, so I’ll be checking my dashboard often next week.


Yup, they’ll email you when is all finalized. You can check the comptroller site to see the recorded deed. Then the long wait to get your points….

It has already been a long journey! Happy to finally be on the next step! Two months for seller to return documents has been painful.

 

[lilsonicfan]

We have reached that point. They stated the sellers documents were expected back today. But now what happens? Do we just wait till we hear the deed is recorded?

If I were you, given how long your process has been, I would follow up with the title company on Monday to ask if the seller did in fact return the docs and if they can provide you with a closing date. The closing date is when the funds are paid out to the sellers and the deed is sent to Disney; they record it either that day or shortly after (for WDW resorts at least). If you hadn’t had such a long process you might have been just fine to wait patiently but I think in your case, follow up is justified.

 

[Ashlotte]

I also have a vacatia/first am AUL contract and am impatiently waiting on ROFR. Did vacatia or first am tell you you passed ROFR?

The info that ROFR passed first came from Vacatia, and what followed was a bit of a cluster.

Vacatia told me I passed, and then told me to send in my $1000 deposit (which for some reason hadn't been taken when I submitted the offer) using "the attached credit card form" to place my deposit. The problem was that they hadn't actually attached a form, so when I contacted them to ask them to send it, she told me that instead of a credit card, I should send a blank check (!!) or money order to Jeffery Sweet's office (attorney in Florida who handles DVC). I said I wasn't comfortable with that, and asked where Jeffery Sweet came into the picture, since the contract had listed First American as the closing company, and they just told me to contact Jeffery Sweet and essentially vanished after that without any other contact.

I called Jeffery Sweet's office and left a voicemail (and an email) asking if I could pay by credit card because I wasn't comfortable sending a blank check in the mail. They called me back the next day and said they don't handle Hawaii contracts, and they weren't sure who was handling my closing. Vacatia still wasn't answering, but thankfully at this point First American made contact with me to get my info and took over the rest of the process. Bonkers that Vacatia had suggested sending a blank check in the mail to a company that wasn't even handling my contract.

I'm still happy with my deal of $83 per point, so it was worth it. And First American has been easy to work with. But isn't there a saying about this? The cheapskate pays the most? I don't remember.

 

[KalamityJane]

The info that ROFR passed first came from Vacatia, and what followed was a bit of a cluster.

Vacatia told me I passed, and then told me to send in my $1000 deposit (which for some reason hadn't been taken when I submitted the offer using "the attached credit card form" to place my deposit. The problem was that they hadn't actually attached a form, so when I contacted them to ask them to send it, she told that instead of a credit card, I should send a blank check (!!) or money order to Jeffery Sweet's office (attorney in Florida who handles DVC). I said I wasn't comfortable with that, and asked where Jeffery Sweet came into the picture, since the contract had listed First American as the closing company, and they just told me to contact Jeffery Sweet and essentially vanished after that without any other contact.

I called Jeffery Sweet's office and left a voicemail (and an email) asking if I could pay by credit card because I wasn't comfortable sending a blank check in the mail. They called me back the next day and said they don't handle Hawaii contracts, and they weren't sure who was handling my closing. Vacatia still wasn't answering, but thankfully at this point First American made contact with me to get my info and took over the rest of the process. Bonkers that Vacatia had suggested sending a blank check in the mail to a company that wasn't even handling my contract.

I'm still happy with my deal of $83 per point, so it was worth it. And First American has been easy to work with. But isn't there a saying about this? The cheapskate pays the most? I don't remember.

Yeah, vacatia never took a deposit from me either I got 83/pp as well! Figured it was worth it for the super deal but glad to know to just contact first American!

 

[Ashlotte]

Yeah, vacatia never took a deposit from me either I got 83/pp as well! Figured it was worth it for the super deal but glad to know to just contact first American!

Congrats on your deal, neighbor! Hopefully you get word about ROFR soon. And don't send a blank check to Jeffery Sweet, no matter what Vacatia tells you!

 

[KalamityJane]

Congrats on your deal, neighbor! Hopefully you get word about ROFR soon. And don't send a blank check to Jeffery Sweet, no matter what Vacatia tells you!

Congrats to you too! Maybe we will pass in the hallways of a DVC resort will definitely be sending no blank checks to Jeffrey!

 

[Ashlotte]

Congrats to you too! Maybe we will pass in the hallways of a DVC resort will definitely be sending no blank checks to Jeffrey!

Yes, maybe we will see you there! We go for the first time as owners in a few weeks! Woo hoo!

(We went once eight years ago on an exchange with my other timeshare.)

 

[Dizfam5]

Home Resort: Grand Californian
Broker: www.dvcresalemarket.com
Title Company: www.firstam.com
Offer made: 2/9/23
Offer accepted: 2/10/23
Sent to ROFR: 2/13/23
Passed ROFR: 3/2/23
Closing docs received: 5/5/23
Closing docs returned: 5/11/23 (Buyer)
Closing: 5/17/23
Deed recorded: 5/17/23
Contract Showing on Membership: 6/2/23
Points in account:

Days Total:

Just got off chat and they said my points "weren't ready to load yet." Sooooo impatient. It's not like these rooms stand open after the eleven month mark.

Give it 24 hours and then call back to MS and they should be able to load it on the spot.

 

[BlueIsis]

Give it 24 hours and then call back to MS and they should be able to load it on the spot.

You were correct...got it done this morning and already have all my points locked up in reservations!

Home Resort: Grand Californian
Broker: www.dvcresalemarket.com
Title Company: www.firstam.com
Offer made: 2/9/23
Offer accepted: 2/10/23
Sent to ROFR: 2/13/23
Passed ROFR: 3/2/23
Closing docs received: 5/5/23
Closing docs returned: 5/11/23 (Buyer)
Closing: 5/17/23
Deed recorded: 5/17/23
Contract Showing on Membership: 6/2/23
Points in account: 6/3/23

Days Total: 114

 

[sevargas]

Mine is a resale. Is yours direct?

Reasale

 

[AHal1023]

Do the emails go out on certain days? Assume it would be Monday through Friday?

 

[LittleBitGoofy]

Do the emails go out on certain days? Assume it would be Monday through Friday?

We got our two emails on a Saturday evening. Seems they're always working!

 

[csusunshine]

We got our two emails on a Saturday evening. Seems they're always working!

I just got my emails today for an Aulani closing on May 23rd---totally shocked !!!

 

[disney-inspired]

I received my club ID and activation code today! I'll probably call sometime this week to get the points loaded.

UPDATE
Home Resort: Boardwalk Villas
Broker: dvcresalemarket.com
Title Company: magicvacationtitle.com
Offer made: 03/24
Offer accepted: 3/25
Sent to ROFR: 3/26
Passed ROFR: 4/04 (9 days)
Estoppel Issued: 4/04
Closing docs received: 5/05
Closing docs returned: 5/05 (buyer, funds wired 5/05)
Closing: 5/18
Deed recorded: 5/19
Contract Showing on Membership (new member): 06/04/23
Points in account:

Days Total so far: 72

 

[AHal1023]

I just got my emails today for an Aulani closing on May 23rd---totally shocked !!!

Oh wow that gives me hope. We also closed on the 23rd so I have been waiting patiently. This is exciting!!! Hopefully soon!

 

[Auti97]

I closed on the 22nd and recorded on the 23rd. Does anyone know what the email address is so I make sure I don’t miss it.

 

[WDWfantasy]

I received my club ID and activation code today! I'll probably call sometime this week to get the points loaded.

UPDATE
Home Resort: Boardwalk Villas
Broker: dvcresalemarket.com
Title Company: magicvacationtitle.com
Offer made: 03/24
Offer accepted: 3/25
Sent to ROFR: 3/26
Passed ROFR: 4/04 (9 days)
Estoppel Issued: 4/04
Closing docs received: 5/05
Closing docs returned: 5/05 (buyer, funds wired 5/05)
Closing: 5/18
Deed recorded: 5/19
Contract Showing on Membership (new member): 06/04/23
Points in account:

Days Total so far: 72

Just curious about the gap of a month between passing ROFR and receiving closing docs. Is that because the previous owners had a trip planned? I’m waiting on ROFR now on a SSR contract (I’m the buyer). I’m hoping that it doesn’t take that long from passing to receiving closing documents.

 

[varyth]

Just curious about the gap of a month between passing ROFR and receiving closing docs. Is that because the previous owners had a trip planned? I’m waiting on ROFR now on a SSR contract (I’m the buyer). I’m hoping that it doesn’t take that long from passing to receiving closing documents.

When I purchased a resale contract using magicvacationtitle.com as the title company, their turnaround for closing documents was one month even without the seller having any trips planned.