Come on Estoppel!!!!

[pangyal]

I have to ask again, isn't the estoppel issued by Disney prior to ROFR? Using the correct term and knowing when it happens can make a big difference to those anxiously waiting to make their first reservation.

Bill

I am by no means an expert on terminology, but I am 100% certain that the estoppel is issued after Disney waives their ROFR. We knew that Disney had sent it after passing ROFR as that's when our closing documents could be prepared.

I think that there is a confirmation of points and banked points, etc., that happens when the offer is initially accepted, but the actual estoppel that confirms all of the details of the title and contract happens after ROFR is waived .

 

[CMNJ]

I'm not an expert either but from the information my title company provided estoppel is done after ROFR. Disneynutz is correct that during ROFR all point information is verified by Disney but I guess estoppel is the official documentation for closing that all points totals are correct (no points used or transferred after ROFR) and the contract is in good standing (ie no unpaid maintenance fees delinquent loan etc)

 

[DWorldOrBust]

I have to ask again, isn't the estoppel issued by Disney prior to ROFR? Using the correct term and knowing when it happens can make a big difference to those anxiously waiting to make their first reservation.

Bill

Per Magic Vacation Title, they receive the estoppel AFTER the contract passes ROFR. Until Disney send them the estoppel information, the closing docs can't be prepared. It's been over 2 weeks and I still don't have closing docs.

 

[disneynutz]

Sources have verified that the broker receives a point activity statement from Disney prior to the contract being written up and submitted for ROFR. After ROFR and prior to closing Disney provides the closing company with the estoppel info which Disney gets paid to do.

Bill

 

[sgrap]

Per Magic Vacation Title, they receive the estoppel AFTER the contract passes ROFR. Until Disney send them the estoppel information, the closing docs can't be prepared. It's been over 2 weeks and I still don't have closing docs.

Thanks for the info . . . but UG, so sorry you don't have your closing docs yet. I was sure hoping for 2 weeks or less with ours, but that's not sounding good. We are day 7 or 8 today.

 

[sgrap]

Sources have verified that the broker receives a point activity statement from Disney prior to the contract being written up and submitted for ROFR. After ROFR and prior to closing Disney provides the closing company with the estoppel info which Disney gets paid to do.

Bill

Interesting! So what exactly is the estoppel then?

 

[CMNJ]

Interesting! So what exactly is the estoppel then?

This screenshot is from the timeshare store's website (an old guide on purchasing dvc resale). It says "estoppel report" so clearly it is an official disney document detailing the status of the contract being sold (certifying current point totals showing if outstanding maintenance fees etc) I know for our recent resale contract the cost was $50 and was paid for by our seller (which I believe is typically who pays)

 

[CMNJ]

found this general explanation of estoppel for timeshares-it appears that it may actually be required by Florida law?

 

[DisneyfromDeland]

Thanks for the info . . . but UG, so sorry you don't have your closing docs yet. I was sure hoping for 2 weeks or less with ours, but that's not sounding good. We are day 7 or 8 today.

I am on day 13 and I was told by Magic Vacation Title that they haven't received the estoppel yet from Disney in order to prepare the closing docs.

 

[sgrap]

I am on day 13 and I was told by Magic Vacation Title that they haven't received the estoppel yet from Disney in order to prepare the closing docs.

Ug, frustrating !!

 

[disneynutz]

I am on day 13 and I was told by Magic Vacation Title that they haven't received the estoppel yet from Disney in order to prepare the closing docs.

Seems like Disney has found another way to delay resales. Not very mouse like!

Bill

 

[DisneyfromDeland]

Well, I looked at my dates from my first resale purchase and it looks like I received my closing paperwork 17 days after Disney waived ROFR.

 

[5 Mickey Fans]

We are on day 17 after ROFR. I thought we would hear today. My wife emailed our broker yesterday and this is the message we received from the closing attorney:

I am waiting on receipt of the estoppel from Disney. Disney is a couple
weeks behind on providing estoppels. Upon receipt of the estoppel I will
forward your closing documents for execution.

So is that an additional two weeks beyond the normal 10 - 14 days?!?! Patiently waiting!

 

[sgrap]

well, at least it sounds like we're all in the same boat, but a very frustrating boat!

 

[Buzzalot]

I passed ROFR on 2/9. Still waiting on closing documents.

Called the title company Wednesday. They received Estoppel a "few days ago". Said I will receive closing documents in a couple days. Keeping my fingers crossed it's by Friday. I'm ready to close.

Have a trip planned for June. Air purchased. Just need a place to stay.

 

[sgrap]

I passed ROFR on 2/9. Still waiting on closing documents.

Called the title company Wednesday. They received Estoppel a "few days ago". Said I will receive closing documents in a couple days. Keeping my fingers crossed it's by Friday. I'm ready to close.

Have a trip planned for June. Air purchased. Just need a place to stay.

Good gravy, that is a long time! What title company?

 

[Buzzalot]

Good gravy, that is a long time! What title company?

Title company is www.timesharetitleandmore.com

To be fair, the day I was contacted from my broker about passing ROFR I was told they had 40 contracts that passed on the same day. I assume all were given to the same title company to close. IMO That's a large number from one broker.

 

[sgrap]

Title company is www.timesharetitleandmore.com

To be fair, the day I was contacted from my broker about passing ROFR I was told they had 40 contracts that passed on the same day. I assume all were given to the same title company to close. IMO That's a large number from one broker.

Yes, that would be a lot to work through alright!

 

[shpdem]

my guess would be they are pushing poly thru and putting resales on back burner. I'm still waiting on estoppel as well and i'm somewhere around the 2 weeks plus mark right now.

 

[NewDVCaddict]

We passed ROFR on 2/20 and was told the following this morning when I checked with our closing company (Magic Vacation Title)

"Disney has not forwarded the estoppel for your contract as yet. They are about 80 behind yours so it will probably be another 5-7 days."

Just wanted to share the timeline I was told for those who passed ROFR around the same time as we did...