Confused on closing timeline

[Renee H]

We purchased a resale contract that was sent 3/3 and Disney waived ROFR on 3/20, it closed 4/6. We haven’t received points yet, I have no idea when that happens! Anyway, I had questioned the title company, when they sent me the closing docs, if that meant we were through estoppel and they said Disney waived AND cleared estoppel at the same time. ??? We had another resale get waived on 3/29 and that title company said we have to wait for estoppel. I’m confused by this!

Can someone clear it up for me? And tell me when I should see my points from the first resale? Thanks!

 

[TexasChick123]

We purchased a resale contract that was sent 3/3 and Disney waived ROFR on 3/20, it closed 4/6. We haven’t received points yet, I have no idea when that happens! Anyway, I had questioned the title company, when they sent me the closing docs, if that meant we were through estoppel and they said Disney waived AND cleared estoppel at the same time. ??? We had another resale get waived on 3/29 and that title company said we have to wait for estoppel. I’m confused by this!

Can someone clear it up for me? And tell me when I should see my points from the first resale? Thanks!

I would guess they didn't inform you when you cleared ROFR. The usual process is this:
1) Executed contract sent to DVD for ROFR review
2) If DVD waives ROFR, then the title company is informed and is supposed to inform the broker who is supposed to tell you
3) Estoppel certificate is sent to title company sometime later (can be 1 week to 3 weeks)
4) Closing docs are sent to both parties once estoppel certificate is received
5) Once both parties have signed closing docs and all monies have been paid, then the deed is sent to the county to be recorded
6) Disney will transfer over the points from seller to buyer within maybe a week or so of it being recorded
7) Points loaded from time deed is recorded can be 2-4 weeks depending on how busy they are, if you're a new member, etc.

My total timelines from sent to DVD for ROFR to points in account were 2-3 months total. It takes a long time.

 

[Renee H]

I would guess they didn't inform you when you cleared ROFR. The usual process is this:
1) Executed contract sent to DVD for ROFR review
2) If DVD waives ROFR, then the title company is informed and is supposed to inform the broker who is supposed to tell ou
3) Estoppel certificate is sent to title company sometime later (can be 1 week to 3 weeks)
4) Closing docs are sent to both parties once estoppel certificate is received
5) Once both parties have signed closing docs and all monies have been paid, then the deed is sent to the county to be recorded
6) Disney will log the new deed within maybe a week or so of it being recorded
7) Points loaded from time deed is recorded can be 2-4 weeks depending on how busy they are, if you're a new member, etc.

My total timelines from sent to DVD for ROFR to points in account were 2-3 months total. It takes a long time.

Oh that’s super helpful.. and would make sense that they didn’t inform me. I had been checking in with the broker 1-2x week so I’m guessing it would be the title company who didn’t tell them. Thanks for info

 

[TexasChick123]

Here are my two timelines from last year:

VGF Points:
Initial offer and negotiations: 3/28
Signed contract sent to Disney for ROFR: 3/29
ROFR waived: 4/11
Closing Docs Sent to me: 4/19
Returned my closing docs but withheld $$$ until sellers docs received: 4/20
Sellers docs received: 4/24
Money sent overnight: 4/24
Money received by title company and sent to county for recording: 4/25
Deed recorded by the county: 4/27
Points loaded into my account: 5/10

BLT Points:
6/5 Offer sent and accepted
6/9 Paperwork in and went to ROFR
6/27 passed ROFR
7/11 Closing Docs received
8/14 Closing Docs Returned by Seller
8/17 Closing Docs Returned by Buyer (me)
8/21 Deed Recorded by the County
8/28 Points Loaded into Account

The second contract had an international seller, and they had to make an appt with the American Embassy to get their docs notarized. I knew this would take a bit longer going in because of that. The irony is that the international contract closed faster than my first contract I bought from a seller out of NY. Don't get me started on that disaster!

 

[Renee H]

Here are my two timelines from last year:

VGF Points:
Initial offer and negotiations: 3/28
Signed contract sent to Disney for ROFR: 3/29
ROFR waived: 4/11
Closing Docs Sent to me: 4/19
Returned my closing docs but withheld $$$ until sellers docs received: 4/20
Sellers docs received: 4/24
Money sent overnight: 4/24
Money received by title company and sent to county for recording: 4/25
Deed recorded by the county: 4/27
Points loaded into my account: 5/10

BLT Points:
6/5 Offer sent and accepted
6/9 Paperwork in and went to ROFR
6/27 passed ROFR
7/11 Closing Docs received
8/14 Closing Docs Returned by Seller
8/17 Closing Docs Returned by Buyer (me)
8/21 Deed Recorded by the County
8/28 Points Loaded into Account

The second contract had an international seller, and they had to make an appt with the American Embassy to get their docs notarized. I knew this would take a bit longer going in because of that. The irony is that the international contract closed faster than my first contract I bought from a seller out of NY. Don't get me started on that disaster!

Excellent info! So you received your points 1-2 weeks post deed recording? Same UY?

 

[TexasChick123]

Excellent info! So you received your points 1-2 weeks post deed recording? Same UY?

VGF was an add on with the same UY. BLT was a new account with new points and UY.

 

[gharter]

The timelines posted are a good start. How long it takes seems to really vary. Our first contract took 2 months start to points available. Our second contract was under a month.
Once the deed is recorded, points seem to be in your account usually in about 2 weeks.
You can check the Orange County Controller site to see when the deed is recorded.

 

[Renee H]

VGF was an add on with the same UY. BLT was a new account with new points and UY.

Wow.. the BLT points showed up so fast. Everyone says a different UY will slow the points showing up too!

 

[Best Aunt]

On Wednesday, the Title company told me that the transaction was finalized and Disney was notified of change of ownership.

Points were in my account the following Wednesday.

This was an add-on for me, not my first DVC purchase. I don't know if that makes a difference.

I checked the Orange County Comptroller's Office website and saw that my deed and the ROFR Waiver were recorded on the same day that the title company told me the transaction was finalized, if that helps you understand the timing. Here's the website:
https://www.occompt.com/

 

[disneynutz]

You are dealing with people and delays can happen from one contract to another. The broker, seller, title company, and Disney can all cause delays. While the buyer may be excited to close and get their contract, for everyone else, it's just another day, another contract. DVC does direct sales first and works on resale when they have time.

Bill

 

[Renee H]

I would guess they didn't inform you when you cleared ROFR. The usual process is this:
1) Executed contract sent to DVD for ROFR review
2) If DVD waives ROFR, then the title company is informed and is supposed to inform the broker who is supposed to tell you
3) Estoppel certificate is sent to title company sometime later (can be 1 week to 3 weeks)
4) Closing docs are sent to both parties once estoppel certificate is received
5) Once both parties have signed closing docs and all monies have been paid, then the deed is sent to the county to be recorded
6) Disney will transfer over the points from seller to buyer within maybe a week or so of it being recorded
7) Points loaded from time deed is recorded can be 2-4 weeks depending on how busy they are, if you're a new member, etc.

My total timelines from sent to DVD for ROFR to points in account were 2-3 months total. It takes a long time.

So will the points just show up then? I just have to keep checking? Also, since it’s a different used year, I assume that there’s also a drop-down menu on mobile as well?

 

[disneynutz]

So will the points just show up then? I just have to keep checking? Also, since it’s a different used year, I assume that there’s also a drop-down menu on mobile as well?

Are the names exactly the same on both memberships? If not, you will have to get new login info for the new contract.

Bill

 

[Renee H]

Are the names exactly the same on both memberships? If not, you will have to get new login info for the new contract.

Bill

Yes..just the resort and UY are different

 

[Spartan86]

So will the points just show up then? I just have to keep checking? Also, since it’s a different used year, I assume that there’s also a drop-down menu on mobile as well?

We went through this very recently. We added a different UY to our existing DVC “account “. The new membership appeared on the DVC website the day following OCC recording. The points were loaded into the new membership the following day. If you keep watching your DVC dashboard you will see it pop up.

 

[Renee H]

We went through this very recently. We added a different UY to our existing DVC “account “. The new membership appeared on the DVC website the day following OCC recording. The points were loaded into the new membership the following day. If you keep watching your DVC dashboard you will see it pop up.



View attachment 316226

The next day?!? Wow!

 

[Renee H]

Thanks everyone for their replies!

 

[motherof5]

We purchased a resale contract that was sent 3/3 and Disney waived ROFR on 3/20, it closed 4/6. We haven’t received points yet, I have no idea when that happens! Anyway, I had questioned the title company, when they sent me the closing docs, if that meant we were through estoppel and they said Disney waived AND cleared estoppel at the same time. ??? We had another resale get waived on 3/29 and that title company said we have to wait for estoppel. I’m confused by this!

Can someone clear it up for me? And tell me when I should see my points from the first resale? Thanks!

Is this all set now? I received my points in 2 months.

 

[Renee H]

Is this all set now? I received my points in 2 months.

Yes! Thank you!

 

[motherof5]

Glad it worked. Have fun booking your future vacations.