Contract Addendum Help

[DonMacGregor]

If the broker's position is that this contract hasn't closed yet, that means someone filed with the County Controller for a contract that hasn't even closed. Wow.

It doesn't matter what the broker's position is. Closing is a legal term wherein the parties exchange deeds, payment is made, and final signatures are provided. It's the moment when the sales transaction completes. All of those things happened. If the sale has been recorded, then not only has the sale closed, but it is now officially part of the public record, and the chain of title has been amended to reflect the new owner.

 

[wnielsen1]

There are now 3 instances of this broker failing in the past few weeks on these boards alone. 2 of them are undisclosed reservations and the third is an OKW extended sale that is actually a 2042 contract. Stop by the ROFR boards to catch up on that one.

 

[RoseGold]

I used this broker twice, and it was fine. After this, they might be even better to use, because you know this isn't going to work going forward.

Honestly, I'm surprised this made it past the title company. I have my guesses on that one.

 

[RoseGold]

Disney needs to stop letting the tail wag the dog.

To be fair, Disney hasn't entered the chat yet. They can fix all of this, at least as far as OP is concerned, with some clicks. They can probably even make the January reservation right. I hope they do.

 

[sndral]

Take a look at your title insurance to see if you have a lack of access clause & if so contact them & make a claim - you are being denied access to those points ie you are being denied the use of your deeded real property by the seller’s reservation (encumbrance.)

 

[RoseGold]

It doesn't matter what the broker's position is. Closing is a legal term wherein the parties exchange deeds, payment is made, and final signatures are provided. It's the moment when the sales transaction completes.

Right. I'm saying they could be lying to a civilian about moving the close on a contract that has already closed. No way the title company agrees to that creativity. I'm sure the board would love that.

 

[DonMacGregor]

To be fair, Disney hasn't entered the chat yet. They can fix all of this, at least as far as OP is concerned, with some clicks. They can probably even make the January reservation right. I hope they do.

Disney entered the chat when they issued (or didn't issue) the estoppel letter that includes the contract number, the current owner's name, the correct points count/status, including any outstanding reservations attached to the contract, and the current dues payment status.

Either Disney didn't issue an estoppel letter (which the broker and title company would be on the hook for), issued an incorrect estoppel letter, or the seller made the reservation after the estoppel letter was issued.

 

[RamblinWreck]

There are now 3 instances of this broker failing in the past few weeks on these boards alone. 2 of them are undisclosed reservations and the third is an OKW extended sale that is actually a 2042 contract. Stop by the ROFR boards to catch up on that one.

Whoa!!!

What happened with that one?

 

[RoseGold]

Disney entered the chat when they issued (or didn't issue) the estoppel letter that includes the contract number, the current owner's name, the correct points count/status, including any outstanding reservations attached to the contract, and the current dues payment status.

Either Disney didn't issue an estoppel letter (which the broker and title company would be on the hook for), issued an incorrect estoppel letter, or the seller made the reservation after the estoppel letter was issued.

We don't know that. Disney clearly contacted the broker and maybe told them to make it right?

Disney can still show up like a ton of bricks and fix this. It's only been a couple days.

 

[JGINPL]

Check your contract to see if it contains:
This Contract shall be deemed closed upon performance by Seller & Buyer of all obligations under the Contract and a determination by the Escrow Agent that (a) Title is insurable and/or timeshare is transferable in accordance with the contract (b) The closing documents have been correctly executed and returned to the Escrow Agent.

If so sounds pretty cut and dry that the contract is closed even according to the broker.

 

[DonMacGregor]

We don't know that. Disney clearly contacted the broker and maybe told them to make it right?

Disney can still show up like a ton of bricks and fix this. It's only been a couple days.

You specifically said:

To be fair, Disney hasn't entered the chat yet.

Which is patently false. They have entered the chat and given their response. In fact, back in Post #33, you said:

And I still don’t see how Disney can say this. Once the deed changed hands, it’s transferred legally. Not until the broker decides (or not) to turn in a form. Disney’s position makes no sense to me. That has to why they are forcing the new addendum, I see that as a good thing. Disney is going to handle this for them and cancel the reservation.

So my position that Disney has already very much entered the chat is correct.

 

[wnielsen1]

Whoa!!!

What happened with that one?

It's one thing to make a mistake, and something else entirely to try to cover it up by sending out an unannounced addendum (presumably) in hopes that the buyer would just think it's another document to sign. Thankfully the buyer did not.

 

[DonMacGregor]

Check your contract to see if it contains:
This Contract shall be deemed closed upon performance by Seller & Buyer of all obligations under the Contract and a determination by the Escrow Agent that (a) Title is insurable and/or timeshare is transferable in accordance with the contract (b) The closing documents have been correctly executed and returned to the Escrow Agent.

If so sounds pretty cut and dry that the contract is closed even according to the broker.

Exactly.

 

[RamblinWreck]

Given the propensity of this one broker to keep pulling these kinds of shenanigans... for the good of every future DVC resale buyer, all of you who have had issues with these guys should coordinate and submit complaints about your situations (even the ones that have been resolved already) to the proper authorities, all on the same day.

 

[supersnoop]

The problem is the contract closed. They own it. They can’t walk away. It would have to go through a sale back to the previous owner.

My point is, the broker is saying it hasn't closed yet. Calling their bluff should help.

 

[achinforsomebacon]

What I don't understand is why Disney cares what the broker says anyway. Shouldn't they just be following the terms of the contract? While the seller created this issue and the broker made it worse, Disney could fix it all just by following the rules they put in place.

 

[Kylie kaiser]

Update again:

Disney said they can't help when calling. They told me email is the only way they can address this. All they could do for me on the phone was confirm the email addresses and ensure me someone would respond to my concerns. I'm not really upset with this response seeing though I don't think it is Disney's fault. I think the Broker needs to fix this with the Seller. Maybe I'm wrong?

VP of Broker just finally wrote back to me today and gave me no updates on my request for a partial refund from the sellers all he did was offer to see what he could do on booking our Jan dates for us since I repeatedly mentioned how important that was that we've missed the 7 month mark. This is just a ridiculous response and I am now drafting yet another email to him saying we've reach the point where I need to file a compliant and request a full refund since we are not playing these delay games.

 

[RoseGold]

So email Disney. You got this.

You need Disney to fix this. Obviously, the broker isn't going to.

Or complain to regulators. Or do both. Ridiculous.

 

[Sandisw]

Disney entered the chat when they issued (or didn't issue) the estoppel letter that includes the contract number, the current owner's name, the correct points count/status, including any outstanding reservations attached to the contract, and the current dues payment status.

Either Disney didn't issue an estoppel letter (which the broker and title company would be on the hook for), issued an incorrect estoppel letter, or the seller made the reservation after the estoppel letter was issued.

My understanding is that the estoppel letter does not include anything related to points. It just verifies the financial aspects

 

[JGINPL]

My understanding is that the estoppel letter does not include anything related to points. It just verifies the financial aspects

Yes this is correct I learned that with my ordeal. Be persistent with the broker, I hope they get you the points sooner than later. Disney has pretty much come out and said they won’t do anything without the brokers consent. Which is insane being the broker/agent is supposed to be working for you as well as the seller.