Could I close by march 20?

[missycj96]

So if I made an offer on a resale tomorrow, could that sale close in time to be grandfathered?

 

[laura-k]

Bump

 

[walkdmc]

It took us about 4 1/2 weeks from submission of offer to closing, on 2 resale contracts. Based on my experience, I'd say yes.

 

[JimMIA]

Sure, there's plenty of time.

Now if you're smart, you will make closing by March 20 an absolute deal-breaker in your contract and walk away if it doesn't close by then.

That assumes, of course, that the new restrictions on perks for resale buyers closing after March 20 actually matter to your family (they don't to mine, but YMMV). Keep in mind that these current benefits are nothing more than perks and could still be changed at any time -- for any reason, and for any group of owners -- just by a swipe of the Mouse's pen.

 

[momtofour]

On our BCV resale, we made an offer about Nov. 24. Disney passed on it about the 20th of December. We closed on Jan. 6th. I think you will have plenty of time assuming everyone gets their paperwork back quickly.

 

[Deb & Bill]

DVC could start reviewing ROFR for all resales to stretch the time out to just about March 20 if they wanted to.

 

[jsivigny]

DVC could start reviewing ROFR for all resales to stretch the time out to just about March 20 if they wanted to.

That is a GREAT point!!!!

 

[ssawka]

DVC could start reviewing ROFR for all resales to stretch the time out to just about March 20 if they wanted to.

I thought disney had a maximum of 30 days to decide. Also, I really don't think Disney cares about contracts in process. The idea of the changes is to discourage new buyers from buying resales. Contracts that are in the process of being purchased are already lost sales, so unless they just want to "punish" the purchaser, I don't think they would intentionally delay the process. What is more likely is that they could be inundated with contracts to review that will slow down the process.

 

[wdrl]

DVC could start reviewing ROFR for all resales to stretch the time out to just about March 20 if they wanted to.

No, DVC cannot take more than 30 days to exercise its Right of First Refusal. In the Preamble to the BLT Declaration of Condominium, section 13.1 states that owners wishing to sell their ownership interest must notify DVD in writing no less than 30 days before the proposed closing date. However, if DVD fails to notify the Owner of its election to exercise ROFR, then the Owner may proceed with the proposed closing date. Although this language is taken from the BLT Declaration, I am sure that it is present in the Declarations of all DVC resorts.

A lot of information about DVC operations and owners' rights, privileges, and responsibilities can be found by reading the Master Declaration for each resort.

 

[JimMIA]

DVC could start reviewing ROFR for all resales to stretch the time out to just about March 20 if they wanted to.

I really doubt that. I think it's much more likely that Disney will process pending ROFR's promptly. I can't imagine them playing stupid child games and I think they deliberately set the March 20 date so they would have enough time to meet their responsibilities.

They're not ROFRing much but BCV anyway.

 

[Jason@dvcstore]

So if I made an offer on a resale tomorrow, could that sale close in time to be grandfathered?

Actually Disney has informed us (The Timeshare Store, Inc.®) --"If the contract is submitted for review on or before March 20, 2011 it will not be subject to the changes."

So technically someone could buy on March 19th and if they returned the documents on March 20th along with the seller then it would still have all the benefits as if bought from Disney as long as The Timeshare Store, Inc.® submitted the contact to Disney on March 20th.

Most likely though you will need to buy by March 15th, 2011 to make sure documents can get back by the March 20th deadline.

We do have some pending contracts that can't close until some time after 3/20/11 and those buyers are protected as well as their contract will be submitted to Disney before the 3/20/11 deadline. If you see a contract that you want to purchase and it says can't close until some date after 3/20/11 be safe knowing you can purchase these as well and still get the same benefits.

Jason

 

[Havana]

Actually Disney has informed us (The Timeshare Store, Inc.®) --"If the contract is submitted for review on or before March 20, 2011 it will not be subject to the changes."

So technically someone could buy on March 19th and if they returned the documents on March 20th along with the seller then it would still have all the benefits as if bought from Disney as long as The Timeshare Store, Inc.® submitted the contact to Disney on March 20th.

Most likely though you will need to buy by March 15th, 2011 to make sure documents can get back by the March 20th deadline.

We do have some pending contracts that can't close until some time after 3/20/11 and those buyers are protected as well as their contract will be submitted to Disney before the 3/20/11 deadline. If you see a contract that you want to purchase and it says can't close until some date after 3/20/11 be safe knowing you can purchase these as well and still get the same benefits.

Jason

Thanks for the info! Good to know!