Current delays in receiving closing documents

[Carlnne]

I hope our ROFR group from 3/18 can all get into the system by 4/30 so we can take advantage of the discounted annual passes!

Thats exactly what Im hoping for!

 

[Pumbas]

I'm happy for you! I sent back my documents today - hopefully the closing will be soon. I hope our ROFR group from 3/18 can all get into the system by 4/30 so we can take advantage of the discounted annual passes!

Thank you! My fingers are crossed!

 

[all4wdw]

I feel like I won the lottery! Just received my closing docs!!! We passed ROFR 3/26 and bought thru Timeshare Store.

 

[keishashadow]

I'm another one who passed ROFR 3/18 (after 32 days), got my closing papers 04/03.

I also was told that Disney was causing delays in getting the paperwork prepared after contracts passed ROFR. I asked on 03/26 and was told that the title company was still waiting for Disney to provide the info on 75 contracts that passed ROFR the week before me.

32? why the extra two days

 

[MagicKingdomMommy80]

I passed ROFR on 3/18 and got closing docs on 4/2 and still haven't closed yet. Was told that the sellers needed to have the contract snail-mailed to them and back. Seriously? Who doesn't have email or can't send things 2-day USPS. Just goes to show you there can be delays at all the steps and it's not always ROFR that is rate-limiting.

 

[disneynutz]

32? why the extra two days

Why the extra 30 days, Disney could process in 2 days if they wanted to.

Bill

 

[Best Aunt]

32? why the extra two days

I don't know what the exact language is about ROFR.

My guess is, Disney has 30 days to exercise Right Of First Refusal, meaning 30 days to tell the title company that it wants to buy the contract.

If I'm right, that's different from saying that Disney has 30 days to tell the title company whether or not Disney wants to exercise ROFR.

If I'm right, then by day 31, Disney can't exercise ROFR on the contract, but the title company probably wants something in writing from Disney saying that Disney won't exercise ROFR on the contract. Which would mean that Disney can take 31 days, or 32 days, or however long it wants before it sends the title company something in writing saying that it won't exercise ROFR on the contract.

Of courses, maybe I'm wrong... Does anybody have the exact ROFR language?

 

[maggiegirl]

We bought from TTS and Magic Vacation Title is handling the docs. I was informed this morning they are still waiting for Disney to send the Estoppels.

passed ROFR on March 26th - Got closing docs today!

 

[Noelle]

I am at day 28 on my wait for ROFR on my second resale contract. Considering that it's getting kind of late, I don't think I'll hear anything today. I already was expecting that I wouldn't hear back until Tuesday and that would put me at 32 days.

 

[camille4750]

Put us in the group of passing ROFR on 3/18 and not having our closing docs yet.

 

[supersnoop]

I don't know what the exact language is about ROFR.

My guess is, Disney has 30 days to exercise Right Of First Refusal, meaning 30 days to tell the title company that it wants to buy the contract.

If I'm right, that's different from saying that Disney has 30 days to tell the title company whether or not Disney wants to exercise ROFR.

If I'm right, then by day 31, Disney can't exercise ROFR on the contract, but the title company probably wants something in writing from Disney saying that Disney won't exercise ROFR on the contract. Which would mean that Disney can take 31 days, or 32 days, or however long it wants before it sends the title company something in writing saying that it won't exercise ROFR on the contract.

Of courses, maybe I'm wrong... Does anybody have the exact ROFR language?

As I understand it, from reading the legal documents, Disney has as much time as you give them to exercise ROFR. They have until your scheduled closing, and your closing must be at least 30 days after submitting to Disney. They are only legally limited by your closing date; they could ROFR at 45 days if you give them that much time.

As a practical matter, most title companies won't schedule closing until after they receive the estoppel, and Disney generally limits themselves to 30 days. But that's not the legal requirement.

 

[keishashadow]

I don't know what the exact language is about ROFR.

My guess is, Disney has 30 days to exercise Right Of First Refusal, meaning 30 days to tell the title company that it wants to buy the contract.

If I'm right, that's different from saying that Disney has 30 days to tell the title company whether or not Disney wants to exercise ROFR.

If I'm right, then by day 31, Disney can't exercise ROFR on the contract, but the title company probably wants something in writing from Disney saying that Disney won't exercise ROFR on the contract. Which would mean that Disney can take 31 days, or 32 days, or however long it wants before it sends the title company something in writing saying that it won't exercise ROFR on the contract.

Of courses, maybe I'm wrong... Does anybody have the exact ROFR language?

it's my understanding that, if they decide not to purchase the contract, they issue a: Notice of Waiver of Right of First Refusal. Perhaps the maximum of 30 days is when they execute the waiver but it then takes them two days to find a fax.

 

[Pumbas]

Put us in the group of passing ROFR on 3/18 and not having our closing docs yet. [/QUOTE

Email the title company or your realtor. It is such a crazy process. People who passed on 3/18 are still waiting for closing docs. But some passed a week later already received closing docs. I think this entire process needs pixie dust.

 

[Pumbas]

Closing docs & check delivered to the title company. My new delay is with the seller. They have not returned their paperwork & now we missed our proposed closing date of 3/18.

 

[keishashadow]

Closing docs & check delivered to the title company. My new delay is with the seller. They have not returned their paperwork & now we missed our proposed closing date of 3/18.

it happens, not fun. Least you passed ROFR. The title company messed up filing our paperwork our 1st resale purchase, good thing we didn't need the points in a hurry to book.

 

[Pumbas]

it happens, not fun. Least you passed ROFR. The title company messed up filing our paperwork our 1st resale purchase, good thing we didn't need the points in a hurry to book.

Thanks! We really are at the mercy of the Realtor & the title company. I was hoping to use the points for a trip to Vero & combo with WDW stay for this November, but my optimism is fading.

 

[MagicKingdomMommy80]

Thanks! We really are at the mercy of the Realtor & the title company. I was hoping to use the points for a trip to Vero & combo with WDW stay for this November, but my optimism is fading.

Just got email confirmation that we closed and the deed was sent to the comptroller for recording. Timeline below:
March 18: passed ROFR
April 2: got closing docs
April 15: closed

The email from Fidelity today said that Disney can take 2-4 weeks to enter us in the system!!! This process is never ending. I am already planning a small add on but I'm leaning heavily towards direct after this process.

 

[disneynutz]

Just got email confirmation that we closed and the deed was sent to the comptroller for recording. Timeline below:
March 18: passed ROFR
April 2: got closing docs
April 15: closed

The email from Fidelity today said that Disney can take 2-4 weeks to enter us in the system!!! This process is never ending. I am already planning a small add on but I'm leaning heavily towards direct after this process.

So Disney is responsible for 60 days of your 90 day delay, and you are planning to buy direct next time?

Looks like their plan is working perfectly.

 

[Noelle]

So Disney is responsible for 60 days of your 90 day delay, and you are planning to buy direct next time?

Looks like their plan is working perfectly.

I think their plan is working...
I have to say that my husband and I had discussed the possibility of if our 100 pt. BWV resale contract did not pass ROFR, we were going to buy direct. It did pass today (Day 32). We also are in the process of another resale contract with 160 pt OKW, we have closed but are waiting for the points to be loaded. Day 57 since our offer was accepted by the buyer for that one. I guess I just do not have the patience for resale even though I know I am saving quite a bit.
I think we are done buying points since we have a contract at SSR and BCV (both direct purchases). If we were to consider more points down the road, I'd probably do a small direct add on at BWV for 25 to 30 points. Buying direct would be best because of the use year issue and the resale cost of a smaller contract tends to be high so the savings between direct and resale would be pretty small.

 

[MagicKingdomMommy80]

I think their plan is working... I have to say that my husband and I had discussed the possibility of if our 100 pt. BWV resale contract did not pass ROFR, we were going to buy direct. It did pass today (Day 32). We also are in the process of another resale contract with 160 pt OKW, we have closed but are waiting for the points to be loaded. Day 57 since our offer was accepted by the buyer for that one. I guess I just do not have the patience for resale even though I know I am saving quite a bit. I think we are done buying points since we have a contract at SSR and BCV (both direct purchases). If we were to consider more points down the road, I'd probably do a small direct add on at BWV for 25 to 30 points. Buying direct would be best because of the use year issue and the resale cost of a smaller contract tends to be high so the savings between direct and resale would be pretty small.

Agreed it is working. The savings aren't worth my time for a small add-on.