Delayed closing - when will payment be required

[HFJohnson]

My offer has just been submitted for ROFR however the sale has a delayed closing date of mid August. What would be the process in this case? Once ROFR is complete does the process just get put on hold until nearer the closing date or do I need to have the funds ready sooner?

 

[MICKIMINI]

Do not pay until closing date and only IF the seller has completed their notarized documentation. Likely, the closing company will make multiple attempts to collect the $$ early. DO NOT DO IT. You may get stuck waiting even longer if the seller drags their feet. It happened to me with a "twofer" (2 contracts from 1 seller). That was my first delayed closing and I finally had to threaten to cancel and get refunded. Like a miracle, the seller signed the next day.

30 year DVC member with many resale buy and sells. I have one that passed ROFR last week. The first email from the closing company was an attempt to get me to pay now even though closing is to take place AFTER 9/20/2025. They argued that it was due now. It is not. They relented as I had written it in with the offer.

Good luck!

 

[sndral]

I’ve always wired my money as soon as the contract passed ROFR because I was eager to get my points ASAP, however, I’ve never bought a delayed closing contract & if I did I’d do as @MICKIMINI suggests.
When the closing co. informed me I’d passed ROFR I’d likely sign & return my doc.s & advise them that I’d send the funds as soon as they’d received the seller’s notarized doc.s & they’d confirmed that the point status was as represented in the contract.
My hesitation to offer on delayed closings was first, the sellers would enjoy that last vacation too much & would change their minds about selling & second, the sellers had a lot more time to use/transfer out points. But, a lot of folks buy delayed closing contracts w/out any issues & August isn’t very much of a delay.

 

[Sandisw]

You will get closing documents about 2 to 3 weeks before the close date.

They won’t send them until then because it can’t close earlier with a reservation.

So, payment for you is not due until close to the actual date of of mid August.

 

[KPeterso]

It basically is just on hold. I have done 1 delayed closing. I got my paperwork 1-2 weeks before the closing date and got it signed and sent back. And then sent the money. Was not asked to send it early. Find that so weird that someone else was asked to send the money right away.