Dues past due when selling/closing your DVC contract using Magic Vacation Title/DVC Resale Market?

[pianomanzano]

So it turns out that *** doesn’t send payment upon closing. They only have 2 days per week they send payment to DVC. They processed closing documents on 2/29 and sent out an email informing us we were officially closed. They processed the deed on 3/1. They paid DVC for the dues on 3/5. My account was not cleared until this morning 3/7.

Lesson seriously learned: I’ll pay dues in full before closing, especially if using ***.

Note that I did not have this issue with Mason. They paid the dues balance at closing and my account was never locked or shown past due.

Glad that it sounds like things are resolved now for you OP!

Times like this I wish we could have exceptions to the rules on mentioning certain companies. Would be nice to know which company this is so I can be aware of this in the future.

 

[Sandisw]

Glad that it sounds like things are resolved now for you OP!

Times like this I wish we could have exceptions to the rules on mentioning certain companies. Would be nice to know which company this is so I can be aware of this in the future.

The one thing I can add is that I have sold several, including with Mason, and they required me to pay dues in full before closing, and then I was reimbursed via funds,

I have used four different companies for closing over the years, and all of them asked that this happen, even with buyer reimbursement.

Obviously, it may be a recent change for Mason, but in my experience, paying dues in full before closing was expected.

 

[Cyberc1978]

The one thing I can add is that I have sold several, including with Mason, and they required me to pay dues in full before closing, and then I was reimbursed via funds,

I have used four different companies for closing over the years, and all of them asked that this happen, even with buyer reimbursement.

Obviously, it may be a recent change for Mason, but in my experience, paying dues in full before closing was expected.

Glad that it worked out.
What about payment from the buyers, have that been received? Or did the title company record the deed without receiving payment?

 

[Sandisw]

Glad that it worked out.
What about payment from the buyers, have that been received? Or did the title company record the deed without receiving payment?

Not the OP but it sounds like they had buyer funds but didn’t send payment to DVC to settle the annual dues prior to closing.

That is why I said it’s odd that Mason now allows sellers to use funds to pay vs having to pay upfront and then take the reimbursement. That is how I always had to do it.

 

[sndral]

Glad that it sounds like things are resolved now for you OP!

Times like this I wish we could have exceptions to the rules on mentioning certain companies. Would be nice to know which company this is so I can be aware of this in the future.

If you look at OP’s first post she identifies the closing company, I assume she’s chosen to thereafter go w/ *** because she wanted to know if anyone else had run into the issue irrespective of the broker used.

Has anyone ever sold a DVC contract and had this happen to them?

…This is with Magic Vacation Title (***) and the Board sponsor.

…

 

[Lorana]

Glad that it worked out.
What about payment from the buyers, have that been received? Or did the title company record the deed without receiving payment?

They received payment from the buyer but didn’t make payment during closing, but sent it days later.

I do have one contract that is still outstanding where they started closing and then realized the buyer never sent funds. They reversed that and DVC eventually released the hold and past due notice. I then paid that one off in full so that when the buyer sends funds; I don’t have this issue again. That said, we could have closed on 2/27 but are still waiting on funds from the buyer.

 

[lilsonicfan]

Glad that it sounds like things are resolved now for you OP!

Times like this I wish we could have exceptions to the rules on mentioning certain companies. Would be nice to know which company this is so I can be aware of this in the future.

It's Magic Vacation Title https://magicvacationtitle.com/ - for some reason the acronym using just their initials is starred out on the boards.

 

[AnnaKristoff2013]

It's Magic Vacation Title https://magicvacationtitle.com/ - for some reason the acronym using just their initials is starred out on the boards.

I suspect it’s because the acronym also refers to another outfit. Just testing to see if this is banned:
https://**********************.com/***/. Yup that’s it. So the closing company reference isn’t banned. Maybe a moderator would consider editing the title? This is definitely useful information for anyone else considering using Magical Vacation Title, at least to pay your dues up front.

 

[Jimmy Geppetto]

I suspect it’s because the acronym also refers to another outfit. Just testing to see if this is banned:
https://**********************.com/***/. Yup that’s it. So the closing company reference isn’t banned. Maybe a moderator would consider editing the title? This is definitely useful information for anyone else considering using Magical Vacation Title, at least to pay your dues up front.

Or avoid using them altogether. However I will acknowledge it's hard to avoid them as a seller at times. I will never use them for a purchase.

 

[AnnaKristoff2013]

Or avoid using them altogether. However I will acknowledge it's hard to avoid them as a seller at times. I will never use them for a purchase.

The problem is that I think they are the default title company for DVC resale market.

 

[NY Pirate Princess]

The problem is that I think they are the default title company for DVC resale market.

They are indeed the default title company. That title company can't be avoided if you are the seller, as the seller doesn't get to choose title company. As for me, never again.

 

[sndral]

They are indeed the default title company. That title company can't be avoided if you are the seller, as the seller doesn't get to choose title company. As for me, never again.

Typically the buyer pays closing costs, but I’ve read of cases where the parties negotiated for the seller to pay closing costs & I wonder if in those cases the seller gets to choose the title company?

 

[DonMacGregor]

Typically the buyer pays closing costs, but I’ve read of cases where the parties negotiated for the seller to pay closing costs & I wonder if in those cases the seller gets to choose the title company?

There would have to be some sort of written agreement conferring the right to choose the title company to the seller, as it is the buyer's right under Florida real estate law. Not saying it couldn't be done that way, just that the buyer is automatically granted the right, but steps would need to be taken to give that right to the seller (with the buyer signing away the rights).

 

[sndral]

There would have to be some sort of written agreement conferring the right to choose the title company to the seller, as it is the buyer's right under Florida real estate law. Not saying it couldn't be done that way, just that the buyer is automatically granted the right, but steps would need to be taken to give that right to the seller (with the buyer signing away the rights).

Thanks & that makes sense given the differing interests of the parties.

 

[Lorana]

Finally, a month after ROFR and about 2 weeks after we could close, the buyer has finally sent funds on that second SSR contract. I paid the dues balance in full so I don't have to worry about this situation with this second contract.

 

[Lorana]

Finally, a month after ROFR and about 2 weeks after we could close, the buyer has finally sent funds on that second SSR contract. I paid the dues balance in full so I don't have to worry about this situation with this second contract.

We finally closed today! And Magic Vacation Title informed us it could be up to 2 weeks before we receive proceeds. We opted to have it mailed as they wanted to charge $35 for a wire transfer and didn’t offer ACH.

On our contract that closed with Mason Title, our check was in the mail the next day via FedEx.

We also closed with First American Title today on our small point VGC, and they had the proceeds sent via ACH same day (just got the deposit email from my bank).

Just some data points for those who might be selling.

 

[disland7]

is the general consensus that I should request DVC Title and escrow as my title company?

 

[SpicyMcHaggis]

Purely anecdotal, but as a buyer earlier this year Mason Title was great. No issues.