Estoppel Question...*Update

[supersnoop]

I have seen in many threads where the seller is normally the delay in the closing process if there is any delay. I guess something again unique to purchasing Disney resale where the person(s) actually getting the money appears in some situations is in no hurry for the payment.

Plus, the seller may need to have their documents notarized and witnessed. That can't always be accomplished in 12 hours, especially if multiple owners (spouses or other family) have to be present all at the same time.

 

[hayesdvc]

Plus, the seller may need to have their documents notarized and witnessed. That can't always be accomplished in 12 hours, especially if multiple owners (spouses or other family) have to be present all at the same time.

Do you know if there are any additional requirements if the seller is in Canada ?

 

[CMNJ]

Do you know if there are any additional requirements if the seller is in Canada ?

If the documents have to be notarized it has to be done by a US notary-depending on where they are at in Canada that may take time if there is not one nearby. We considered a resale initially from an Australian seller when we bought but decided to pass due to the possible delays with getting their documents notarized and not wanting to deal with the whole foreign seller tax stuff.

 

[supersnoop]

Do you know if there are any additional requirements if the seller is in Canada ?

Hopefully the seller already acquired their ITIN for tax withholding.

 

[hayesdvc]

If the documents have to be notarized it has to be done by a US notary-depending on where they are at in Canada that may take time if there is not one nearby. We considered a resale initially from an Australian seller when we bought but decided to pass due to the possible delays with getting their documents notarized and not wanting to deal with the whole foreign seller tax stuff.

I had no idea it was a foreign seller until I received the contract to sign after my offer was accepted. Should this information been part of the listing by the real estate company?

 

[hayesdvc]

Hopefully the seller already acquired their ITIN for tax withholding.

Is this something the title company could/should go ahead and confirm with the seller this has been done while estoppel awaits to avoid any delays for this reason?

 

[Madame]

Do you know if there are any additional requirements if the seller is in Canada ?

They'll need a US notary for the signature, no? Either going to the US consulate or a trip over the border. The only info I could find from this is from 2013. Maybe someone else knows if it's changed...

 

[CMNJ]

I had no idea it was a foreign seller until I received the contract to sign after my offer was accepted. Should this information been part of the listing by the real estate company?

When we went to put in our offer the listing agent said he didn't think we'd hear back until the next day because of the time difference since the seller was in Australia-that was when we first heard about it being a foreign seller-so we quickly looked into how a buying from a foreign seller differed from a US seller and since we wanted to close asap to use points for the following year's vacation and don't like disclosing our SS# when not absolutely necessary we decided not to move forward with the sale. The do not usually list of the seller is foreign but I believe if you asked they would have to tell you. I'm not saying there is anything wrong with buying from a foreign seller-it just wasn't for us (buying resale using brokers/title agents we never actually met was enough out of our comfort zone).

 

[hayesdvc]

When we went to put in our offer the listing agent said he didn't think we'd hear back until the next day because of the time difference since the seller was in Australia-that was when we first heard about it being a foreign seller-so we quickly looked into how a buying from a foreign seller differed from a US seller and since we wanted to close asap to use points for the following year's vacation and don't like disclosing our SS# when not absolutely necessary we decided not to move forward with the sale. The do not usually list of the seller is foreign but I believe if you asked they would have to tell you. I'm not saying there is anything wrong with buying from a foreign seller-it just wasn't for us (buying resale using brokers/title agents we never actually met was enough out of our comfort zone).

One thing that effected me immediately, I was told by the realtor that *** had to be used because it was Canada.

 

[CMNJ]

One thing that effected me immediately, I was told by the realtor that *** had to be used because it was Canada.

I'm guessing you bought through the same resale company that had the Australian contract we had considered because they told us the same thing.....but unless I'm mistaken Florida law allows the buyer to choose the closing agency....

 

[Coamfo]

Unless your seller is as anxious as you are, there's very little reason to send the check overnight. For all four of my contracts, I mailed everything regular first-class mail; just a stamp, and it always got there before the seller's documents.

The closing company provided the overnight label.

 

[Coamfo]

Who was your realtor calling ?

She kept on the closing company from my understanding, and they kept calling Disney. She is very persistent.

 

[Coamfo]

I'm guessing you bought through the same resale company that had the Australian contract we had considered because they told us the same thing.....but unless I'm mistaken Florida law allows the buyer to choose the closing agency....

My sellers are on the east coast, but I was able to request Duncan over who my realtor normally goes with. We had a deposit already down with Duncan on our first contract that Disney ROFR'd on. So we didn't want to wait for our 2K back so we chose to stay with them. Plus, the other company was $780 for closing where Duncan cost us $560.

 

[hayesdvc]

*** - estoppel sent 12/30 ...................... 24 days and counting .................

 

[pangyal]

FYI if your sellers are in or near any major city in Canada, many of our attorneys are allowed to notarize for the US. For the contract we financed, we went literally a block away. Ontario and Florida have a legal agreement of sorts seeing as so many of us escape to Florida over the winters.

 

[pangyal]

They'll need a US notary for the signature, no? Either going to the US consulate or a trip over the border. The only info I could find from this is from 2013. Maybe someone else knows if it's changed...

Yep, it's super easy now .

 

[hayesdvc]

*** - estoppel sent 12/30 ...................... 24 days and counting .................

Also, for those who (like myself) that are waiting on the estoppel information, *** emailed me late in the day yesterday advising they currently continue to receive few estoppels back from Disney. They are waiting on estoppels on files that ROFR were waived as far back as 12/23.

 

[supersnoop]

Also, for those who (like myself) that are waiting on the estoppel information, *** emailed me late in the day yesterday advising they currently continue to receive few estoppels back from Disney. They are waiting on estoppels on files that ROFR were waived as far back as 12/23.

Strange! Back in December people were posting that estoppels were coming back in just a couple of days. I believe Disney has a legal requirement to provide it within 14 days. I really wish someone would call them on it.

 

[hayesdvc]

Strange! Back in December people were posting that estoppels were coming back in just a couple of days. I believe Disney has a legal requirement to provide it within 14 days. I really wish someone would call them on it.

I thought once I had passed ROFR I could see the light at the end of the tunnel. My ROFR took 12 days. In questioning the title company, they have told me that Disney has to have the estoppel information to them only prior to the closing date on my original contract (2/29). I guess I am living in my fantasy world thinking it might close before that date (refer to my Don Quoite avatar). I know that after closing, the real waiting period starts till the points are loaded on your account.

 

[supersnoop]

I thought once I had passed ROFR I could see the light at the end of the tunnel. My ROFR took 12 days. In questioning the title company, they have told me that Disney has to have the estoppel information to them only prior to the closing date on my original contract (2/29). I guess I am living in my fantasy world thinking it might close before that date (refer to my Don Quoite avatar). I know that after closing, the real waiting period starts till the points are loaded on your account.

The POS says 14 days from the request. Florida law has a timeframe, too, but I'm not sure what it is.