Estoppel Question...*Update

[hayesdvc]

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

I am sure I should know but what is POS?

 

[hayesdvc]

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

Also, thanks for your comments. I will question *** tomorrow.

 

[disneynutz]

I am sure I should know but what is POS?

POS = Public Offering Statement, a document prepared by the attorneys representing the builders of a newly constructed condominium building. The statement includes information about the number and type of units in the building, the Homeowners Association rights and duties to owners, and a list of any easements or liens affecting the title of the building.

Bill

 

[Mrs. Magic]

I am in the exact same boat as HayesDVC... I am still waiting on estoppel word and Hayes and I passed on the same day... We are also using the same title company from what I've seen posted. Makes me wonder if Disney is the actual holdup or if the title company can hold it up...

 

[disneynutz]

I am in the exact same boat as HayesDVC... I am still waiting on estoppel word and Hayes and I passed on the same day... We are also using the same title company from what I've seen posted. Makes me wonder if Disney is the actual holdup or if the title company can hold it up...

Sure they can hold it up, they aren't sitting there waiting for your paperwork to come through so that they can jump on it. They have many contracts/closings to process, not just Disney's and not just what is posted here on the DIS.

One thing to think about is that they don't get paid until you close so there is a reason to be timely.

Bill

 

[Mrs. Magic]

True, but our particular title company only deals with DVC, so that's why I question the holdup. I would think, like you, that they want to go ahead and get their money...

 

[hayesdvc]

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

I have received a reply from *** today stating they have no information on POS.

 

[supersnoop]

I have received a reply from *** today stating they have no information on POS.

 

[DisBuckMan]

View attachment 147346

So, basically, either Disney is in violation of their own agreement, or the broker/closing company is dragging their feet on ordering estoppel. I wonder which it is? I think I'd be contacting my broker to find out the exact date when estoppel was ordered.

 

[hayesdvc]

So, basically, either Disney is in violation of their own agreement, or the broker/closing company is dragging their feet on ordering estoppel. I wonder which it is? I think I'd be contacting my broker to find out the exact date when estoppel was ordered.

I have previous asked my broker (TSS) and the title company (***), when was the estoppel requested; both states 12/28. I am a very small fish in a big sea.

 

[hayesdvc]

View attachment 147346

What document does this statement from point 11.15 reside ?

 

[Mrs. Magic]

I emailed my broker who is handling everything (not the title company) today to ask what is taking the title company so long since my estoppel was sent on 12/30. I explained that Disney hasn't taken this long in the past and that Disney has indeed been issuing estoppels, especially since they follow the 15 day POS rule. She said she's going to check with both Disney and the title company to see what's going on. I explained that we are wanting to book our December 2016 stay, that we are at the 11 month mark, and that all involved knew we wanted to close as quickly as possible. We are waiting to see what she finds out. I'm thinking it's more of a title company issue rather than a Disney issue at this point.

 

[DisBuckMan]

I emailed my broker who is handling everything (not the title company) today to ask what is taking the title company so long since my estoppel was sent on 12/30. I explained that Disney hasn't taken this long in the past and that Disney has indeed been issuing estoppels, especially since they follow the 15 day POS rule. She said she's going to check with both Disney and the title company to see what's going on. I explained that we are wanting to book our December 2016 stay, that we are at the 11 month mark, and that all involved knew we wanted to close as quickly as possible. We are waiting to see what she finds out. I'm thinking it's more of a title company issue rather than a Disney issue at this point.

Explaining to all involved that you "are wanting to book our December 2016 stay, that we are at the 11 month mark, and that all involved knew we wanted to close as quickly as possible" does not put you in front of everyone else, nor should it.

 

[supersnoop]

What document does this statement from point 11.15 reside ?

I pulled it from the Master Declaration for Bay Lake Tower. I'd expect each resort to have their own copy.
http://or.occompt.com/recorder/eagleweb/viewDoc.jsp?node=DOC293S21983

 

[hayesdvc]

Thank you for the information. Is this document signed as part of closing ?

Several users on this board have told be I signed a contract stating that closing will be on or before February 29th and I should simply let the process play out; that I am simply slowing down the process my asking..........Oh how I wish I could. The help I got out of the title company today was they are sure Disney will release the estoppels in time for my 2/29 closing date.

 

[supersnoop]

Is this document signed as part of closing ?

No, it's the legal document establishing the association. I haven't seen anyone attempt to push Disney on the terms. During all my closings, the estoppel took less than two weeks. A few months back, estoppels were taking 30-45 days, but I don't have any skin in that game.

 

[hayesdvc]

Thank you for the information. Is this document signed as part of closing ?

Several users on this board have told be I signed a contract stating that closing will be on or before February 29th and I should simply let the process play out; that I am simply slowing down the process my asking..........Oh how I wish I could. The help I got out of the title company today was they are sure Disney will release the estoppels in time for my 2/29 closing date.

******I have just received a call from my broker, he stated they have now been advised by Disney (the rumor previously reported on this board), Disney will provide estoppel information only 10-14 days prior to the closing date on the contract.******* (my pixie dust has just turned to, well you can guess).

 

[Friendlyadvice2]

I pulled it from the Master Declaration for Bay Lake Tower. I'd expect each resort to have their own copy.
http://or.occompt.com/recorder/eagleweb/viewDoc.jsp?node=DOC293S21983

Pursuant to Florida Statutes Chapter 721, Disney has 30 days to provide Estoppel Certs, not 15. That's why you haven't seen anyone "push Disney on the terms". There is a lot of fine print in these DVC declarations.

DVC is governed and must abide by Florida Statutes 718 (Condominiums) and 721 (Vacation and Timeshare Plans). The language that you are citing from the Master Declaration is pulled from Chapter 718. However, in the 94 page Declaration of Condominium and its Exhibits (which include the By-Laws) for Bay Lake Tower (and the others), for which the 35 page Master Declaration you are citing is apart of, it states numerous times this: "Chapter 721 controls over Chapter 718: Regarding the interpretation of this Agreement, in the event of a conflict between Chapter 718 and Chapter 721, or any rules promulgated under either, Chapter 721 shall control"

Although it does say in Chapter 718 that Estoppel Certs will be provided in 15 days, it also says in Chapter 721 this......

721.15(7)(b) Within 30 days after receiving a written request from a timeshare interest owner, an agent designated in writing by the timeshare interest owner, or a person providing resale transfer services for a consumer timeshare reseller pursuant to s. 721.17(3), a managing entity must provide a certificate, signed by an officer or agent of the managing entity, to the person requesting the certificate, that states the amount of any assessment, transfer fee, or other moneys currently owed to the managing entity, and of any assessment, transfer fee, or other moneys approved by the managing entity that will be due within the next 90 days, with respect to the designated consumer resale timeshare interest, as well as any information contained in the books and records of the timeshare plan regarding the legal description and use plan related to the designated consumer resale timeshare interest.
1. A person who relies upon such certificate shall be protected thereby.
2. A summary proceeding pursuant to s. 51.011 may be brought to compel compliance with this paragraph, and in such an action the prevailing party may recover reasonable attorney fees and court costs.
3. The managing entity may charge a fee not to exceed $150 for the preparation and delivery of the certificate. The amount of the fee must be included on the certificate.

 

[KAT4DISNEY]

There has been a time or two - although relating to a delayed ROFR - that a person has contract Disney

Pursuant to Florida Statutes Chapter 721, Disney has 30 days to provide Estoppel Certs, not 15. That's why you haven't seen anyone "push Disney on the terms". There is a lot of fine print in these DVC declarations.

DVC is governed and must abide by Florida Statutes 718 (Condominiums) and 721 (Vacation and Timeshare Plans). The language that you are citing from the Master Declaration is pulled from Chapter 718. However, in the 94 page Declaration of Condominium and its Exhibits (which include the By-Laws) for Bay Lake Tower (and the others), for which the 35 page Master Declaration you are citing is apart of, it states numerous times this: "Chapter 721 controls over Chapter 718: Regarding the interpretation of this Agreement, in the event of a conflict between Chapter 718 and Chapter 721, or any rules promulgated under either, Chapter 721 shall control"

Although it does say in Chapter 718 that Estoppel Certs will be provided in 15 days, it also says in Chapter 721 this......

721.15(7)(b) Within 30 days after receiving a written request from a timeshare interest owner, an agent designated in writing by the timeshare interest owner, or a person providing resale transfer services for a consumer timeshare reseller pursuant to s. 721.17(3), a managing entity must provide a certificate, signed by an officer or agent of the managing entity, to the person requesting the certificate, that states the amount of any assessment, transfer fee, or other moneys currently owed to the managing entity, and of any assessment, transfer fee, or other moneys approved by the managing entity that will be due within the next 90 days, with respect to the designated consumer resale timeshare interest, as well as any information contained in the books and records of the timeshare plan regarding the legal description and use plan related to the designated consumer resale timeshare interest.
1. A person who relies upon such certificate shall be protected thereby.
2. A summary proceeding pursuant to s. 51.011 may be brought to compel compliance with this paragraph, and in such an action the prevailing party may recover reasonable attorney fees and court costs.
3. The managing entity may charge a fee not to exceed $150 for the preparation and delivery of the certificate. The amount of the fee must be included on the certificate.

So in the case where Estoppel was requested on Dec 28th then the latest they could provide it would be Jan 28th?

 

[Mrs. Magic]

Explaining to all involved that you "are wanting to book our December 2016 stay, that we are at the 11 month mark, and that all involved knew we wanted to close as quickly as possible" does not put you in front of everyone else, nor should it.

I never asked them to put me ahead of anyone... I was just restating the facts that were relevant to our own sale. I am not expecting, nor did I ever ask to be put in front of anyone whatsoever.