Estoppel Question...*Update

[disneynutz]

if posters waiting to close are this upset, just wait until they can't log in to the website or when calling to make a reservation and they are in a 30 minute queue.

Bill

 

[DisBuckMan]

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.

The point is that you wanting to book your December stay and being in the 11 month window makes no difference whatsover in the process. If someone told you that it does, just remember...you're dealing with sales people.

 

[supersnoop]

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.

Stricter terms in one does not equate to a conflict. Legally, the more strict term prevails.

 

[Friendlyadvice2]

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

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

I am aware of couple ROFR challenges too Kathy, but this is dealing with Estoppel, and I'm not aware of any challenges regarding that. Legally, if Disney actually received the Estoppel on 12/28, they would have 30 days to respond. Again, I'm not aware of any challenges.

 

[Friendlyadvice2]

Stricter terms in one does not equate to a conflict. Legally, the more strict term prevails.

Wrong, it absolutely equates to a conflict in the legal sense and as such, 721 prevails over 718, as stated in the Declaration By-Laws; no matter how much you erroneously "publish" otherwise. This has been pointed out to you before.

 

[Coamfo]

******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).

That's what they told my realtor too, but I received Estoppel a few days later.

 

[Gemini1131]

Passed ROFR 1/5/16 and sent for estoppel. Closing documents received tonight. No set closing date on the contract was written as 75 days after last signature and both contracts were returned 11/25.

 

[hayesdvc]

Passed ROFR 1/5/16 and sent for estoppel. Closing documents received tonight. No set closing date on the contract was written as 75 days after last signature and both contracts were returned 11/25.

Who is the title company handing your closing?

 

[Gemini1131]

Who is the title company handing your closing?

First reliable transfers

 

[hayesdvc]

Obviously based on the reports from this thread, the dates that certain contracts pass ROFR, then onto the estoppel process, and closing documents are received, Disney DOES NOT process the estoppel information in the order the contracts are received. SHOCKING.

 

[J. Iminy]

Ugh... I'm waiting on estoppel too, though ROFR took 29 days so estoppel was only sent on Feb 9th. I emailed yesterday and the broker and closing company said they are still waiting on Estoppel even though my Broker told me that Estoppel would be complete by Feb 22nd. I guess he wasn't aware of the new policy. Closing date of contract was March 9th, so hopefully estoppel comes through by Monday the latest (which is ten days out). I moved money from a high-interest savings account to a checking account so that I could quickly execute once everything arrives, naively thinking estoppel would be quick. That money is going to go about a month without earning interest when I could have just left it there. Oh well. It's our first contract so we are very eager to get going. Hoping for BWVs 2BR and studio (two different reservations because we are brining family) in Jan 2017 (we are buying at BWV). Should still get in before the 7month window opens up, but getting concerned.

Real estate moves incredibly slow.

 

[hayesdvc]

Ugh... I'm waiting on estoppel too, though ROFR took 29 days so estoppel was only sent on Feb 9th. I emailed yesterday and the broker and closing company said they are still waiting on Estoppel even though my Broker told me that Estoppel would be complete by Feb 22nd. I guess he wasn't aware of the new policy. Closing date of contract was March 9th, so hopefully estoppel comes through by Monday the latest (which is ten days out). I moved money from a high-interest savings account to a checking account so that I could quickly execute once everything arrives, naively thinking estoppel would be quick. That money is going to go about a month without earning interest when I could have just left it there. Oh well. It's our first contract so we are very eager to get going. Hoping for BWVs 2BR and studio (two different reservations because we are brining family) in Jan 2017 (we are buying at BWV). Should still get in before the 7month window opens up, but getting concerned.

Real estate moves incredibly slow.

Based on my timeline, I have felt your pain (to this point, estoppel was the step I was most impatient and it was submitted prior to the policy change)

Offer accepted 12/14, Sent ROFR 12/18, passed 12/30, estoppel 2/2, closed 2/22, recorded at OCC 2/23 .........waiting for membership number

 

[SuperRob]

The closing date on my contract says "on or before April 19, 2016." How screwed am I if Disney won't issue estoppel until 10-14 days before? We passed ROFR on Feb. 19th.

 

[DisBuckMan]

The closing date on my contract says "on or before April 19, 2016." How screwed am I if Disney won't issue estoppel until 10-14 days before? We passed ROFR on Feb. 19th.

In relation to what?

 

[SuperRob]

In relation to what?

In relation to not having to wait until April 19th. We'd like to close in March, if at all possible. I really don't know why the closing date was set so far out, quite frankly.

 

[hayesdvc]

In relation to not having to wait until April 19th. We'd like to close in March, if at all possible. I really don't know why the closing date was set so far out, quite frankly.

At the time I signed by original contract, my broker (TSS) put an extended close date on mine because I as told the title company being used (***) was behind. Ironically, the new estoppel policy came out and the fear was that the closing would be pushed out even further. The closing on my contract was 2/29. It closed one week earlier.

Good Luck

 

[DisBuckMan]

In relation to not having to wait until April 19th. We'd like to close in March, if at all possible. I really don't know why the closing date was set so far out, quite frankly.

Oh, I thought there might be a reason other than impatience that you would be "screwed" if you didn't close before then.

I would guess that date is 3 months out from receiving your contract? If so, that's pretty standard, and generally farily conservative. You'll should easily close before that date, maybe even in March. Good luck. Add on a minimum of 2-3 weeks after you close to get your membership number/points.

We closed about 10 days before our closing date on our first contract, and about 3 weeks before our closing date on our 2nd one. 23 days after closing on the first one to get our member niumber, and at day 10 after closing now waiting on our 2nd contract's points.