Help with Resale Closing Concern

[Golden Rose]

My family is in the process of purchasing our second contract resale. We bought our first contract from Disney. I wanted the second contract to be an add on to the first contract, so I made sure it would be the same UY and have the same owners.

This has not been a perfect process. We were not informed when the contract passed ROFR, but this week, we suddenly received the final documents we needed to sign to close next week.

Everything the title company sent us shows misspelled names. I had them correct the documents I still need to sign, but I am worried that they submitted earlier paperwork to Disney with the wrong names. The paperwork I received today also has the names in a different order than I had initially sent them. I wanted it to match the order the names were in on our initial contract, although I wasn't sure how much that mattered.

What I need to know is at what point in the process does Disney determine that one contract is an add-on to another? During ROFR, so that a misspelled name is a minor disaster, or later in the process, so that this can be easily corrected? (They actually misspelled two of the three names.)

Do we know if the order of names on the paperwork matters (there are three buyers)? I was listed as the primary on the original contract; the timeshare title people put my husband as the primary on the new one.

I am not particularly happy with the way this has gone, but I would still like to close next week... Am I worrying about nothing?

 

[drusba]

Deed needs to be the same owners and should be in same order as before to assure joining of contracts after sale (Disney does that after closing and thus final documents are key). Moreover, I look at it as this: company being dealt with needs to be told exactly how you want it and that you will consider further mistakes inexcusable and that you are disappointed thus far in their services. You should not close until there are no misspellings or improper ordering of names and you should inform broker of that. The problem is that if it is not correct, you will be able to solve it after closing but you will probably have pay money to get it corrected after closing (change of deed, possibly new filing costs) and you should not have to do that, so demand competency.

 

[JimMIA]

You need to make them do everything right BEFORE the closing. The items you are referring to are very important legal documents which define who owns the DVC membership and how the membership will be administered.

You are paying the closing company for competent service, and you should not have to go back later and clean up their mess after closing.

I would not close until everything was letter perfect.

 

[bookwormde]

Make sure that package that the closing company sends over to DVC includes a statement that this contract is being added on to a previous membership. Minor non material “adjustments” can be made anytime up to the drafting of the final closing confirmation documents that go to DVC you just have to make sure the closing company gets those correct.

bookwormde

 

[Belle & Ariel]

I'm sure this will all work out. I know how closing is so exciting yet can be stressful and wish you the best.

 

[dis-happy]

In the past I've read that you should notify MS that you are adding on via resale and would like the contracts to be numbered as such, ie. you have one contract number ending in .1 .2 for the 2 different contracts. There are some advantages re. borrowing for keeping them separate (one transaction per year but if they all have the same contract number it's conisidered one contract), but other advantages to having them the same (all the points converge for making ressies after the 7th month window opens up).

I've also read that Disney will try to make it one contract if they notice, but once it's set up seprately it can't be changed after closing. Call MS accounting and see if they can talk you through what you might need to do.

 

[5forDiz]

Agree with pp's & with your thoughts on this - get it exactly how it should be now. This will be a headache to unravel both with Disney & with Orange County after the fact.

 

[dudelydude]

Golden Rose - will you PM me the name of the company from which you are buying this contract. I promise not to go public with it...it's just that if I am on the fence about which company to go with, I will consider your experience in my decision.

Thanks,
Joe

 

[Dean]

For future reference I would start the contract association with the initial contract and as part of ROFR. Certainly making sure the names are EXACTLY the same is important. It is DVC's goal to associate contracts when possible but if they do not for any reason, my info suggests they WILL NOT do so later. I'd contact DVC (member admin) your self independently and give them all the info and ask that they combine them.

 

[Golden Rose]

Just thought I'd post an update.

Based on the advice I'd gotten here, I sent a polite but unhappy letter to the timeshare title company saying that I needed to know what names they had sent to Disney for ROFR, and that I was not comfortable closing until everything was straightened out. I cc:ed it to every email address I had at the title company, and I got a response that the mis-spellings were only on the closing documents and not on anything that had been sent to Disney. They also grudgingly changed the order of the names on the contracts, with an email implying that I was worrying excessively.

I'm think I'm going to follow up with a call to Membership Services to try to have them on the lookout for the contract to make sure they are linked. That hadn't occurred to me, but it's a wonderful suggestion.

I suppose we're still set to close this week. We have wired them the money and faxed the requested info, but, true to form, we have not heard a peep from either the broker or the title company.

This has not been a fun process. Does this sound like other people's experience with resale?

 

[Dean]

Just thought I'd post an update.

Based on the advice I'd gotten here, I sent a polite but unhappy letter to the timeshare title company saying that I needed to know what names they had sent to Disney for ROFR, and that I was not comfortable closing until everything was straightened out. I cc:ed it to every email address I had at the title company, and I got a response that the mis-spellings were only on the closing documents and not on anything that had been sent to Disney. They also grudgingly changed the order of the names on the contracts, with an email implying that I was worrying excessively.

I'm think I'm going to follow up with a call to Membership Services to try to have them on the lookout for the contract to make sure they are linked. That hadn't occurred to me, but it's a wonderful suggestion.

I suppose we're still set to close this week. We have wired them the money and faxed the requested info, but, true to form, we have not heard a peep from either the broker or the title company.

This has not been a fun process. Does this sound like other people's experience with resale?

As I noted earlier, you need to contact member admin, not MS. MS likely will forward your email but I wouldn't take the chance.

 

[Golden Rose]

Ah, OK. I thought there was one number to call (the one for Member Services) and they transferred you to the correct department. We've only been members for three months and we're still learning the ropes.

 

[backyardponder]

I would make the real estate company's salesperson address the issues. That's the person who is making the most money off of the transaction!

 

[TifffanyD]

I hope everything works out for the OP! I just wanted to answer your question as to whether or not this is everyone's experience with resales. I bought our contract resale from TSS. It wasn't an add on so I didn't have that mess to deal with. There were a few things I had the closing company they use change and they never made me feel like I was hassling them unnecessarily. They even said that it was no problem and more important to get everything right and how we wanted it. So just wanted to let you know that that is NOT the norm and you don't have to accept it as if it is. Good luck and welcome *back* home!

 

[Golden Rose]

I'm the OP, and I just wanted to update anyone who had been curious about how the process turned out. And ask one more question...

My new contract showed up today on the DVC member website, so they clearly have successfully linked it to our original contract. This is such a relief!

However, the new contract is not showing any points available on it. Ever. Not only does it not show the banked points and the points showing up in a couple of months, it never shows any points showing up through 2010. It simply shows as a 150 point Boardwalk contract that never gives me points to use. Has anyone else ever seen this problem with a new contract? Maybe they haven't finished putting it into the computer? At what point should I get on the phone and call MS?

 

[TifffanyD]

I'm the OP, and I just wanted to update anyone who had been curious about how the process turned out. And ask one more question...

My new contract showed up today on the DVC member website, so they clearly have successfully linked it to our original contract. This is such a relief!

However, the new contract is not showing any points available on it. Ever. Not only does it not show the banked points and the points showing up in a couple of months, it never shows any points showing up through 2010. It simply shows as a 150 point Boardwalk contract that never gives me points to use. Has anyone else ever seen this problem with a new contract? Maybe they haven't finished putting it into the computer? At what point should I get on the phone and call MS?

That's normal. That means you have the contract linked but they haven't loaded the points in yet. It takes a few days for that to happen depending on when the person who enters that is in the office. I think mine took like a week or less.