Lawyer when buying Resale?

[h_williams]

Hi!

We just received our resale Contract. It's one page and looks pretty simple. Do people usually get a lawyer to look it over?

I've never heard it mentioned, but we've always used a lawyer for our other real estate transactions..

Also, does anyone know will the contract get submitted to Disney as soon as they have the paperwork? Or will it wait until we have our deposit sent to the Title Company..

Also curious if anyone knows how long Disney has been taking on ROFR lately..

Any info is welcome!

 

[cvjw]

We've purchased resale 4 times and never used a lawyer. We used ********* all 4 times, and our paperwork was sent to Disney for ROFR before our check was received. I don't know if this is standard practice, or that we had just bought so many contracts with them that they knew we would be sending the check right away. We bought our last contract in August, and it took 3 weeks and a couple of days to pass ROFR. The whole process from signed contract to points in our account took 7 weeks.

 

[Marine Mom]

We just bought and I did have an attorney look at ours but I am a paralegal so I have easy access. It was pretty standard and it looked good to our attorney.

 

[LJM721]

I recently purchased a resale from the Timeshare Store for BLT. The purchase went smoothly. It took about 8 or 9 weeks but only because the seller took a long time to return the signed contract. No lawyer was used or needed.

 

[skelfbsfb]

We bought resale through ****, we never used a lawyer either.

 

[h_williams]

I reviewed the contract when it came. It seemed very simple. 1 page and nothing that was over my head.

Thanks for the help!

 

[JimMIA]

We did our first contract through The Timeshare Store, using their standard contract. Our DVC is held in a family trust, so I showed the contract to our attorney prior to signing it. He said it was fine, and had no reservations.

 

[mikron]

One page sounds a little short if you are using an agent. If you are buying direct fron the seller you might want a lawyer. We bought 2 contracts from resale through the Timeshare store and there was lots of paper work.

 

[ELKHUNTER]

No lawyer is needed. The title company that the paperwork is sent to for example Magic Vacation Title has the paperwork examined for discrepencies prior to closing. This is why we pay the closing cost. Good luck on the ROFR and no worries.

 

[JimMIA]

One page sounds a little short if you are using an agent. If you are buying direct fron the seller you might want a lawyer. We bought 2 contracts from resale through the Timeshare store and there was lots of paper work.

The OP is just at the offer/acceptance stage, and that is why there is only one page so far. There will be plenty of paperwork in the closing package!

 

[Goin'Again???Yes!!!]

I just recently finalized, and had no issues. The documents that are required were easy to follow and I did not have any questions after reading them. However, if I was not sure of the wording or questioned what was being asked from me I would not hesitate to seek a professionals opinion. The peace of mind that a lawyer can give you may be worth the few dollars that it costs. Think of the cost added on to the original price per point, and it may only increase it by $1-$2 per point.
I know that when I started this process it was my first large 'blind' purchase, never met the seller, agents, or anyone involved just sent emails and mailed off several thousand dollars. That was the most difficult step to get past. However, the information that was gained from this forum and reviews as well approval of the Better Business Bureau allowed me to make an informed decision that I have no regrets with. Good Luck with your purchase,

 

[walkdmc]

I bought 2 resale contracts and 1 directly from Disney. I didn't use a lawyer.

For my resales, it took Disney 3-4 weeks for the ROFR process.

Good luck!