Need Info on Closing Process

[Amy5000]

Hi all. I passed ROFR on Wed, April 18th. The email from our resale broker stated:

"Disney has decided to waive their right of first refusal and will be allowing the sale to continue through with you as the buyer. At this point in time we are waiting to receive estoppels from Disney, which take about 2 weeks to arrive. Once the estoppels are received, the title company will send out the closing documents. At that point all funds will be due."

Today I sent an email b/c it had been more than 2 weeks and I still hadn't heard anything. (I don't want to rush the process, as I'm not planning any trips in a short time frame, but I do want to keep it moving.) The broker response was: "We are still waiting on the estoppels from DVC, which we will hopefully have next week...I will let you know as soon as the estoppels are received."

What are these estoppels to which the resale broker is referring?

Is this time frame typical?

Thanks in advance.

Amy

 

[Budshark]

Hi all. I passed ROFR on Wed, April 18th. The email from our resale broker stated:

"Disney has decided to waive their right of first refusal and will be allowing the sale to continue through with you as the buyer. At this point in time we are waiting to receive estoppels from Disney, which take about 2 weeks to arrive. Once the estoppels are received, the title company will send out the closing documents. At that point all funds will be due."

Today I sent an email b/c it had been more than 2 weeks and I still hadn't heard anything. (I don't want to rush the process, as I'm not planning any trips in a short time frame, but I do want to keep it moving.) The broker response was: "We are still waiting on the estoppels from DVC, which we will hopefully have next week...I will let you know as soon as the estoppels are received."

What are these estoppels to which the resale broker is referring?

Is this time frame typical?

Thanks in advance.

Amy

Not sure what an estoppel is (maybe its putting a hold on the ability to use the points so the title can be cleared?)

Anyhow - I never got that much detail on my closing. It seems about normal - my closing docs took about 2 weeks from ROFR waive to receipt (I think it was 16 days total).

Believe me I know its frustrating waiting. But there isn't any concern or problems at this point... just waiting.

Here's hoping you get them today or Monday/Tuesday of next week!

Chris

 

[snappy]

I was advised we passed ROFR on 3/30/07, received the closing documents on 4/20/07 and closed 4/26/07.

I am still waiting to be in Disney's reservation system as of this morning.

Hope this helps, and good luck!!

 

[Amy5000]

Thanks for the info Snappy and Budshark. I guess there's no reason to be concerned....but, of course, it's not closed, until it's closed....

 

[Buckeye Fan]

Found this on-line: http://www.doityourself.com/stry/estoppelform. It explains in more detail, but the gist (from the same thread)..."From the root word "estop," the legal concept behind this fill-in document is to establish a set of "as of right now" details that are part of your tenancy and establish details regarding your individual unit." I'm sure Dis verifies the points on the contract, what's been borrowed and/or banked, etc.

 

[MainStreetMouse]

Hi all. I passed ROFR on Wed, April 18th. The email from our resale broker stated:

"Disney has decided to waive their right of first refusal and will be allowing the sale to continue through with you as the buyer. At this point in time we are waiting to receive estoppels from Disney, which take about 2 weeks to arrive. Once the estoppels are received, the title company will send out the closing documents. At that point all funds will be due."

Today I sent an email b/c it had been more than 2 weeks and I still hadn't heard anything. (I don't want to rush the process, as I'm not planning any trips in a short time frame, but I do want to keep it moving.) The broker response was: "We are still waiting on the estoppels from DVC, which we will hopefully have next week...I will let you know as soon as the estoppels are received."

What are these estoppels to which the resale broker is referring?

Is this time frame typical?

Thanks in advance.

Amy

Hi Amy,

We too passed ROFR just over two weeks ago and are still waiting. I am sure the documents will arrive soon. I have read that it does take a little longer than 2 weeks at busy times.

Gary

 

[Spark]

Here are the dates for our recent re-sale purchase:

2/14-Placed offer for BCV contract
2/15-Faxed signed/witnessed offer to real estate company
2/22-Submitted to Disney for ROFR
3/06-Disney waived ROFR
3/27-Fed-Exed final closing paperwork/check to closing office
4/13-Arrived home from our vacation to find our new member packet from DVC---got on-line and our points were in the system, ready to be used! We were first time members, so I was pleasantly surprised at how quickly Disney got us into their system!

Good luck to you!