Passed ROFR 3/14, still waiting for closing docs

[mjc2003]

So I guess if the original sale documents say closing will be within 60 days of original signed document, that means nothing???? I am torn as to what to do. We are buying a contract that has 2009 points and 2010 point. The 2010 would need to be banked by 5/31 and we are still up in the air if we are going to be able to make a ressie with 2009, 2010 points for this summer otherwise we need to bank them which I am very concerned that I will not have the points in my account until after the banking deadline even though we started this process on 3/4!!!! frustrating

I guess they mean that the close date will be 60 days from inception. When you say you started this process on 3/4, do you mean it went to ROFR on 3/4? If so, I think you'll be fine, at least in terms of getting the points well before 5/31 in the event you choose to bank the 2010 points.

We started ROFR 2/24, were out 3/21, and still nothing. If we get the closing docs this week, we still don't know when our close date will be. I guess as long as it's before 4/24 they are in accordance with what the contract says, but that's asking a lot at this point unless the seller is in as big a rush as we are.

 

[KAT4DISNEY]

So I guess if the original sale documents say closing will be within 60 days of original signed document, that means nothing???? I am torn as to what to do. We are buying a contract that has 2009 points and 2010 point. The 2010 would need to be banked by 5/31 and we are still up in the air if we are going to be able to make a ressie with 2009, 2010 points for this summer otherwise we need to bank them which I am very concerned that I will not have the points in my account until after the banking deadline even though we started this process on 3/4!!!! frustrating

I think in most documents it states that closing may be extended due to administrative reasons and with the title companies being so busy that might happen. But I don't think you have to worry about closing in time to bank your points. And once the paperwork is sent out and received back by the title company the closing usually goes very quickly - within days. I've had it happen the next day.

 

[mjc2003]

We exited ROFR on 3/21. I started badgering Fidelity last week, as my wife is leaving the country on business this weekend and we wanted to get the closing docs before hand. Rachel was aware of this, but it took about 5 phone calls and countless emails.

Bottom line: Badgering works. I received the closing docs about 30 minutes ago. They list a close date of 4/22. I asked if this was set in stone, and was told the faster we get the info back, the faster we can close. I am faxing back the docs in the morning and wiring the money in the morning as well. I have already asked Rachel to please encourage the seller to get their papers signed and returned (though I can't envision a reason why they'd drag their feet!).

Once I return the docs tomorrow, I will start badgering some more. I will call the title company and Rachel until we get this closed.

I will say this: Rachel has been very nice. They are overwhelmed. I would encourage those who are waiting to call. If you get a machine, leave a message and call back. We did have a legit issue, namely my wife is going to be out of the country and it would be very difficult for us to get the docs signed, so I appreciate them considering this. But that doesn't excuse them from delaying those that don't have an urgent situation; everybody is eager to close, and everybody has their own urgencies.

One question: Does anybody know from recent experience how quickly the close CAN happen if the docs are returned promptly? Meaning, if they are telling us 4/22, can we reasonably hope that it'll be sooner? We are using Timeshare Title & More. The lady there told me the 4/22 is not set in stone, and it can happen faster....but how much faster? Any feedback would be appreciated.

 

[Sandisw]

We exited ROFR on 3/21. I started badgering Fidelity last week, as my wife is leaving the country on business this weekend and we wanted to get the closing docs before hand. Rachel was aware of this, but it took about 5 phone calls and countless emails.

Bottom line: Badgering works. I received the closing docs about 30 minutes ago. They list a close date of 4/22. I asked if this was set in stone, and was told the faster we get the info back, the faster we can close. I am faxing back the docs in the morning and wiring the money in the morning as well. I have already asked Rachel to please encourage the seller to get their papers signed and returned (though I can't envision a reason why they'd drag their feet!).

Once I return the docs tomorrow, I will start badgering some more. I will call the title company and Rachel until we get this closed.

I will say this: Rachel has been very nice. They are overwhelmed. I would encourage those who are waiting to call. If you get a machine, leave a message and call back. We did have a legit issue, namely my wife is going to be out of the country and it would be very difficult for us to get the docs signed, so I appreciate them considering this. But that doesn't excuse them from delaying those that don't have an urgent situation; everybody is eager to close, and everybody has their own urgencies.

One question: Does anybody know from recent experience how quickly the close CAN happen if the docs are returned promptly? Meaning, if they are telling us 4/22, can we reasonably hope that it'll be sooner? We are using Timeshare Title & More. The lady there told me the 4/22 is not set in stone, and it can happen faster....but how much faster? Any feedback would be appreciated.

I think that when we closed in 2009, it was about 10 -12 days from the time we passed ROFR to closing. It took a week to the get the papers and we sent them back the next day--so did the seller. We were closed within 3 to 4 days from that point. So, I would say that if you get the papers back tomorrow and they get the sellers within days, it can be closed in a weeks time. But, given how busy they are (compared to things in 2009), it might take longer than that. I hope it goes fast!

 

[monami7]

We were through ROFR on March 7th and we closed March 30st. I am still waiting for the points to be entered in. We have a trip scheduled May 8th and want to use the 2009 points that Expire May 31st. We started this process in Feb. and I NEVER thought it would take this long to get to when we actually can get the points. In 2009 we closed and could book within 2 weeks of passing ROFR. I am just praying that we can stay somewhere when our points are finally there.
At this point I need a LOT of . This process hes been way to stressful this time around.

 

[dbs1228]

I think in most documents it states that closing may be extended due to administrative reasons and with the title companies being so busy that might happen. But I don't think you have to worry about closing in time to bank your points. And once the paperwork is sent out and received back by the title company the closing usually goes very quickly - within days. I've had it happen the next day.

Ok I am going to go with it!

It was sent to ROFR 3/11 it took sellers the FULL 7 days to get signed docs in so notarized final docs could be scary I think we will close in time but I am nervous with all the closing that the back log will now happen at DVC entering the contract and points, may be cutting it close!

 

[mjc2003]

Ok I am going to go with it!

It was sent to ROFR 3/11 it took sellers the FULL 7 days to get signed docs in so notarized final docs could be scary I think we will close in time but I am nervous with all the closing that the back log will now happen at DVC entering the contract and points, may be cutting it close!

Notarized final docs? Do the sellers have to have them notarized? As the buyer I didn't see anything on my closing docs about getting them notarized?

 

[mjc2003]

We were through ROFR on March 7th and we closed March 30st. I am still waiting for the points to be entered in. We have a trip scheduled May 8th and want to use the 2009 points that Expire May 31st. We started this process in Feb. and I NEVER thought it would take this long to get to when we actually can get the points. In 2009 we closed and could book within 2 weeks of passing ROFR. I am just praying that we can stay somewhere when our points are finally there.
At this point I need a LOT of . This process hes been way to stressful this time around.

Lets hope today is the day for your points to be entered. Are you calling every day at this point? You'll find something for your May 8th trip....it'll be the reward for your patience!

 

[mjc2003]

I think that when we closed in 2009, it was about 10 -12 days from the time we passed ROFR to closing. It took a week to the get the papers and we sent them back the next day--so did the seller. We were closed within 3 to 4 days from that point. So, I would say that if you get the papers back tomorrow and they get the sellers within days, it can be closed in a weeks time. But, given how busy they are (compared to things in 2009), it might take longer than that. I hope it goes fast!

Thank you Sandi. I can only do my part, and will get them everything today and then start pestering them tomorrow to move up the close date. I hope the seller cooperates, though I see no real reason why they would not...I'm sure they want their check!

 

[ORD2KOA]

Notarized final docs? Do the sellers have to have them notarized? As the buyer I didn't see anything on my closing docs about getting them notarized?

We closed as a seller last week. We had four documents (of six total) that had to be notarized: Warranty Deed, Non-Foreign Certification by Individual Transferor, Seller Affidavit and Occupancy and Use Affidavit.

Compliance agreement and closing statement needed signature, but not a notary.

 

[KGD]

We used Timeshare, Title and More. We received closing docs on 3/15 and closed on 3/29. It was our fault that it took that long......we didn't realize how long it would take to get our money from the money market account and wired to TTM. The seller had his docs back the day after he received them. So we probably could have closed a week earlier.

 

[Joey7295]

Found out we passed on 3/24.

I am still waiting on my closing documents. How long does this usually take?

 

[mjc2003]

We used Timeshare, Title and More. We received closing docs on 3/15 and closed on 3/29. It was our fault that it took that long......we didn't realize how long it would take to get our money from the money market account and wired to TTM. The seller had his docs back the day after he received them. So we probably could have closed a week earlier.

I guess it's different for the buyer, we just had to both sign two pieces of paper. I just faxed them back today and was told they received everything and would confirm the money wire in the morning and then let us know our real close date....I guess our seller must have more to sign than us!

 

[lowe@massed.net]

Notarized final docs? Do the sellers have to have them notarized? As the buyer I didn't see anything on my closing docs about getting them notarized?

The buyer does not have to have any documents notarized - just signed - but the sellar has to have the warranty deed notarized.

 

[mjc2003]

The buyer does not have to have any documents notarized - just signed - but the sellar has to have the warranty deed notarized.

Thank you! Makes sense. I hope this doesn't make them drag their feet....though I'm sure they want their money. Oh well, I faxed back out signatures, copies of our licenses, and wired the money. So I've done my part.

 

[Squidrific]

I can sympathize with those of you buyers waiting for your closing. I am a seller who had to sell several of my contracts due to divorce. I am sure my poor buyers are going crazy wondering what the hold-up is, but my ex has dragged his feet on signing documents just to spite me. Keep in mind that we both have to be together and have our signatures notarized on 4 different documents in order to complete the package so this can be very difficult for sellers too. He has used signing the documents over my head in order to try to get other things he wants. So....if you are one of the people who purchased a 50 point package at AKV with October use year, please bare with me. Here is a breakdown of my timeline:

Purchase accepted 1/26
Contracts received 1/28
Contracts signed and returned - 2/12
Contracts sent to ROFR - 2/16
ROFR waived 3/10
Closing documents received 3/18
Closing documents signed by us and returned 3/31
Closing will be final on Monday - 4/11

 

[saintstickets]

Found out we passed on 3/24.
I am still waiting on my closing documents. How long does this usually take?

Depends on your reseller, the closing/title company, the buyer and the seller. We passed ROFR 3/24 also. Fidelity is our sales agency and Timeshare Title & More (TT&M) is the closing/title agency. I was told it would take 15 days from ROFR to receive closing documents, 15 days to close and 5-7 days for Disney to process the points in their system. I contacted Fidelity today (4/08 - 15 days from ROFR) and was told that they are running behind due to the volume of resales and that it will be another week before we receive the closing documents. The estimated time of 15 days after that to close will depend on how fast we complete the forms and remit the funds due. We will wire transfer the funds because mailing a check will add time to the process. This stage could also be delayed if the sellers delay the process from their end in returning the closing documents or the Title company screws up (see below). Once that is complete, then the Title company processes the sale and the final documents are sent to Disney to be entered into their system.

We have had 2 previous resale purchases. The first one in 2009 took 30 days from when we passed ROFR to the time the Title company (TT&M) sent the final documents to Disney for processing. The seller was slow in getting their documents to TT&M. Our second purchase in 2010 took 37 days from ROFR to documents sent to Disney. In this case, the Title company (First American Title-FAT) for some reason sent our closing documents to us via snail mail and used an incorrect address. After two weeks and no closing docs, I contacted the resale company and found out what had happened. FAT emailed the closing documents that day and within 3 days the final docs were sent to Disney. We finally received the snail mail copy a month after we were in Disney's system. I checked online at the Orange Co, FL Comptroller's website and the address was incorrect. I contacted FAT and they had to record a new deed with the correct address.

The good news was that in both cases, our points were in Disney's system 3 days after they received the final documents from the Title company.

 

[grace&philipsmom]

Well, I just wanted to let everyone know that I received my closing documents

Passed ROFR 3/14, received closing documents 4/8. My bank is closed for today, so I will have to wait until Monday to send the documents and wire the money, but at least I am now ready to move on to the next step. Thanks to everyone for their support, and for everyone still waiting, hopefully you will get them soon.

 

[helenk]

Well, I just wanted to let everyone know that I received my closing documents

Passed ROFR 3/14, received closing documents 4/8. My bank is closed for today, so I will have to wait until Monday to send the documents and wire the money, but at least I am now ready to move on to the next step. Thanks to everyone for their support, and for everyone still waiting, hopefully you will get them soon.

Congrats, I'm glad you finally got your documents. That really took a long time.

 

[VickiVoice]

Well, I just wanted to let everyone know that I received my closing documents

Passed ROFR 3/14, received closing documents 4/8. My bank is closed for today, so I will have to wait until Monday to send the documents and wire the money, but at least I am now ready to move on to the next step. Thanks to everyone for their support, and for everyone still waiting, hopefully you will get them soon.

Good to hear!

I had received my closing docs on 3/31 and wired and faxed within 90 minutes. Got confirmation that the sellers notarized docs arrived at the title company on 4/5 and we're still not closed.
I know Fidelity has taken some heat for delays, but they were not our resale agent. Our agent DID use the same title company as Fidelity. I'm wondering if that is where this big delay is coming from. Those who found their perfect contract on TTS and used *** seemed to get docs and close within 10 days of passing ROFR. We're going on 22 days. Some are handling this volume better than others. I know the circumstances are extraordinary, but for our family - so was this investment! Good gracious I hope we close today!

...praying for patience...