Payment for resale- is it by wire?

[we"reofftoneverland]

When we spoke to dvc at wdw, they said we could pay entire balance with a credit card (we want the points, not as concerned about security with Disney). I am wondering how it works with resale when you pay the lump balance on the contract. We are paying cash (would love to funnel it through credit card). Is it wired to title co? Cashier's check? The wiring makes us nervous since it is out of state and all done online with unfamiliar companies. It feels so different from buying a house. We have purchased three and always been in town to go to an actual title co office.

 

[keaster]

We paid our deposit on our credit card, but then we paid the full final balance by wire from our bank to the title company. I went to the bank branch to do it and had all the final receipts, so I didn't feel nervous at all!

 

[KAT4DISNEY]

Either wire or cashiers check. I've always just done the cashiers check.

 

[Henwen88]

Our checking account includes free cashiers checks, so I have always just done that. And sent it snail mail (didn't even spring for tracking or anything). No issues at all.

 

[Best Aunt]

Bank check, but I think the title company sent me a pre-paid FedEx envelope to use.

 

[CatNipRules]

My title company set a pre paid FedEx label and envelope. Sent the money via a bank check. It was easy and they let me know when they got it.

 

[NewbieMom]

My deposit was through regular check. My final balance was a cashier's check. Be sure to send via a method with tracking because the post office lost our regular check (deposit) and we had to send another one.

 

[Mumof4mice]

We paid by international wire. Previous closing company promptly confirmed receipt of funds within two days. The last two contracts, First Reliable became uncontactable (didn't even respond to the broker) after I wired funds on 9/7 and 9/13. I almost became concerned that they ran off with my funds. Still haven't heard from First Reliable, but on Friday both contract showed up on OCC. Phew!

 

[Kazrak]

Checked my email from when we bought (via Timeshare Store). They sent the final docs for us to sign, and wanted a cashiers check with them when we sent them back.

 

[kniquy]

Mine was done via personal check for the deposit and then bank check for the remaining amount.

 

[CmdrThor]

I was told Florida real estate law prohibits personal checks for real estate transactions. I was given the option of a cashier's check or wire. My credit union is out of state and we were leaving on vacation a few days after we got our closing documents so we did a wire and it went through the same day.

 

[Jason@dvcstore]

When we spoke to dvc at wdw, they said we could pay entire balance with a credit card (we want the points, not as concerned about security with Disney). I am wondering how it works with resale when you pay the lump balance on the contract. We are paying cash (would love to funnel it through credit card). Is it wired to title co? Cashier's check? The wiring makes us nervous since it is out of state and all done online with unfamiliar companies. It feels so different from buying a house. We have purchased three and always been in town to go to an actual title co office.

At The Timeshare Store, Inc.® the final funds can be sent to the Title Company via wire transfer, cashiers check or bank check.

 

[kboo]

For all of our resale contracts, it was deposit on a cc (yay points) and then balance by cashier's check or wire.

 

[we"reofftoneverland]

Thanks for all the feedback

 

[Jerry@dvcstore]

Our office recommends a Certified Check / Bank Check to be sent to the title company to complete a closing. There are clients that prefer a Wire Transfer, but there has been an uptick in Wire Fraud in the Real Estate industry so we feel the safest way to send money is via Certified Check / Bank Check (via trackable FedEx, UPS, DHL etc.). If you are going to send a wire we recommend you speak directly with the Title Agent via phone before sending the wire and confirming the wire instructions.....You just want to triple check everything before you send the wire.

With a Certified Check / Bank Check it is much easier to cancel if the money ended up in the wrong hands. As well has if you send via FedEx, UPS, DHL it is easy to track and confirm receipt at the title companies office.

 

[Greg36]

I believe we paid with a 'bank draft' when we bought resale. I am no banker so I don't really understand subtle differences between bank drafts, certified cheques, cashier's cheques or the like, but I will say that over the last 18 months or so there have been a few news stories here in Canada about bank drafts being lost in the mail and the bank essentially refusing to treat the lost draft as void. So I would say to be aware of the risks of sending such monetary tools. I would ask the bank 'what happens if it is lost'. Here is an article link from CBC news detailing one of these stories:

https://www.cbc.ca/news/business/ba...mo-cibc-canada-banking-cash-cheques-1.4457823

Also, for anyone mailing more than 10K over the US border, remember you have to report that (even if it is some type of cheque). Here is another Canadian news story detailing the importance of reporting that money:

https://www.cbc.ca/news/canada/otta...-us-border-td-bank-customer-service-1.4749780

 

[Christiney]

We paid by wire transfer and the title company got back to us as soon as they received it!!! I would have been a nervous wreck if they waited until the next day to let us know. Next time, I will do a certified check thank you.........Doing this via wire?? Call the title company and verify all the routing numbers!! Way too much fraud out there and if you’re off by one number—-kiss your cash goodbye!!