saintstickets
DIS Veteran
- Joined
- Aug 30, 2009
- Messages
- 2,860
Maybe some of the more experienced DVC buyers/sellers through resale can answer this question - what is the relationship, if any, between the resale brokers and the title company they use to process the closing? My reason for asking is that I have had little problems with the broker but not so with the title company. We have made 3 resale purchases - Nov09, Mar10 & Mar11. We have used Fidelity for the last two and another broker (Not TTS or DVC by Resale) for the first purchase. It wasn't a matter of preference for a specific broker as it was which one had the contract we wanted.
On the first purchase, Timeshare Title & More was the title company and it took them 30 days from passing ROFR to sending closing docs to Disney to be entered in the system. Too long for that process IMO but no other problems.
On the 2nd purchase, First American Title was the title company. I had not received the closing docs after I was told our offer passed ROFR so I called the broker. Through several phone calls and emails, I found out the title company had not only sent the closing docs to us via snail mail instead of email, but they sent them to an incorrect address. I was not too pleased and nicely let it be known. The title company then expedited the closing and it took only 12 days from passing ROFR to sending closing docs to Disney. I found out later that they still used the incorrect address to record the deed so they had to go back in later and file a corrected deed.
We are on our 3rd purchase and Timeshare Title & More is the title company that Fidelity uses now. I know they are swamped with the large amount of resale transactions recently but it has now been 37 days since passing ROFR and the closing docs have still not been submitted to Disney. The latest problem is that when TT&M received the closing docs from the seller, they did not check them at that time to make sure all was correct. When TT&M finally started the process to close and record the deed, they noticed that the seller had not gotten two separate witnesses on their docs so they had to resubmit them to the sellers to be processed again.
My guess is that once the broker hands it off the the title company, the broker is out of the picture for the most part but one would think the broker would have a vested interest in insuring the process went smoothly and to the buyer/seller's satisfaction. Can you as a buyer or seller request a specific title company or is there a contract between the broker and the title company? Have others had these same type problems with the title company or has my uncle Murphy (of Murphy's law fame) stepped in and "helped" out on my purchases? I know that on our next purchase, if we cannot specify a title company, then it will influence which broker I go through. Any thoughts, ideas or comments fellow DISboarders?
On the first purchase, Timeshare Title & More was the title company and it took them 30 days from passing ROFR to sending closing docs to Disney to be entered in the system. Too long for that process IMO but no other problems.
On the 2nd purchase, First American Title was the title company. I had not received the closing docs after I was told our offer passed ROFR so I called the broker. Through several phone calls and emails, I found out the title company had not only sent the closing docs to us via snail mail instead of email, but they sent them to an incorrect address. I was not too pleased and nicely let it be known. The title company then expedited the closing and it took only 12 days from passing ROFR to sending closing docs to Disney. I found out later that they still used the incorrect address to record the deed so they had to go back in later and file a corrected deed.
We are on our 3rd purchase and Timeshare Title & More is the title company that Fidelity uses now. I know they are swamped with the large amount of resale transactions recently but it has now been 37 days since passing ROFR and the closing docs have still not been submitted to Disney. The latest problem is that when TT&M received the closing docs from the seller, they did not check them at that time to make sure all was correct. When TT&M finally started the process to close and record the deed, they noticed that the seller had not gotten two separate witnesses on their docs so they had to resubmit them to the sellers to be processed again.
My guess is that once the broker hands it off the the title company, the broker is out of the picture for the most part but one would think the broker would have a vested interest in insuring the process went smoothly and to the buyer/seller's satisfaction. Can you as a buyer or seller request a specific title company or is there a contract between the broker and the title company? Have others had these same type problems with the title company or has my uncle Murphy (of Murphy's law fame) stepped in and "helped" out on my purchases? I know that on our next purchase, if we cannot specify a title company, then it will influence which broker I go through. Any thoughts, ideas or comments fellow DISboarders?
Bill
