Resale closing and when can we make reservations?

[MickeyBabe]

We are awaiting ROFR and hope to close on or before Feb. 9th if all goes well. (Still holding my breath)

When will I be able to book our vacation?

Immeadiately after we close or do we have to wait for the deed to be recorded and we get membership info from Disney? (Which may take some time I hear)

 

[Doctor P]

I believe you will have to wait until the deed is recorded and DVC gets you into the computer system (several days later, but not as long as it usually takes to get your membership materials).

 

[Dean]

You don't have to wait until closing. The closing company should send a COPY of the deed with the transfer form at the same time the send it for closing. It will take DVC 3-5 business days to get you in the system. You will get the original deed back a few weeks later after recording.

 

[Doctor P]

I realized I misspoke. Not sure if this agree with Dean, but I believe you have to wait for CLOSING, but NOT for the RECORDING of the deed. That's where the copy of the deed thing comes in as Dean has explained.

 

[JeffPort]

Once you receive word that Disney has waived its ROFR, it will take about 5-10 business days for the closing agent to prepare the paperwork and deliver it to you and the seller. The closing agent then waits for BOTH the buyer and seller to return the papers and final payment (so you are beholden by the seller's promptness in turning around the completed deed). Once all materials are recieved, the closing company will immediately "close" the transaction, delivering the proceeds to the seller and also immediately notifying DVC of the title transfer. It normally takes DVC about 3-5 business days from the closing day for you to appear in their computer system. Once in the system, you are free to make reservations. However, the only way you will know that you are "in the system" is for you to call DVC Member Services each day, explain to them that you are waiting on a resale transfer, and ask them to look you up in the computer.

(The actual deed does not get recorded with the county for several more weeks, but this does not inhibit your ownership rights with DVC.)

Good luck with your purchase.

 

[cbjl]

The last time we bought a resale, it only took us 4 days after closing for Disney to get us into the system & we could make our reservations as soon as we got our member # from them (over the phone when we called member services).
However, we are in the waiting stages right now to get into the system after we bought another resale. We have a different use year for this new contract, so we know we'll get a new member number, not sure if this is complicating things for us or if it's the holidays, but we offically closed Dec. 16 (accding to the closing company) and we're still not in the Disney system.
I called our closing company this morning, and they said that I should give it a few more weeks! I'll give it through next week, but then I'm going to be making a LOT of phone calls to figure out what is going on - I'm not that patient. I keep thinking that maybe a fax got lost or something - they said they faxed a copy of the executed deed so Disney could get us into their system quickly.
So, sometimes it can go very quickly, but as we're finding, sometimes it can take a little longer than expected.

 

[MickeyBabe]

Thanks for the great information.

We just sent our contract to Disney for ROFR on 12/23 .... I am a little anxious and excited if you can't tell

Our projected closing is 2/9/05 but I am hoping for the end of January.

I will let you all know when I am official.

Granny was right, there are a lot of very nice and helpful people here on the DVC boards.