Resale Contract Closed, but not getting contracted loaded until after 7/8/2022 over 60 days from closing? Advise wanted

[JGINPL]

Hello I have a closed on a resale contract on May 3rd. Both parties have signed and money given to the seller. But my question is it wasn't disclosed there was a trip planned or a delayed closing at all. Deed has been recorded in Florida, received final title work and everything. Today after I asked for an update from the title company they said the contract will not transfer until after a trip that was booked that ends on 7/7/2022. Has anyone ever ran into this issue?

 

[CarolMN]

Delayed closings are fairly common, but afaik, that is something that is disclosed in the contract. Reputable brokers even disclose it in the listing. If the delayed closing wasn't part of your contract, sounds like a call to your broker is in order.

 

[KPeterso]

I did not think it could close with a pending trip. That is why you see contracts that list a delayed closing date in the future. That is to account for a pending trip.

 

[JGINPL]

Here was what my Real Estate Agent state:
I consulted my broker, and he states that the closing date and the transfer dates are not the same. The ownership does not start until the transfer date has been completed by Disney.

My response was:
"Agent" wouldn't the ownership start when the deed is recorded in Florida? That was early part of May. That shows the transfer of ownership.

It doesn't say this transfer of ownership will take place at a later date.

 

[CaptainAmerica]

Delayed closings are fairly common, but afaik, that is something that is disclosed in the contract. Reputable brokers even disclose it in the listing. If the delayed closing wasn't part of your contract, sounds like a call to your broker is in order.

But that would have delayed deed recording, right? It sounds like this contract did (legally) close.

 

[JGINPL]

I did not think it could close with a pending trip. That is why you see contracts that list a delayed closing date in the future. That is to account for a pending trip.

I didn't think this either, that is what has me concerned right now, is how is someone that doesn't legally own the contract anymore still have use of it. (Unless there was a delayed closing, it was never stated anywhere)

 

[JGINPL]

But that would have delayed deed recording, right? It sounds like this contract did (legally) close.

Yes it legally closed and deed filed in Florida beginning part of May.

 

[KPeterso]

One other thought.... What is in your contract points wise? Sounds like a trip was not disclosed. What were the points available and did they account for a trip? I thought estoppel showed the current points. You can make a case if the points do not match what you were expecting if a vacation is taken after closure that you should be reimbursed for the points.

 

[vicarrieous]

With a trip on the books, a delayed closing typically means you cannot close until AFTER travel. I didn't think you could close or transfer money or have deed transferred until AFTER they travel. Seems fishy to me.

 

[JGINPL]

This was the only special clauses in my document. I knew I wasn't getting any 2023 points which I was fine with but not a delayed transfer of membership without being disclosed.

Special Clause

The Seller has accepted the $120 per point offer
Seller will pay the XXX Admin fee
Seller will pay the M/F for the balance of 2022 (he pays monthly)
Seller will pay the M/F for 2023

PLEASE take note, points are not available till 2024

 

[KPeterso]

With a trip on the books, a delayed closing typically means you cannot close until AFTER travel. I didn't think you could close or transfer money or have deed transferred until AFTER they travel. Seems fishy to me.

I agree - something seems very off about the whole situation. I have a contract that I am buying that has a delayed closing. I knew that going in and it actually works out for me best since I have a few months to get the money organized (just need to move around a bit). It was all disclosed up front though, so I am not worried about it. In the case of the OP, I would be quite concerned. Especially would be worried that the point counts would not be right when transferred as I believe the Estoppel shows the points as they are at sale, so will the OP not get all the points expected because of this trip.

 

[JGINPL]

This seems very odd and I'm trying to get to the bottom of it, but I've never heard of this happening with anyone. Agent hasn't really said anything back, so I'm confused.

 

[BillPA]

Please post the brooker and closing company so other know to watch out for them.

 

[RamblinWreck]

This seems very odd and I'm trying to get to the bottom of it, but I've never heard of this happening with anyone. Agent hasn't really said anything back, so I'm confused.

This sounds totally bizarre! Keep us posted on the findings!

 

[JGINPL]

Please post the brooker and closing company so other know to watch out for them.

Broker and Title company are pretty popular ones. (and ones that people talk highly of) I'm sure this will end up just being a mistake someone made. But my offer would have been made accordingly if I knew it was a delayed closing, or I feel like I should get some of the closing costs back being it was a mistake on the closing company.

 

[RamblinWreck]

Broker and Title company are pretty popular ones. (and ones that people talk highly of) I'm sure this will end up just being a mistake someone made. But my offer would have been made accordingly if I knew it was a delayed closing, or I feel like I should get some of the closing costs back being it was a mistake on the closing company.

It sounds a lot worse than that, though, if the deed has been recorded and everything.

 

[wnielsen1]

Sure sounds like somebody (broker) screwed up and now they (broker) are in CYA mode. If the deed has been filed, the contract is YOURS. Tell them to come clean and consider lawyering up if they don't.

 

[Alicia22]

Sure sounds like somebody (broker) screwed up and now they (broker) are in CYA mode. If the deed has been filed, the contract is YOURS. Tell them to come clean and consider lawyering up if they don't.

This. I caught a (well-known) broker in a backpedal, so it happens.

 

[Sandisw]

Yes it legally closed and deed filed in Florida beginning part of May.

I would contact MA and discuss the issue with them. If the contract has closed, it is yours now and I would think that you have the right to tell them you have not approved the newest trip. They may have been given the impression that it was disclosed to you.

I have bought and sold several delayed closing and they did not happen until the trip was over. It sounds like this trip was planned after the sale.

 

[Azndjdude]

My understanding is that if the deed is filed, then the property is yours. Well, at least that's how I thought real estate worked.