Resale process/payment question

[Toonses]

Having never purchased something like this before, I wanted to verify I understood things properly. So for a resale contract:

1. you make the offer
2. hopefully seller accepts
3. you make a down payment (held by title company) and sign off the pprwrk
4. contract goes to rofr
5. hopefully disney passes
6. full payment is given before closing date
7. closing
8. wait on Disney to process you, give an account # and get around to transferring pts.

Do I basically have this right? Also how much is the downpayment?

thanks!

 

[Steph01002]

Most places have a 10% down payment. Sounds like you have the routine down. There is also estoppel between ROFR and closing. That’s where you find out of there are any point discrepancies, dues not paid, or if their is a lien out against the points, etc. Usually not a problem.

 

[Toonses]

got it - thank you very much!

I like to know what I’m getting into and what to watch for before committing to something like this. I don’t want to go into a large purchase blind.

 

[CastAStone]

Can I piggyback a question on? Do you have to give Disney unlimited time to make a ROFR decision? What happens if they don’t respond in 30 days?

 

[JETSDAD]

Can I piggyback a question on? Do you have to give Disney unlimited time to make a ROFR decision? What happens if they don’t respond in 30 days?

You have to give at least 30 days for ROFR. Disney has up until closing to exercise their right at which point, if they have not yet responded, it is deemed to have passed ROFR. Normally they will respond within 30 days.

 

[MICKIMINI]

Disney can take as long as they want for ROFR. I had one last year that was something like 57 days or so, but it is uncommon. I think they have a scaled back staff right now, but contracts seem to be moving through in under 30 days from what I've seen.

 

[Deb & Bill]

Figure on about 75-90 days from the time you find a contract that you like and get your offer accepted to when you can start looking at booking.