Seller has hundreds of deeds on comptroller?

[ryang25]

Hello! I have had an offer accepted on a second resale contract after the first didn’t make it through ROFR.

Out of interest, I searched the seller’s name on the Comptroller site to try and find the deed and do a little due diligence. I surprisingly found hundreds of contracts - some with them as the grantee and some as the grantor - and some bought/sold alone and some with others. It’s a very specific name/combination of names so I am certain they are all them. We’re talking >$1mil worth here.

I assume it’s someone buying/selling/renting commercially given the volume but I thought this was prohibited. I was also shocked to see a ton of finance agreements, most with Monera, and some liens issued too. More interestingly, I couldn’t seem to find a deed that matched the one I have offered on either.

How concerned should I be? I’m from the UK so a lot of the legal terminology is different to what I’m used to, however, I understand the title company should conduct searches etc to ensure the contract is free of debts/restrictions/liens etc.

The seller is taking their time signing the contract and sending the deed copy over to the broker too, and I am getting a little nervous!

 

[airjay75]

Nothing you shared would concern me. Now, if you were renting points from this person, what you've find might give me some pause given the recent flurry around commercial renting. But, I don't think it really matters whether the seller is a commercial renter/flipper of DVC contracts - they're selling to you, and when it's all said and done, the contract will belong to you. As you said, the title company should perform all appropriate checks and title insurance should also be part of the purchase process (which I would most definitely not waive on any resale purchase).

 

[AstroBlasters]

Hello! I have had an offer accepted on a second resale contract after the first didn’t make it through ROFR.

Out of interest, I searched the seller’s name on the Comptroller site to try and find the deed and do a little due diligence. I surprisingly found hundreds of contracts - some with them as the grantee and some as the grantor - and some bought/sold alone and some with others. It’s a very specific name/combination of names so I am certain they are all them. We’re talking >$1mil worth here.

I assume it’s someone buying/selling/renting commercially given the volume but I thought this was prohibited. I was also shocked to see a ton of finance agreements, most with Monera, and some liens issued too. More interestingly, I couldn’t seem to find a deed that matched the one I have offered on either.

How concerned should I be? I’m from the UK so a lot of the legal terminology is different to what I’m used to, however, I understand the title company should conduct searches etc to ensure the contract is free of debts/restrictions/liens etc.

The seller is taking their time signing the contract and sending the deed copy over to the broker too, and I am getting a little nervous!

I am intrigued. I wouldn’t worry about being a buyer.