Seller: Totally Confused

[foreUT]

Earlier this week I was told by the title company the "transfer" took place on 2/25, but the points did not leave my account until sometime last night. I was also told by the broker's office that the title company sends the funds about two weeks "after closing." Are they both referring to the same date, or is the closing prior to the title company requesting the transfer? (Sorry if I garbled the terms. Looking to close on a home and would love to have the money before that happens. TY!)

 

[princesscinderella]

Earlier this week I was told by the title company the "transfer" took place on 2/25, but the points did not leave my account until sometime last night. I was also told by the broker's office that the title company sends the funds about two weeks "after closing." Are they both referring to the same date, or is the closing prior to the title company requesting the transfer? (Sorry if I garbled the terms. Looking to close on a home and would love to have the money before that happens. TY!)

You are almost within your two weeks after closing so I would reach out directly to the title agent whose information should be on your contract. Explain the situation with your house closing and find out when they plan to disburse the funds now that the deed was recorded and the points are no longer in your account.

 

[supersnoop]

"Transfer" should refer to the filing of the deed, which happens at closing. Disney takes a while to move the points to the new account.

 

[foreUT]

Thank you, both. The title company agent is out of the office, but, hopefully, she will reach out Monday and provide a mailing date for the check.

 

[Sandisw]

Some title companies will not send the money to a seller until the buyer has the contract in their account...Disney transfers it..and points are as they should be,

My seller in July didn’t get paid until mid August, even though we closed July 7th because it took that long for Disney to finish it all,

Now, when I sold in June, that title company paid me within days, even though the contract stayed in my account for weeks after closing.

 

[foreUT]

Thanks, Sandi. Sounds sort of like a roll of the dice event. It's not necessary for our closing, but would be a nice addition to our safety net, just in case.

 

[foreUT]

If the points aren't in my account, are the points ever in limbo? IOW, points have not yet landed w Buyer, but gone from Seller? I always thought they had to transfer immediately from Seller's account to the new Buyer's account, but it sounds like that may not be the case.

 

[Sandisw]

If the points aren't in my account, are the points ever in limbo? IOW, points have not yet landed w Buyer, but gone from Seller? I always thought they had to transfer immediately from Seller's account to the new Buyer's account, but it sounds like that may not be the case.

From what I was told, they do it at the same time. They take from seller and create the buyers account at the same time. That is why it takes longer than day deed is recorded. It’s based on MA and their schedule.

That is what happened with my seller. The day I saw it the title company said they seller saw it gone. Even though I didn’t yet have the points, I told them to release the funds since it has been 5 weeks already. Normally, they don’t until points are there.

 

[foreUT]

Thanks, Sandi for the clarity. I imagined some Harry Potter type world w unclaimed points floating about and Member Sevices w their butterfly nets trying to catch them. It is a bit irksome, though, to know your points are gone, but no check has been issued. 5 weeks would be a loooong time to wait. Thanks, again, for the insight.