Sellers Not Signing Paperwork Question

[Little E]

Hi Disfriends!

We put in an offer on a BW contract at the beginning of February, it was accepted quickly, and we were thrilled when it passed ROFR on 2/18. We quickly signed all of our Docusign documents and then wired our funds to the title company. It took us a day and a half to turn things around on our end. Since then, we've heard nothing, so I emailed our title company this am to find out next steps. I asked about the seller signing their paperwork, when a closing date would be scheduled, when the deed would be recorded, and when we could hope to have our points loaded.

I just got an email back indicating that the sellers haven't signed their paperwork yet, and nothing else can happen until they do this. *sigh* I can totally appreciate that maybe they aren't as excited as we are to get this closed. But, it's also a little puzzling to me...I would think that they would want their money? I'm just wondering if others have experienced this? The gal responded that they'll give it another week or so before they send a reminder to the sellers to complete the paperwork on their end.

I know that we just have to sit tight and wait. We are DVC direct folks, and this is our first resale contract. Just thought I would check with other "veteran" resale folks to see if this is normal? TIA!

 

[geargrinder]

I would say it isn't normal, but would also add that it isn't exactly rare either. I've seen others comment with similar situations.



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[VGCgroupie]

Its normal. Not sure why but often sellers drag their feet. I would not be shy about bugging title so they can bug the sellers though.

 

[Brian Noble]

If the contract specifies a closing date (and it probably does) the sellers are not "late" unless they get close to (or worse, go beyond) that date. The broker might be willing to nudge them with a "hey, if you get this done, we can get you paid earlier."

 

[cruisehopeful]

My resale purchase last year was similar. I never knew what the holdup was, but it did close by the date on the contract.

I recently sold a contract and it took us a week to do our paperwork because I had some 12 hour work days, there was a national holiday and my husband and I weren't available at the same time for a week. Our contract said it couldn't close until March something due to a reservation we have. So, in our case, taking a week to sign had no consequences. Your sellers might be on a cruise or working 12 hour days or different shifts, etc.

 

[Little E]

Thanks, everyone, for your thoughts. It helps to know it's not just us. @cruisehopeful Thanks for giving me a helpful framework...maybe our sellers are out of town or working long hours. That puts things in perspective for me.

 

[Moonspinner]

We have not sold any but we have purchased 5? (Sorry can’t remember) contracts resale and I am embarrassed to admit that it once took us a few weeks to get the paperwork back. It just ended up being a crazy time for us and dh kept saying he wanted to “read” the docs since it was our first purchase from an international seller. We finally ended up in Orlando on a trip there and dropped the docs off at the title company. I’m pretty sure they thought we were nuts, and we really hadn’t meant to stretch it out. So I do think sometimes people just lose track of time.

 

[Little E]

@Moonspinner I get it...life happens. Thanks for the perspective!

@VGCgroupie thanks for reassuring me that it's ok to keep checking back in. I plan to be both kind and persistent. We want to use our points to book a trip for this fall!

@Brian Noble Our contract doesn't provide a closing date. I have asked our title person for a closing date and she says there isn't one yet, because the sellers haven't signed their paperwork. The contract we signed mentions a "settlement date". Do you have any idea what that means? I'm a little confused, as I specifically asked our title person what that meant, and she didn't explain this.

 

[DanCali]

@Brian Noble Our contract doesn't provide a closing date. I have asked our title person for a closing date and she says there isn't one yet, because the sellers haven't signed their paperwork. The contract we signed mentions a "settlement date". Do you have any idea what that means? I'm a little confused, as I specifically asked our title person what that meant, and she didn't explain this.

Not necessarily a closing date but certain deadlines should be in there. We've had several resale purchases with a variety of brokers and they all had some language that specified closing deadlines in various forms:

 

[PorcoSBC]

It may be a divorce or ppl splitting inheritance that don't exactly agree/like each other so one drags the feet to irritate the other...

 

[Brian Noble]

Settlement date: That's probably what I have in mind. There should be, somehwere in the contract, the date by which the contract should be executed. IANAL, and this is why I have legal coverage through work.

 

[SteveAZee]

One of the contracts (of three) was like that... couldn't figure out the delay, but when you're dealing with strangers it's hard to know what their lives and priorities are. It's painful, but the best course for now is to be patient.

 

[ah10is]

If helpful, I'm in the process of closing on the sale of one of my contracts. Part of the paper work is having things notarized. I did this online through the title company...to simplify things...but it was an added cost - $159. I could have done it for free at my bank, but then it would require me to mail the documents back. By using the online notary service I didn't have to deal with mailing things. Also, another part of it is they are double checking the points in the account all add up. So I can see where for some sellers it could take longer.

When I bought, I simply signed the forms and wired the money. Like you, I couldn't understand why it would take so long on the sellers end. Now as the seller....I can see why it takes a bit longer!

Hope this helps.

 

[cruisehopeful]

Our contract doesn't provide a closing date. I have asked our title person for a closing date and she says there isn't one yet, because the sellers haven't signed their paperwork. The contract we signed mentions a "settlement date".

Hmm. When I bought a contract, the initial contract (before closing docs) had a closing date that read something like, "will close no later than June 23, 2025." It closed before that date, but I was getting nervous and upset because the sellers were slow to do their paperwork and they were slow to answer the closing company when they checked on it.

This time, as the seller who has a reservation with said points, the contract said, "can close after May 4" and in another document it said something to the effect, "will close when all parties have signed their documents and payment from buyer is received, but not before May 4." <I'm making up all the dates.> I have a settlement date that is about 2 1/2 weeks after that. I think my settlement date is when they are going to send out my payment, but I don't know for sure.

 

[Little E]

Thank you all for your helpful info! DH is a lawyer, so I'll have him scour our documents for more clues about our closing timeframe. He read our purchase agreement thoroughly before we signed anything and he indicated that everything looked good, which is why I signed without doing much more than a quick eyeball of the contract language.

@ah10is Thanks for the info about the seller's point of view. We don't have any language that takes into account a reservation the seller has, so no language about a delayed closing. But, it's helpful to know the notary piece and snail mail piece. We paid cash and we were able to do all our paperwork via Docusign and didn't need a notary, so we were able to turn things around quickly. I will redouble my efforts to sit tight and be patient.

 

[epski]

We just had a resale contract that went to ROFR on 2/10 pass today. The closing date provided by the resale broker stated that closing would be approximately 4/6, but I am hoping there is nothing keeping the seller from moving faster. Like you, I hope they are eager for their payout and will proceed as fast as their personal and professional lives allow them. While I turn priority stuff like this around same day to avoid being the bottleneck, I recognize it can take time for people to pull together what they need to complete their end. The last time we bought resale, we were the bottleneck because we were waiting for our funds to clear so we could wire them to the title company (we don’t finance contracts).

 

[sndral]

It may be a divorce or ppl splitting inheritance that don't exactly agree/like each other so one drags the feet to irritate the other...

It could also be a situation where the sellers owe more than the contract sold for & need to bring money to the table to close - less likely in OP’s case since it’s BWV & not a newer resort, but still possible.

 

[Lionezz]

Hi Disfriends!

We put in an offer on a BW contract at the beginning of February, it was accepted quickly, and we were thrilled when it passed ROFR on 2/18. We quickly signed all of our Docusign documents and then wired our funds to the title company. It took us a day and a half to turn things around on our end. Since then, we've heard nothing, so I emailed our title company this am to find out next steps. I asked about the seller signing their paperwork, when a closing date would be scheduled, when the deed would be recorded, and when we could hope to have our points loaded.

I just got an email back indicating that the sellers haven't signed their paperwork yet, and nothing else can happen until they do this. *sigh* I can totally appreciate that maybe they aren't as excited as we are to get this closed. But, it's also a little puzzling to me...I would think that they would want their money? I'm just wondering if others have experienced this? The gal responded that they'll give it another week or so before they send a reminder to the sellers to complete the paperwork on their end.

I know that we just have to sit tight and wait. We are DVC direct folks, and this is our first resale contract. Just thought I would check with other "veteran" resale folks to see if this is normal? TIA!

Have you heard anything?

 

[kboo]

It may be a divorce or ppl splitting inheritance that don't exactly agree/like each other so one drags the feet to irritate the other...

It could also be a situation where the sellers owe more than the contract sold for & need to bring money to the table to close - less likely in OP’s case since it’s BWV & not a newer resort, but still possible.

Hopefully this is a non-issue but we have bought 3 resale contracts and 2 out of 3 were super fast on the part of the sellers. But one was: Sellers were international, couldn't go below a certain $pp because they had a mortgage, and they had to come up with money to close.

I only knew this because I had called the broker to make an offer, and been told they already had an offer accepted. Then about a month later the broker called me back and asked if I was still interested, because the previous buyers had pulled out (because it was taking too long).

I also inferred that the sellers probably were in some financial straits because of the above ^, and because the points were a little messed up: it was a 100 point contract but there it looked like points had been banked and borrowed for a trip in the current UY and the points in the UY were expiring (trip wasn't taken). We already had some contracts and this was an add on, so we were ok to wait because it was a decent price at the time, and our points ended up in our account quickly and I was able to rent them very quickly. Now that I am typing this I think that is why the original buyers pulled out - this was their first contract and it would have taken them too long to get points in (June for Aug UY). Since ours was an add on (account already existed) the points came in very quickly and I got them rented just under the wire, which brought our effective price per point for VGF down to less than $140 pp.

OP: If you don't need the points *right now* and you feel like you got a good deal, then yeah, you can wait a bit.

Ultimately - all of our resale contracts went from offer accepted to closed within 4-6 weeks which is pretty fast: they each had one fast segment and one slow segment: 1) 7 days in ROFR, but almost 30 days in estoppel; 2) almost 30 days in ROFR, 2-3 days estoppel; 3) 45ish days to points in account.

We bought our resale contracts before going direct and man, buying direct was a breeze. We bought at WDW, signed paperwork, had points showing the same day or next day, and had booked our first stay within 1-2 days of going to SSR for our fastpasses, ice cream and room tours.

 

[WLB2025]

Hi Disfriends!

We put in an offer on a BW contract at the beginning of February, it was accepted quickly, and we were thrilled when it passed ROFR on 2/18. We quickly signed all of our Docusign documents and then wired our funds to the title company. It took us a day and a half to turn things around on our end. Since then, we've heard nothing, so I emailed our title company this am to find out next steps. I asked about the seller signing their paperwork, when a closing date would be scheduled, when the deed would be recorded, and when we could hope to have our points loaded.

I just got an email back indicating that the sellers haven't signed their paperwork yet, and nothing else can happen until they do this. *sigh* I can totally appreciate that maybe they aren't as excited as we are to get this closed. But, it's also a little puzzling to me...I would think that they would want their money? I'm just wondering if others have experienced this? The gal responded that they'll give it another week or so before they send a reminder to the sellers to complete the paperwork on their end.

I know that we just have to sit tight and wait. We are DVC direct folks, and this is our first resale contract. Just thought I would check with other "veteran" resale folks to see if this is normal? TIA!

Not normal or ideal, but it happens. We bought a contract with 5 sellers, and 4/5 signed immediately. The last one took 39 days & signed the day before the contract expired. We got caught up in the Disney shutdown because of this so overall they added almost 2 months to the process. Super irritating, but there's really nothing you can do but wait (and have the broker remind them).