silly closing question...

[jupers]

Hi all,

We're in the process of buying 142 points for SSR. Passed ROFR and then received I think a statement of closing to sign and send back with the check to the title company...is that it??? The paperwork listed the closing date as 4/25. I know it sounds silly, but did we close????

 

[DenLo]

Congratulations on passing ROFR. It looks like when everything goes through you'll be a member by the end of the month.

I can't remember the exact order of when we signed what documents or when. But your resale agent or even the Title Company agent should be able to answer those questions.

I do know that the owners had to sign the Warranty Deed and it was dated October 10, 2009 which is after we sent in our payment. I know they emailed up the final document(s). I just can't remember how many there were. We printed them and mailed them back via priority mail with our certified check. BTW this was an add on contract for us. So we may have received the points in our account quicker than a new member because the membership will have to be set up and entered into the computer system.

I know our timeline.


10/02/2009

12:41 PM - Disney Waived ROFR

10/06/2009

12:10 PM - Received Closing Documents from Magic Title
02:30 PM - Mailed Final Payment and Documents via Priority Mail

10/08/2009

10:50 AM - Magic Title confirmed receipt of Payment & Documents

10/20/2009

02:06 PM - TSS notified us that we closed on resale contract

10/25/2009

Resale Points are available at Member Services. Made 1st Reservation!

 

[Sandisw]

Sign them, send them back, and then they will close the contract!!! Congratulations!!!

 

[disneydenisel]

Hi all,

We're in the process of buying 142 points for SSR. Passed ROFR and then received I think a statement of closing to sign and send back with the check to the title company...is that it??? The paperwork listed the closing date as 4/25. I know it sounds silly, but did we close????

The check goes into escrow until the new deed is recorded with the county and the title company receives the new deed. So I think "closing" is when the new deed is recorded into your name, and then the title company will send the information to Disney. You will also receive an original, registrar-stamped deed. Then it takes a number of days for Disney to enter you into the system.

The previous owner gets paid when the deed is officially recorded, I believe, so I would consider that "closing." I think I actually asked this question before but couldn't really get a definitive answer. It makes sense that the official changing of hands (legally) from old deed to new deed would be closing, at least in my mind .

So you have some time to wait still, but hopefully not long!

 

[rock_doctor]

We closed on Monday and they said 1 to 2 weeks before the points will be available. I know i have already started to check my DVC account. If you are already a DVC owner then it should pop up as another contract when Disney puts it in. Good luck.

 

[Kidanifan08]

We sent the closing papers and the final check on 3/29 to ***. We received an e-mail from our sales rep at TTS on 4/2 that the purchase had closed. We had our points in the DVC website on 4/12.

 

[quinnc19]

Apparently there can be a long delay between the closing and the deed recording. PCS Holdings told me it will take up to 30 days for SC to record the deed for my new HHI contract. So, I closed on 3/20 but I'm still not in the system.

 

[dbs1228]

When we received our closing documents it said our closing date was 4/19. We mailed everything back right away and the buyers must have too because we got an e-mail on 4/8 that we closed and the check was in the mail. Received payment on 4/11 (quick) but the points are still sitting in my account.

 

[DenLo]

You become an owner as soon as you close. In Florida Disney receives a separate notice after closing when the title company reviews everything and signs the documents and then OCC is sent the deed for filing. OCC takes about two weeks to file a deed. However MS can place your membership (or additional points) into the system before then, which I understands averages between 5 to 10 days.

I wish I could answer for HHI but the laws there might be different. Have you been talking to MS or just PSC Holdings, quinnc19? I'd call MS and tell them you closed on March 20 and ask them to check to see if your account has been activated.

It's possible that MS is behind because of all of the resales trying make it in before March 20th. But they should know if your paperwork is there.

 

[quinnc19]

I have talked to both PCS Holdings and MS. MS has no record of me as recently as yesterday. PCS Holdings at first made it seem that all DVC resales take this long, but from this board I know otherwise. They said that they can't file deeds electronically in SC and that the process would take up to 30 days. So, I'm not sure if SC is the problem, or if it is their company policy to not release the paperwork until the deed is recorded (and other companies do it sooner). I am getting impatient though.