Where do we stand if......

[lea2124]

When we offered on the BLT contract we asked them to bank April 2020's points before it was submitted to ROFR. As we get closer to the banking deadline (nov 30th) we realise we won't close before that date. We emailed the broker (twice now) checking that they had banked the points and each time he hasn't answered the question. Where do we stand if they hadn't banked the points? It is on the contract that they would.
Thanks

 

[pkrieger2287]

I would assume you would have the option to void the contract and purchase if that term was not met. It would also be possible to change the agreed-upon purchase price maybe through an addendum.

 

[MICKIMINI]

I would get on the phone to get an answer from the broker. You are paying closing costs for the broker to handle your transaction.

 

[zavandor]

It's such a simple thing to do that probably the owner did it and it's just a problem of communication. If I were the owner I wouldn't want to jeopardize the sale for something that takes 3 minutes to do online. Good luck!

 

[db24]

When we offered on the BLT contract we asked them to bank April 2020's points before it was submitted to ROFR. As we get closer to the banking deadline (nov 30th) we realise we won't close before that date. We emailed the broker (twice now) checking that they had banked the points and each time he hasn't answered the question. Where do we stand if they hadn't banked the points? It is on the contract that they would.
Thanks

I had a similar situation when we bought our resale contract. I made it clear to the broker that the points had to be banked for me to purchase the contract. It was in our contract showing that points were banked. Also in the contract they usually have a clause about if any points are missing at closing that the price is reduced. Our contract was I think $25 per point for any missing point. But everything worked out. I would honestly be very surprised if the seller doesn't bank them for you. Just make it clear to the broker that the points must be banked and have it in your contract. Good luck!

 

[Sandisw]

Yes. Tell them it’s a requirement of sale. Getting DVC to do it late will be tough because of what has happened.

While they used to do one time exceptions, that is not happening this year with all the extra points.

 

[poofyo101]

They should do it for you. You can also bank them after ROFR and just sign an addendum before closing so you will be fine.

 

[we"reofftoneverland]

You can also contact the title co and ask them about it.

 

[LAX]

I had a similar situation when we bought our resale contract. I made it clear to the broker that the points had to be banked for me to purchase the contract. It was in our contract showing that points were banked. Also in the contract they usually have a clause about if any points are missing at closing that the price is reduced. Our contract was I think $25 per point for any missing point. But everything worked out. I would honestly be very surprised if the seller doesn't bank them for you. Just make it clear to the broker that the points must be banked and have it in your contract. Good luck!

My contract had a similar clause. Since I wasn't in a hurry to use the supposed to be banked points, I was actually hoping to get the credit instead (it's fairly generous rate). Well, it worked out fine and I ended up renting those banked points at a reasonable rate.

LAX

 

[lea2124]

Thanks everyone. The broker replied saying everything is correct/as it should be. We should hear this week. Fingers crossed for all of us waiting.