Closing Time!!

[Deb123]

If the points were part of the contract with Disney but not part of your sales contract, shouldn't that have come up during Estoppel? I am so sorry this is happening!!!

I would have thought so. All I know is everything was going great until I got hit with this. And it is a good thing I called Disney myself on Friday otherwise, I'd still be constantly logging into my DVC account looking for the AK contract. Also, the sellers have received the funds from the sale while I still don't technically own this contract until the change of ownership happens after their cruise is completed. I think k it was pretty dirty on the sellers part to book a cruise the DAY we closed. I was told they didn't realize they were doing anything wrong since the points they were using for the cruise weren't part of the contract. Common sense should tell someone though that that was going to hold things up for the buyer! Just frustrating that they have the money while I do not have the contract.

 

[1momof3boys3]

In about 10 days (or so?) you'll call to see if you can get your member number. You could wait for it to come in the mail, but at this point I'm going to peg you as a caller. Fair?

What information do I need when I call? I thought I read somewhere that they'll ask for information from the contract.

 

[1momof3boys3]

If I see my information on the OCC website does that mean that the deed was recorded?

 

[aokeefe]

If I see my information on the OCC website does that mean that the deed was recorded?

Yes! Glad you are at the final stage!

 

[sndral]

I would have thought so. All I know is everything was going great until I got hit with this. And it is a good thing I called Disney myself on Friday otherwise, I'd still be constantly logging into my DVC account looking for the AK contract. Also, the sellers have received the funds from the sale while I still don't technically own this contract until the change of ownership happens after their cruise is completed. I think k it was pretty dirty on the sellers part to book a cruise the DAY we closed. I was told they didn't realize they were doing anything wrong since the points they were using for the cruise weren't part of the contract. Common sense should tell someone though that that was going to hold things up for the buyer! Just frustrating that they have the money while I do not have the contract.

Wow, I'd be so livid. Did you know about these mysterious points before? How can you be sure that they haven't used points promised to you? I'd be so confused.
Is the deed in your name on the OC site?
If so, I don't see how DVC can deny you access to your points until 10/28-11/3, when the sellers sail.
I'd escalate this w/ both the title company and w/ DVC. It's one thing when DVC takes some time to catch up on their administrative paperwork, like the 10 or so day delay we see between the deed recording and the contract showing up in the buyer's name in DVC's system. But this sounds like DVC is intentionally not updating their records to enable the sellers to use points associated with a contract they no longer legally own. What really confuses me is how those points did not show up during estoppel, isn't that what it's for?
I wonder if you are getting the whole story or if the delayed closing/transfer was always part of the deal & they (seller/broker) just failed to let you know? From the title company I'd probably let them know that I was considering rescission and an immediate return my funds, since a material fact was not communicated to me (eg the need for a delayed/prolonged escrow.) From DVC I'd be seeking an explanation of the legal basis for them w/holding access to points which are lawfully mine per the recorder's office.

 

[prouddaddycdn]

Oh the joys of buying resale. My contract closed on 8/31. Up until this point everything was running fast and smooth. On Friday 9/15 the contract still hadn't shown up in my DVC account. Called Disney and was then told that I needed to call Fidelity/First American due to missing paperwork. So, guess what? After they had to investigate this, cone to find out, the day our contract closed ( 8:00 am on 8/31) the sellers then made a 7 night cruise reservation with points that were not included in our contract. That means Disney can not do the change of ownership until this cruise is completed! The cruise is for Oct 28- Nov 3. Pretty frustrating that the sellers did this after we closed to and now I have to wait longer! Fidelity or First American had no idea about this because it happened after we closed. Just a reminder that with buying resale, it's not over until after the very last step and those sellers still control that contract until the change of ownership happens.

OUCH!!!

 

[3cuteboys]

1. I thought you technically could not go to closing if a seller had a trip booked, otherwise all reservations would be cancelled by Disney? Why hasn't Disney cancelled this cruise?
2. I also understand that you could not sell "part" of a contract? This seems like they were trying to only sell part of their points on the contract, so this should have been brought to light during estoppel and the points either included in the sale or no sale, right?

This was no "mistake " on the sellers part, IMHO, very calculated. Scary!

 

[Matty B13]

I would call Disney about canceling the cruise for the former owners, if they booked the cruise the day the deed was recorded, technically they didn't own the points, you did. I would call DVC about this matter and make sure to escalate it to a Manager.

Sorry this happened to you, seems like this happens once in awhile, but isn't common.

 

[Deb123]

Anyone have any advice as to who to talk to at DVC? I am beyond frustrated about this. I was buying a stripped contract. No points until 2019. I assumed all points from previous yrs were used. The contract was listed as 0 2017 and 0 2018 pts and full pts for 2019. We closed the morning of 8/31 around 8 am. The cruise was booked also on 8/31. It was recorded on the OC site that day and the contract is showing in my name in the eyes of Fl law. BUT because these sellers booked this cruise before the change of ownership but after closing, they still have control. And they have received payment in full. I paid cash, no financing. The broker is saying that while its unfortunate, the sellers said they were not canceling the cruise and I really have no option but to wait until the cruise is completed on Nov 3 before change of ownership can happen! And how do I trust the sellers at this point after doing this? Pretty much panicking!

 

[Deb123]

1. I thought you technically could not go to closing if a seller had a trip booked, otherwise all reservations would be cancelled by Disney? Why hasn't Disney cancelled this cruise?
2. I also understand that you could not sell "part" of a contract? This seems like they were trying to only sell part of their points on the contract, so this should have been brought to light during estoppel and the points either included in the sale or no sale, right?

This was no "mistake " on the sellers part, IMHO, very calculated. Scary!

They booked the cruise the day we closed. More than likely later that day since we closed around 8 am.

 

[Deb123]

I would call Disney about canceling the cruise for the former owners, if they booked the cruise the day the deed was recorded, technically they didn't own the points, you did. I would call DVC about this matter and make sure to escalate it to a Manager.

Sorry this happened to you, seems like this happens once in awhile, but isn't common.

I was told even though in the eyes of the state of Fl I own the contract, according to DVC- I still do not. Not until the change of ownership occurs.

 

[1momof3boys3]

Anyone have any advice as to who to talk to at DVC? I am beyond frustrated about this. I was buying a stripped contract. No points until 2019. I assumed all points from previous yrs were used. The contract was listed as 0 2017 and 0 2018 pts and full pts for 2019. We closed the morning of 8/31 around 8 am. The cruise was booked also on 8/31. It was recorded on the OC site that day and the contract is showing in my name in the eyes of Fl law. BUT because these sellers booked this cruise before the change of ownership but after closing, they still have control. And they have received payment in full. I paid cash, no financing. The broker is saying that while its unfortunate, the sellers said they were not canceling the cruise and I really have no option but to wait until the cruise is completed on Nov 3 before change of ownership can happen! And how do I trust the sellers at this point after doing this? Pretty much panicking!

I think you should put this situation out on a new thread. I saw a few other members here say they were lawyers. I wonder if there is any advice they can give. They may not check the Closing Time thread, but may see a new one.

Good luck! This is a horrible situation. I'm so sorry you're having to go through this.

 

[ArielSRL]

We closed yesterday!!! ETA "deed recorded by county" date. I'm going to go back and search but how many days to wait before I call in for member number, what is the phone number I need to call and what are the options I need to choose? TIA!

BRV
Points: 100
Broker: DVC Resale Market
Closing: Magic Vacation Title

7/5 Offer accepted
7/7 Contract signed and sent to broker
7/7 Sent to ROFR
7/25 Passed ROFR
9/1 Closing docs received
9/6 Closing docs returned by buyer (me)
9/19 Sale Closed
9/20 Deed recorded by the county
? Points Loaded into account

 

[1momof3boys3]

We closed yesterday!!! Anyone know how long after closing it takes for the deed to be recorded? Should it be done today?

BRV
Points: 100
Broker: DVC Resale Market
Closing: Magic Vacation Title

7/5 Offer accepted
7/7 Contract signed and sent to broker
7/7 Sent to ROFR
7/25 Passed ROFR
9/1 Closing docs received
9/6 Closing docs returned by buyer (me)
9/19 Sale Closed
? Deed recorded by the county
? Points Loaded into account

I saw mine on the OCC website the same day I closed. It was a few hours later, though. --I should mention it was a different closing company, so I'm not sure if they have similar procedures.

Congratulations!

 

[ArielSRL]

I saw mine on the OCC website the same day I closed. It was a few hours later, though. --I should mention it was a different closing company, so I'm not sure if they have similar procedures.

Congratulations!

Thank you! For the search perimeters, did you just use your name and the date? Just wondering if I am searching the correct way.

ETA: Nevermind..it is there!

 

[lalariner]

Boulder Ridge Villas
Points: 200
Broker: Garden Views Realty
Closing: Jeffrey C. Sweet, Attorney at Law

8/6 Offer accepted
8/7 Contract signed and sent to broker
8/9 Sent to ROFR
8/21 Passed ROFR
8/24 Closing docs received
8/28 Buyer Closing Docs received
9/5 Seller Closing docs received and sale closed
?? Deed recorded by the county
?? Points Loaded into account

Pretty thrilled with this timeline! Now I need those points so we can book HHI in March! Fingers crossed!!

9/7 Deed Recorded
9/20 Points loaded and booked Hilton Head for Spring Break!

A little more than 6 weeks start to finish. Couldn't be happier! Thanks for everyone's help!

 

[MaoriWhoLovesDisney]

AKL Timeline:
160 points
7/19 Offer made/accepted
7/24 Contract out for ROFR
8/4 Passed ROFR
8/29 Closing Docs Received
8/30 Buyer Docs Returned
9/7 Closed!
9/12 Deed recorded
9/20 Member Number from Admin
9/20 Points in dashboard

AKV is done!!!

I’m super thankful for how smooth and quick this process was, especially given a natural disaster, and the horrible situations some people are encountering.

Hang in there!!

 

[johnb3]

SSR
Points: 300
Use Year: June
Broker Buy and Sell DVC
Closing Duncan

Offer made and accepted 6/28/17
Sent ROFR 6/30/17
Passed ROFR 7/25/17
Received closing Docs 8/9/17
Send closing Docs back 8/9/17
Recorded 8/31/17
Points available 9/16/17

 

[sicktight]

VGF
160 points
8/4 Offer made/accepted
8/5 Contract out for ROFR
8/18 Passed ROFR
8/23 Closing Docs Received
8/25 Buyer Docs Returned
8/31 Closed
9/6 Deed recorded
9/19 Letter/magnets from DVC
9/20 Member Number from Admin & points in dashboard

 

[aokeefe]

VGF
160 points
8/4 Offer made/accepted
8/5 Contract out for ROFR
8/18 Passed ROFR
8/23 Closing Docs Received
8/25 Buyer Docs Returned
8/31 Closed
9/6 Deed recorded
9/19 Letter/magnets from DVC
9/20 Member Number from Admin & points in dashboard

Wow- your timeline was fast! Congrats!