Using PTS in a Contract before We close. Good or Bad Idea? - The DIS Discussion Forums

disbound09 · 03-17-2013, 08:02 PM

Ok here is my problem. I have a 320 SSR contract that is dragging on for a number of reasons. Aug UY so I had the owner bank the points last week.

We have non refundable airfare to be in Disney June 12th-19th. Signed 1/9 Passed ROFR Wired Balance on 3/4/13 The seller has not returned the corrected contract yet so it has not been sent in to Disney yet. Title company had wrong amount on contract they provided.

I am concerned that SSR will not have a 2 bedroom available if it gets down to the wire, say 2 months out.

So can I have the current owner book a reservation in our name and just wait for the contract to finally finish or would this somehow hinder the contract from closing.

Could the owner rescind the reservation after they are paid? Would I need a rental agreement? Is this a good idea?

Thanks for any insight.

Kidanifan08 · 03-17-2013, 08:21 PM

I don't think a contract can be sold with an active reservation. The closing would have to be delayed until after the reservation was completed.

disbound09 · 03-17-2013, 09:35 PM

Quote:

Originally Posted by Kidanifan08

I don't think a contract can be sold with an active reservation. The closing would have to be delayed until after the reservation was completed.

Bummer I thought I had read something to that effect. Just looking for a way to salvage my plan. I have two months 3 weeks and 4 days. Its going to be close.

disneynutz · 03-17-2013, 09:42 PM

Reservations are canceled before the contract closes.

Banking the points may have changed the terms of the contract submitted to Disney, if so you will have additional delays.

Bill

disbound09 · 03-17-2013, 10:52 PM

Quote:

Originally Posted by disneynutz

Reservations are canceled before the contract closes.

Banking the points may have changed the terms of the contract submitted to Disney, if so you will have additional delays.

Bill

Oh boy it just gets better and better.

disneynutz · 03-18-2013, 09:44 AM

Quote:

Originally Posted by disbound09

Oh boy it just gets better and better.

Call your broker and find out about banking and the contract as submitted to Disney and signed by you and the seller to see if it's an issue.

Better to fix a problem now instead of getting a surprise later.

Bill

dbs1228 · 03-17-2013, 09:43 PM

Well as of right now no problem with getting a 2 bedroom dedicated or a lock off! Hope the rest goes quickly for you but I really think you will be fine! Have fun!

bumbershoot · 03-22-2013, 11:30 PM

Quote:

We have non refundable airfare to be in Disney June 12th-19th.

I really hope you have something booked at Disney (or Universal or somewhere) just in case.

disbound09 · 03-23-2013, 06:51 AM

Quote:

Originally Posted by bumbershoot

I really hope you have something booked at Disney (or Universal or somewhere) just in case.

A friend checked a few days ago and said 2 bedroom SSR and OKW were still available for 6/12/13-6/19/13 I am really stressing about and debating renting pts from someone and then having to rent ours when we finally get them. Taking a little magic out of the whole owning DVC right now. I am giving it until the two month mark. Not sure if this is a great idea or not.

kenspidey · 03-23-2013, 06:58 AM

My guy tells me you will be ok... Just to relieve your stress why don't you book a refundable room off property.

03-17-2013, 08:02 PM	#1
disbound09 Mouseketeer Join Date: May 2009 Location: Garland, Texas Posts: 228	Using PTS in a Contract before We close. Good or Bad Idea? Ok here is my problem. I have a 320 SSR contract that is dragging on for a number of reasons. Aug UY so I had the owner bank the points last week. We have non refundable airfare to be in Disney June 12th-19th. Signed 1/9 Passed ROFR Wired Balance on 3/4/13 The seller has not returned the corrected contract yet so it has not been sent in to Disney yet. Title company had wrong amount on contract they provided. I am concerned that SSR will not have a 2 bedroom available if it gets down to the wire, say 2 months out. So can I have the current owner book a reservation in our name and just wait for the contract to finally finish or would this somehow hinder the contract from closing. Could the owner rescind the reservation after they are paid? Would I need a rental agreement? Is this a good idea? Thanks for any insight. __________________ : ME53DW52DS19 DS16 DS10 Last edited by disbound09; 03-17-2013 at 08:05 PM. Reason: Not clearly stated

03-17-2013, 08:21 PM	#2
Kidanifan08 DIS Veteran Join Date: Feb 2011 Location: Indiana Posts: 1,267	I don't think a contract can be sold with an active reservation. The closing would have to be delayed until after the reservation was completed. __________________ POP 2004, POR Oct '08, SSR Jan '09 (first DVC trip!), AKV-K June '09, ASM Oct '09, CBR Jan '10, AKV-K Dec '10, CSR Feb '11, OKW Aug '11, Kidani/BLT Oct '11, BWV/GF Mar '12, Jambo-CL/BLT May/June '12, Kidani Dec '12, BWV Apr '13, BLT/Kidani July '13

03-17-2013, 09:42 PM	#4
disneynutz Earning My Ears One At A Time Join Date: Dec 2006 Location: North Texas Posts: 14,479	Reservations are canceled before the contract closes. Banking the points may have changed the terms of the contract submitted to Disney, if so you will have additional delays. Bill __________________

03-17-2013, 09:43 PM	#7
dbs1228 DIS Veteran Join Date: Feb 2010 Location: CT Posts: 1,917	Well as of right now no problem with getting a 2 bedroom dedicated or a lock off! Hope the rest goes quickly for you but I really think you will be fine! Have fun! __________________ 1995 - 2010 Ft Wilderness Cabins every year! OKW, BLT 2010 & 2011 AKV 2011 THV 2012

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03-23-2013, 06:58 AM	#10
kenspidey Mouseketeer Join Date: Feb 2013 Posts: 105	My guy tells me you will be ok... Just to relieve your stress why don't you book a refundable room off property.