Closing Time!

[RachStu]

I did hear back from member services today on my 5/20 deed/closing. They said I am in queue to get processed this week. It also says to allow an additional 7-10 for the points to show after that.

Urgh, our deed was recorded on 24th May and I was really hoping it would show up today. I guess we’ve probably got the best part of another week to impatiently wait….

 

[VGCgroupie]

Laws govern this and I don’t know the answer for sure, and could be wrong but I think legally, the closing date is what determines the timeline and that date is what allows a buyer to walk away.

I have not found anything to suggest a seller can be forced into time limits for any part of the process, other than that date. Maybe someone else has found different info??

I will say as a seller, I never agreed to a closing date of less than at least 60 days from when the contract was agreed to. Too many things could happen to delay the sale.

My closing docs had the verbiage "This contract shall be closed on or before 06/24/2024 unless extended by the closing agency or other provisions of the contract" The offer acceptance had some other verbiage about amending after 06/24 I assume I could back out at this point but Im not entirely sure. I probably wont but... I wish there was verbiage of buyer/seller has 5 business days or 7 days to sign and return documents.

 

[Middle of Main Street]

Urgh, our deed was recorded on 24th May and I was really hoping it would show up today. I guess we’ve probably got the best part of another week to impatiently wait….

Good news! We did get our membership number tonight, and I set up my new account. Disney sent me two emails about two hours apart. I had to wait for both before I could do anything. I chatted online and they could not give me my points today. The cast member did try though.

 

[BrianLo]

My closing docs had the verbiage "This contract shall be closed on or before 06/24/2024 unless extended by the closing agency or other provisions of the contract" The offer acceptance had some other verbiage about amending after 06/24 I assume I could back out at this point but Im not entirely sure. I probably wont but... I wish there was verbiage of buyer/seller has 5 business days or 7 days to sign and return documents.

That's a bit too aggressive. The RON services have been delaying sellers for up to two weeks, so it's not always a lack of will. On the flip side I needed two weeks as a buyer for my Aulani contract I was purchasing to get back into country as I also needed the online notary. The funny thing was the board sponsor absolutely hounded me for it, I felt incredibly guilty. Now much less so.

My contract closing date was May 24th (when the seller submitted their documents) and I think it actually just closed today/yesterday from the agents email. So I definitely ran over the contracted closing in my case. Albeit I was not going to walk so far into the process obviously - I let the title company know this under the table as a means of getting the seller to actually submit documents. Which they did very last second, I got the feeling they just procrastinated and then realized notarization could not be done last second. Or maybe a divorce situation mucking things up?

 

[Sandisw]

My closing docs had the verbiage "This contract shall be closed on or before 06/24/2024 unless extended by the closing agency or other provisions of the contract" The offer acceptance had some other verbiage about amending after 06/24 I assume I could back out at this point but Im not entirely sure. I probably wont but... I wish there was verbiage of buyer/seller has 5 business days or 7 days to sign and return documents.

If the closing date passes, you are allowed to withdraw. But, as I said, do not believe that they can, with a real estate contract like this, add clauses that require X days to complete any aspect. Things happen that can interfere and no way to plan for ahead of time.

All I have been able to find is that the closing date is what guides the process. Maybe someone else can chime in…but my guess is if that is something by law that could be included they might. I can tell you as a seller, I would never agree to that.

 

[VGCgroupie]

Does the final payment have to wired asap? They sent me wire instructions when I got my closing papers so I wired all the money on 05/23. Asking for my contract that’s currently in ROFR, I’d rather have that money in savings earning money in case the seller takes their sweet time like this current seller is.

 

[Replevin]

Does the final payment have to wired asap? They sent me wire instructions when I got my closing papers so I wired all the money on 05/23. Asking for my contract that’s currently in ROFR, I’d rather have that money in savings earning money in case the seller takes their sweet time like this current seller is.

Tell the closing agent you will wire the money when they have the signed closing documents from the seller.

 

[Replevin]

Home Resort: AKL
Broker: ......
Title Company: DVC Closings
Offer made: 3/25/24
Offer accepted: 3/25/24
Sent to ROFR: 3/28/24
Passed ROFR: 4/17/24
Closing docs received: 4/17/24
Closing docs returned: 4/17/24(buyer) ???(seller)
Closing: 5/20/24
Deed recorded: 5/20/24
Contract Showing on Membership (existing member): 6/4/24 (at 8pm my time)
Points in account: ???

Days Total: 71

 

[lew4949]

Maybe some hope on the horizon this week for the rest of the around-5/20 club.

 

[sammeysue809]

Good Morning my closing time comrades. I am a BCV resale contract, closing and deed posted 5/20. It’s been what seems like the longest wait (when trending account turnaround this year), but I’m finally setup. As a new member I received the 2 DVC account emails: 1 with access code and 1 with ID. The emails came in 8PM EST and 10PM EST. I quickly set up the account, and waited for the chat to open this AM at 9AM EST to request points. All I did was ask the cast member if they could look into when my points would be loaded and within mere minutes they showed up. I thanked him immensely. Disney can take all my money, their magic makes my life so much sweeter.

Hopefully my fellow 5/20 closings get set up today!

 

[snowy82]

Seller's docs were received today and we're supposedly closing tomorrow! One more step closer!

Home Resort: SSR
Broker: https://www.dvcresalemarket.com/
Title Company: Magic Vacation Title
Offer made: 5/3/24
Offer accepted:5/3/24
Sent to ROFR: 5/5/24
Passed ROFR: 5/22/24
Closing docs received: 5/23/24
Closing docs returned: 5/30/24 (buyer); 6/5/24 (seller)
Closing:
Deed recorded:
Contract Showing on Membership (new member):
Points in account:

Days Total: 32 days so far

 

[VGCgroupie]

Tell the closing agent you will wire the money when they have the signed closing documents from the seller.

For sure will do this. Thanks!

 

[VGCgroupie]

I have no shame and I emailed again (I let 1 week pass from last email) Sellers signed and have mailed the documents back but they are still in transit. So I guess rather than an e-notary delay we have shipping time added. Just very happy they did their part and things are moving along.

 

[lew4949]

Update for contract showing on membership.

Home Resort: VGF
Broker: fidelityrealestate.com
Title Company: dvcclosings.com
Offer made: 4/18/24
Offer accepted: 4/18/24
Sent to ROFR: 4/22/24
Passed ROFR: 5/8/24
Closing docs received: 5/8/24
Closing docs returned: 5/8/24
Funds wired: 5/9/24
Closing: 5/20/24
Deed recorded: 5/21/24
Contract Showing on Membership (existing member): 6/5/24
Points in account:

Days Total:

Best wishes to everyone who is still waiting (especially those who had to wait for weeks on their sellers returning closing docs). Judging from the entries here over the last couple days, there does seem to finally be some progress on all those closings around 5/20. I've still got another to sweat out that was recorded on 5/31, and I guess I'll have to recue thumb twiddling for the points to load on the one above--but at least it's the last lap on this one now.

Good luck!

 

[DonMacGregor]

Update1:

Home Resort: AUL
Broker: https://www.dvcresalemarket.com/
Title Company: https://www.firstam.com
Offer made: 5/13
Offer accepted: 5/13
Sent to ROFR: 5/14
Passed ROFR: 6/5
Closing docs received:
Closing docs buyer:
Closing docs seller:
Closing:
Deed recorded:
Contract Showing on Membership (existing member):
Points in account:

Days Total: 22

 

[Middle of Main Street]

Good Morning my closing time comrades. I am a BCV resale contract, closing and deed posted 5/20. It’s been what seems like the longest wait (when trending account turnaround this year), but I’m finally setup. As a new member I received the 2 DVC account emails: 1 with access code and 1 with ID. The emails came in 8PM EST and 10PM EST. I quickly set up the account, and waited for the chat to open this AM at 9AM EST to request points. All I did was ask the cast member if they could look into when my points would be loaded and within mere minutes they showed up. I thanked him immensely. Disney can take all my money, their magic makes my life so much sweeter.

Hopefully my fellow 5/20 closings get set up today!

So happy for you! My account was set up last night, but today they still said the points weren't available and to check on Friday. Nice cast member, but just no luck getting my points yet at CCV.

 

[sammeysue809]

So happy for you! My account was set up last night, but today they still said the points weren't available and to check on Friday. Nice cast member, but just no luck getting my points yet at CCV.

Good thing is that you can clear your concience knowing you tried! The cast member mentioned it does vary and he said he was going to try. I refreshed while we were chatting and all my points loaded. I wonder if there’s also a variation due to the actual resort.. hoping you get them loaded tomorrow!

 

[teetee830]

I'm so frusterated!! The deadline for documents to have documents signed and returned by the 7th. The seller still has not signed. They were supposed to have the remote notary appointment on Tuesday the 4th but I was jsut told they had to reschedule for the 10th, after the deadline. The closing agent said she needs to request a closing date addendum from my agent. My question is what happens when they don't meet the deadline. I'm assuming I could cancel the sale and get my money I've paid back, which is not really what I want to do. But I'm frusterated and feel like there should be some penalty for the seller. I put my offer in on 4/4 now we are over two months along and most likey at least another 30-45 days before its done and I can use my points.

I guess I mostly just wanted to vent!

 

[VGCgroupie]

I'm so frusterated!! The deadline for documents to have documents signed and returned by the 7th. The seller still has not signed. They were supposed to have the remote notary appointment on Tuesday the 4th but I was jsut told they had to reschedule for the 10th, after the deadline. The closing agent said she needs to request a closing date addendum from my agent. My question is what happens when they don't meet the deadline. I'm assuming I could cancel the sale and get my money I've paid back, which is not really what I want to do. But I'm frusterated and feel like there should be some penalty for the seller. I put my offer in on 4/4 now we are over two months along and most likey at least another 30-45 days before its done and I can use my points.

I guess I mostly just wanted to vent!

Im sorry that is so frustrating. The only penalties Ive seen is for points that are missing not for missing deadlines. Was your contract a super good deal? Maybe they want you to back out.

 

[teetee830]

Im sorry that is so frustrating. The only penalties Ive seen is for points that are missing not for missing deadlines. Was your contract a super good deal? Maybe they want you to back out.

Maybe, thats it. Its a small contract for Poly and less than what I'm seeing them listed for right now.