Come on Estoppel!!!!

[WhalerFan]

Our OKW addon contract

8/24 submitted for ROFR
9/16 passed ROFR
still waiting on *** to get us closing documents.

 

[AmyKat]

1. Sign the closing papers, mail in with check.
2. Wait impatiently for word that the title company received yours and sellers' closing docs.
3. Wait impatiently for title company to process closing docs and close the contract.
3A. If you're using TT&M as your title company, you'll be forced to wait impatiently as they go back to Disney AGAIN to re-verify points and any unpaid MFs.
4. Wait impatiently for title company to record deed with Orange County and for said recorded deed to actually show up on the OCC search site.
5. Wait impatiently for Disney to receive documentation on closing and transfer of title.
6. Wait impatiently for Disney to mail you your membership letter.
7. Wait impatiently on hold after you call Disney to get your activation code and have your online account set up.
8. Wait impatiently for Disney to mail your member cards and DVC car magnets in a separate, later mailing (WTH? Why not just send it with the member number in the first mailing?)
9. Wait impatiently for points to magically appear in your DVC account!
10. Jump and dance for joy...
11. Wait impatiently for your first vacation as a DVC owner!

I just got an email from the title company telling me they received my check and signed closing documents. According to their letter (not Robb's lovely list above), they now prepare the deed and send it to the seller. The seller has to sign the deed and send it back. Does that sound right? Our seller is in the UK so I'm guessing this will take a little extra time. Waiting on ROFR was the easy part! All these other step...wait...step...wait...step...wait ... are driving me crazy.

 

[mickeyman]

I just got an email from the title company telling me they received my check and signed closing documents. According to their letter (not Robb's lovely list above), they now prepare the deed and send it to the seller. The seller has to sign the deed and send it back. Does that sound right? Our seller is in the UK so I'm guessing this will take a little extra time. Waiting on ROFR was the easy part! All these other step...wait...step...wait...step...wait ... are driving me crazy.

With ours we didn't have to wait on the seller to sign the deed. He actually got it and returned it before we returned our documents. The seller got their paper work the same time we did

 

[AmyKat]

Your's has been moving at the speed of light compared to mine. I think we're both using the same broker (Fidelity) but have different title companies and your seller is domestic (right?). I think we put our offers in about the same time. It would be interesting (to me at least) to line up all our dates when everything is finished and see the differences.

 

[mickeyman]

Your's has been moving at the speed of light compared to mine. I think we're both using the same broker (Fidelity) but have different title companies and your seller is domestic (right?). I think we put our offers in about the same time. It would be interesting (to me at least) to line up all our dates when everything is finished and see the differences.

But I think they should've gotten there paper work the same time you did. Shouldn't have to wait to get it until you return yours. My time line is

Sent to ROFR 9/15
Passed ROFR 9/28
Closing docs received 10/5
Closing docs returned 10/13
Closed 10/16
Recorded in county 10/19

 

[AmyKat]

Sent to ROFR 9/15 9/8
Passed ROFR 9/28 9/25
Closing docs received 10/5 10/13
Closing docs returned 10/13 10/16
Closed 10/16 not yet
Recorded in county 10/19 not yet

My dates in hot pink. I guess I don't understand why they would say they have to wait on my signed closing documents before they send the updated deed to the seller. It sounds like they didn't have to wait in your case. The form letter they send with the closing documents is so poorly written, it's hard to tell what they really mean. Step 1 is clear - it says as soon as full payment and all necessary paperwork is received they will prepare the deed. Step 2 says (copied & pasted)

2. Sending the prepared Deed to the Seller: Typically we take 3-4 days for deed preparation if all information is received. (i.e. Full names, Addresses, Phone Numbers & SS# if Necessary) We then, send the prepared Deed and any other documents to the Seller. (Allow 5 days for the Seller to receive) In some cases, deeds have to be sent to several different addresses to receive signatures. (However, usually it is husband and wife, (Allow 5 days for signing, for the seller to fit in his/her schedule.) (Allow 5 days for returning Documents to our office.)

I think they are trying to say that I should expect it to take up to 20 days after they've received my check before they can record the deed.

 

[WhalerFan]

Our OKW addon contract

8/24 submitted for ROFR
9/16 passed ROFR
still waiting on *** to get us closing documents.

Sent an email to *** late yesterday afternoon and got my closing documents this morning! Don't know if I was already at the top of the stack or my email sped it up. So we finally are moving on to the next step.

 

[3 DD love princesses]

received closing docs yesterday and mailed them today. hoping seller sends hers quickly and we can close asap

 

[ustasmom]

So we had decided initially to use Monera to finance the purchase but yesterday we switched to another timeshare financing company because we got a better rate. I called Magic vacation title just to make sure we weren't too far into the process where changing our financer would be a problem. There were no issues with the change because none of our documents had been done yet. I guess we're in for a long wait on this one, lol.

How late wasn't too late? And who did you switch to? I have one in the works and another one that I didn't submit the contract yet.

 

[knobster]

Our timeline thus far:

Offer accepted: 9/14
ROFR: 9/25
Received closing documents: 10/21

In both this and my last contract (different broker and different closing company), they didn't tell me when they received estoppel. I specifically asked this time and they didn't answer the question. Maybe I asked too many questions at once.

 

[AmyKat]

Is anyone else checking deed recordings on the Orange County site? Robb? Have you seen any Old Key West contracts get posted lately? I can only find a couple in 2015 so I'm thinking my search parameters must be off.

 

[RobbW]

Is anyone else checking deed recordings on the Orange County site? Robb? Have you seen any Old Key West contracts get posted lately? I can only find a couple in 2015 so I'm thinking my search parameters must be off.

The only time I was religiously checking the OCC site was when I was waiting for my deed to record. However, I believe if you're looking for OKW deeds, you might be using the wrong search parameters. OKW was the original DVC property, and I believe Disney refers to it as the Disney Vacation Club in its filings, whereas other properties you will see "The Bay Lake Towers at Contemporary Resort" or "The Villas at Wilderness Lodge". I don't remember the exact wording, but trying searching for "vacation club" or something similar in the legal remarks field.

 

[AmyKat]

That makes sense. I was wondering why some deeds didn't specify a resort name! Thank you!

 

[RobbW]

Okay, just checked on the OCC site. The actual wording for OKW is "Disney Vacation Club at WALT DISNEY WORLD Resort".

 

[AmyKat]

Thank you!

 

[RobbW]

Just did another search and between Sunday and today, there have been 21 deeds recorded for "Disney Vacation Club at WALT DISNEY WORLD Resort".

 

[RobbW]

@AmyKat, according to my data, OKW is averaging about 34 days from passing ROFR to receiving closing docs. You passed ROFR on 09/25. So, I'd put receipt of your closing docs at around 10/29. Give you and your sellers 2-5 days to turn the closing docs around and get them back in. After all signed docs and payments have been received, give the title company anywhere from 3 days to 2 weeks to get your deed recorded. Some buyers have gotten lucky and their title company recorded their deed the day after receiving all parties' closing docs. Others, like me, waited two weeks for the title company to get around to filing. I'd say you should start checking OCC for your deed being recorded anywhere between 11/6 - 11/20.

With that said, I hope I'm wrong and you've got some pixie dust heading your way for a fast closing and recording! Ears crossed!

 

[AmyKat]

Thank you! We received our closing docs on 10/14 and returned them on 10/16. Title company confirmed receipt on 10/19. The seller is in the UK so I'm expecting a little more time for their side. Slow day (week) at work so I've been poking around on the OCC site. I realized that I hadn't received anything to sign for my loan so I emailed Monera about that and they've sent something to the title company that I should have today (yeah, right). No matter how much I keep my side moving, I'm still waiting on international mail.

We would like to book a trip for spring break and I can feel the clock ticking. But, we're no strangers to split stays so as long as I can make the points work, I don't mind changing rooms every day.

 

[mickeyman]

Thank you! We received our closing docs on 10/14 and returned them on 10/16. Title company confirmed receipt on 10/19. The seller is in the UK so I'm expecting a little more time for their side. Slow day (week) at work so I've been poking around on the OCC site. I realized that I hadn't received anything to sign for my loan so I emailed Monera about that and they've sent something to the title company that I should have today (yeah, right). No matter how much I keep my side moving, I'm still waiting on international mail.

We would like to book a trip for spring break and I can feel the clock ticking. But, we're no strangers to split stays so as long as I can make the points work, I don't mind changing rooms every day.

My paperwork from monera was included with my closing documents. You will need to get them notarized and then sent back to title company. The mortgage will also show up on occ site

 

[AmyKat]

The mortgage will also show up on occ site

Right. That's what clued me in to the fact that someone had screwed up by not sending the mortgage documents to me. I just received them. Luckily, several of my employees are notaries so that part will be easy.