You pay a deposit when you sign the contract and then you pay the remainder at closing. They may send you closing documents well before close, I would just wait to send the money until closer to closing and probably not until the closing agent notified me seller had returned theirs. It can take a long time to get your money back once you give it to them, even in the event the seller backs out. It is always possible for the seller to back out of any contract. A delayed closing may make it slightly more likely depending on what happens to the market between entering into the contract and closing. As a buyer, you could also come to regret the purchase or price of the contract depending on what happens with the market.
AFAIK, they would owe the broker the commission. However, the broker may have a difficult time collecting it.Thanks for the information
If the seller backs out, would there be any type of penalty/payment for them?
This is why I really don't like delayed closings, at least ones that are over a 2 month delay, Seller could walk away at anytime and not really have to pay a penalty. Unless you have a hard to find UY for your Resort, then I would suggest to wait for another contract to come up. Chances are that another contract will come up if your patient for what your looking for.
It’s the same exact process. There is just a delay on the close date. Generally, everything will be done and then you will just be waiting for your close date to arrive. However, there is always the possibility that Disney could take all the way up until closer to your delayed closing date to decide ROFR as the the close date is the deadline for their decision on ROFR. They generally decide delayed closings on the same timeline as regular closing contracts, but you should be aware they absolutely do not have to.
The 30 days applies to you in that you must give Disney AT LEAST 30 days to decide before you close. If your scheduled closing date is more than 30 days out from the time you submit it to ROFR then you have effectively given Disney however many days until your closing date. They generally decide within the 30 days, but they don’t have to (I had a contract taken at 54 days last year). They just have to decide before your contract is scheduled to close and you can’t schedule your closing within less than 30 days of submitting it to ROFR. Most brokers set closing 60 days out, which effectively gives Disney 60 days to make the ROFR decision.
You seemed confused. If Disney waives within 30 days then that it is it. They don’t get a second bite at the apple just because there is a delayed closing. The whole point I was making is that with a delayed closing you are giving Disney a lot more time than the normal contract usually set at 60 days to close. Everyone talks about a 30 day deadline for Disney for ROFR, but that doesn’t exist. The 30 days applies to the buyer and seller in that they must submit their contract to Disney for ROFR at least 30 days before closing. I’m not sure why this is so hard to understand and why so many people continue to perpetuate this 30 day myth. The only deadline Disney has to exercise ROFR is the closing date on the contract.
That's it. Now it's a different waiting game.
Yep, once they waive, you are good to go. They don’t get to change their mind just because the closing date may be at later date.
I had a 4 month delayed closing last year. My documents were received right after passing ROFR but final payment wasn't due until closing. Hope that helps.... good luck!!
