Experience with "close after" dates

[BrerRabbit1119]

We are currently waiting on ROFR on our first DVC Resale contract. The contract is able to close after October 15th, I assume because the seller has a trip planned prior to the closing. Has anyone else had experience with a "close after" date, and how long did it take you to close after the stipulated date? From what I've read, it looks like pretty much everything can be prepped and ready prior to then, but they will wait to send estoppel to Disney until after the seller's trip. How long does it typically take to close after that happens?

We have a trip booked at BLT on rented points beginning on October 23rd, so I would love to close before then to maybe have a chance of heading up to the Top of the World Lounge. I honestly don't know if that timing is realistic, though.

 

[cvjw]

We sold a contract with a “close by” date. Everything was prepared before the date and the contract closed on that date. It was very easy.

Yes, we had one last vacation booked with those points before we sold them, hence the need for the “close by” date.

 

[Doublea]

The challenge I think you will have is two fold. You will be waiting for the seller to return the documents to the title company, but once that happens it closes that day, at least mine did and we are using magic vacation title.

The other aspect is waiting for Disney to set you up in the system. You can go through the closing time thread and see how long it took from closing to get the email for set up. I imagine if you could get that and talk to membership services it's possible you will be given access.

Good luck!

 

[Brett Wyman]

Sadly I doubt 10-23 will happen. Its pretty tight.

Assuming both sides closing docs are ready to be processed on 10-16, and you're payment is verified. You're then at Disney's mercy to do the paperwork on their end. They did send our one time code 8 days after closing, but it took another week after that before we were in the system so I could request our member ID.

 

[ELMC]

As has been said above, there is a difference between closing and being entered into the system. The closing should take place on that day. All financials will be settled and Disney will be notified of your ownership. However, how Disney handles it from there is completely up to them. Anecdotally it has taken anywhere between 5-21 days to get completely set up. Best I can say is good luck!

 

[Sandisw]

I have bought and sold contracts with a "cant close until date". Because in all my cases, ROFR was completed and the paperwork done, as soon as the date happened, they closed the contract. The one I sold was sold in April with an August close date. The one I bought, was bought in June with a November close date. In these cases, we were well beyond the 4 to 6 week timeframe for a typical resale purchase so there was no delay once that date came.

 

[Disneykate605]

Sometimes you see stories of people getting into the system sooner by calling. It never hurts to ask. I think if you told them how amazing it would be to go on this trip being a new DVC owner it might help.
Good luck!

 

[BrerRabbit1119]

Thanks, all! Yeah, I figure if things are wrapped up in time for this trip, it would be a total bonus, but I'm not counting on it. My wife and I have another trip planned for January at BLT (with no kid), so I figure we will be able to enjoy Top of the World even more on that trip!

 

[Raven01]

If I make an offer in April on a contract that is "Close by" in August, does that mean I don't have any money tied up until August? Or perhaps just the down payment?

 

[Sandisw]

If I make an offer in April on a contract that is "Close by" in August, does that mean I don't have any money tied up until August? Or perhaps just the down payment?

In my experience, which was 2 years ago, yes. I didn’t have to send final payment till about a month before close by date. I sent deposit in June, pass ROFR, about 2 weeks later, and then got paperwork,etc. in October for a closing in November. It was then that I sent the balance.

It’s one of the reasons when I was selling a contract like this they said to go ahead and list because there would be buyers who would want to have delayed closing for that reason. To push off final payment!