Will contract show on OCC after ROFR?

[erin1715]

Hi all, I've currently got an accepted contract submitted to ROFR on 7/31 and I'm chomping at the bit to hear something soon!

I've seen stories on here where sometimes brokers are a little lax when notifying buyers that their contract passed, so I'm wondering if the contract will show up on OCC if/when it passes ROFR? Or does it only show there once the closing happens?

 

[SPLzero]

It wouldn't show until after closing. Buyers and sellers can still back out up until closing.

 

[erin1715]

It wouldn't show until after closing. Buyers and sellers can still back out up until closing.

Ah bummer! Ok well, back to checking my email every minute lol....

 

[SPLzero]

I feel you I've been checking my credit card to see if my escrow has been refunded.

 

[Greg36]

I feel you I've been checking my credit card to see if my escrow has been refunded.

we did this a few times as well when we were waiting! I was recently told though by one of the brokers that they would actually give the buyer an option to just simply keep the deposit in escrow for another buying opportunity. I took this to mean that even if Disney exercised their right of first refusal you may not see an automatic credit card reversal for the deposit... Hope you hear soon though. The waiting is pretty brutal.

 

[Debbie Jean]

Sorry but as a seller, I would say that you aren't getting my contract until I have your money... not sure why you think you should have it before that.

 

[erin1715]

we did this a few times as well when we were waiting! I was recently told though by one of the brokers that they would actually give the buyer an option to just simply keep the deposit in escrow for another buying opportunity. I took this to mean that even if Disney exercised their right of first refusal you may not see an automatic credit card reversal for the deposit... Hope you hear soon though. The waiting is pretty brutal.

Yes I've already had Disney exercise the ROFR on a previous contract and the broker asked if I would like to keep the deposit in escrow or have it refunded, so you likely won't see it on your CC statement anyway.

 

[erin1715]

Sorry but as a seller, I would say that you aren't getting my contract until I have your money... not sure why you think you should have it before that.

I wasn't exactly sure of the process for OCC. I wasn't implying that I should get the contract before my money was sent. Wow.

 

[SPLzero]

You guys are killing me!

 

[disneynutz]

Hi all, I've currently got an accepted contract submitted to ROFR on 7/31 and I'm chomping at the bit to hear something soon!

I've seen stories on here where sometimes brokers are a little lax when notifying buyers that their contract passed, so I'm wondering if the contract will show up on OCC if/when it passes ROFR? Or does it only show there once the closing happens?

After the closing, the deed is what is filed through the Orange County Clerk.

Bill

 

[Debbie Jean]

Ah bummer! Ok well, back to checking my email every minute lol....

I wasn't exactly sure of the process for OCC. I wasn't implying that I should get the contract before my money was sent. Wow.

Maybe I misunderstood your question then.

Why do you think the change of deed would be filed before money has changed hands? I still own the contract. When you pay me, you will own it. Not sure why you think it would be filed after ROFR.

 

[erin1715]

Maybe I misunderstood your question then.

Why do you think the change of deed would be filed before money has changed hands? I still own the contract. When you pay me, you will own it. Not sure why you think it would be filed after ROFR.

I guess I didn't think through what happened with the process of OCC. I was also looking at a friends contract that she recently closed on and her paperwork for ROFR does show up there, but it must not be shown until the contract is closed. I guess I was confused. I don't know why you're coming at me like I'm being all malicious trying to get something before I pay for it. It was an innocent question.

 

[Debbie Jean]

I guess I didn't think through what happened with the process of OCC. I was also looking at a friends contract that she recently closed on and her paperwork for ROFR does show up there, but it must not be shown until the contract is closed. I guess I was confused. I don't know why you're coming at me like I'm being all malicious trying to get something before I pay for it. It was an innocent question.

Wasn't accusing you of any kind of maliciousness at all... just really couldn't understand why you thought it would be showing up on OCC after ROFR. All that means is Disney relinquishes any interest it has in buying the contract back at the agreed upon price. I thought it was funny that you imagined finding a deed filed in your name before you had actually paid for the contract LOL

The deed is not recorded until after the contract is actually closed. Until we close, as a seller, I always have the option to cancel the sale... maybe I want more money for it or maybe I had a change of heart and decided to keep it. I would have to pay my broker their commission but who knows... I might decide that's what I want to do. You as a buyer also have that option before closing... you lose your deposit but who knows... maybe you got a better deal.

Most sales move smoothly from ROFR through closing but things can happen... the deed is not actually filed until that transaction is completed.

 

[erin1715]

Wasn't accusing you of any kind of maliciousness at all... just really couldn't understand why you thought it would be showing up on OCC after ROFR. All that means is Disney relinquishes any interest it has in buying the contract back at the agreed upon price. I thought it was funny that you imagined finding a deed filed in your name before you had actually paid for the contract LOL

The deed is not recorded until after the contract is actually closed. Until we close, as a seller, I always have the option to cancel the sale... maybe I want more money for it or maybe I had a change of heart and decided to keep it. I would have to pay my broker their commission but who knows... I might decide that's what I want to do. You as a buyer also have that option before closing... you lose your deposit but who knows... maybe you got a better deal.

Most sales move smoothly from ROFR through closing but things can happen... the deed is not actually filed until that transaction is completed.

Thanks.

 

[sndral]

...
The deed is not recorded until after the contract is actually closed. Until we close, as a seller, I always have the option to cancel the sale... maybe I want more money for it or maybe I had a change of heart and decided to keep it...

Pull out your old contracts 1A text from law school, DVC is an interest in real property thus buyer might be entitled to specific performance, eg title to the property for a seller's breach, in the real world no one would sue to gain this remedy since it would cost more than it was worth & I know nothing of Florida statutes or cases.
For OP, the deed for your interest in DVC will be recorded once you close - you send your payment to the escrow company and seller signs the deed over to you and sends it to the escrow company who then records the title on the deed for you and sends your money to the seller/broker. The title is recorded to give notice to the world that you now own an interest in real property of some sort (real property being the legal term for land/real estate.)
Meanwhile, since you now know your seller's name, you can search OCC to find the seller's current title to your future DVC, if you are interested.