Closing Documents don't reference banked points

[GaSleepingBeautyFan]

I've received the closing documents for the resale contract we are buying. I read through it a few minutes ago and noticed that there is no mention of the banked points that were in the original signed contract.
Should those banked points be referenced in this closing document?

I would think so and I'll be calling tomorrow to check but wondered if anyone else has encountered this.

**Update***

I figured I'd come back and update what the result was.
For those who haven't seen the updates that I posted through the thread a recap:

First - I double checked with the store I was buying the DVC points from that the banked points were there and that it was normal for the particular title company to not reference the banked points. The company then double checked for me and sent me in writing a document that said the banked points were there.

So I signed the contract and sent in the money. Then it took a month for the sellers to actually sign their paperwork and return it. I should have followed up sooner since they had 2 weeks before Christmas to turn it in and they went on vacation over the holidays for 2 weeks and then forgot about signing it.

So finally in January they signed the paperwork and closing was completed. Two more weeks later the contract showed up in my DVC Account.

I waited 10 business days (and just got back from a fantastic but crowded trip to Disney World) and checked my account and all points are now there including the banked points.

So even though this took awhile my resale buy is 100% complete and I saved a bunch of money. Now I've got more points to my favorite DVC resort - The Polynesian!

 

[Sandisw]

The papers should accurately reflect what you are getting. It is probably just a simple mistake. They will fix and send you New ones

 

[GaSleepingBeautyFan]

I sent an email to the closing document company and left a voice message with my contact at the resale company this morning so hopefully we'll get it figured out quickly. I haven't heard anything back today.

I'm all ready to get that cashiers check for them - I just need the documents to be correct so we can sign them and get this finalized.

 

[GaSleepingBeautyFan]

I heard back from someone who said they were a manager at the closing company. They said their company doesn't put banked points in the contracts and never has. But that they see the addendum we and the seller signed that has the banked points.
She said as long as those points are there (and she is going to pull a report to double check and send it to me) and we have the signed addendum there should be no problem with getting the banked points and if there is to contact them and they will take care of it.

So I guess I just have to take their word for it that all will be well once I receive that report.

 

[DaveNan]

I heard back from someone who said they were a manager at the closing company. They said their company doesn't put banked points in the contracts and never has. But that they see the addendum we and the seller signed that has the banked points.
She said as long as those points are there (and she is going to pull a report to double check and send it to me) and we have the signed addendum there should be no problem with getting the banked points and if there is to contact them and they will take care of it.

So I guess I just have to take their word for it that all will be well once I receive that report.

Same thing happened to me on one of my contracts. It all worked out fine, but until the points showed I was nervous. In the end, the points matched the description on the offer letter.

 

[poofyo101]

You will be fine.

 

[Soap_1984]

I think ours did reference them but it was definitely in the purchase and sale document that we signed after the seller accepted the offer.

 

[DigitalOlli]

We have a form in the closing documents where we find all banked and future coming points. Signed by us and the seller.
And that the title company get the info from disney that everything is true at the moment where the seller sold the contract

 

[ScubaCat]

ess I just have to take their word for it that all will be well once I receive that report

I wouldn't, but that's just me. What's the harm in getting everything in writing before signing and sending the check? Sounds like laziness or their desire to close quickly is superceding your best interest.

Always remember: A verbal contract isn't worth the paper it's written on.

 

[GaSleepingBeautyFan]

I received the report from Disney that has the banked points and a letter from the title company referencing them. So I went ahead and returned the signed contract and check.

I think everything will be ok. I feel better with those documents in my hand. Now we are just waiting for the sellers to sign the final closing docs so it can be processed. I was told I will be emailed when the sellers sign and it starts getting processed.

I'm looking forward to the new add on.

 

[KAT4DISNEY]

I received the report from Disney that has the banked points and a letter from the title company referencing them. So I went ahead and returned the signed contract and check.

I think everything will be ok. I feel better with those documents in my hand. Now we are just waiting for the sellers to sign the final closing docs so it can be processed. I was told I will be emailed when the sellers sign and it starts getting processed.

I'm looking forward to the new add on.

I experienced that same thing. The original signed agreement references the banked points and is the document to point to should the points not be correct. Mine was fine and all the points were there as they should have been.

 

[GaSleepingBeautyFan]

Well here's an interesting update. Disney did not exercise their ROFR so all seemed to be going great. We sent our signed contracts and the cashiers check to the title company. They received it and said they'd let me know when they received the signed closing documents from the seller. This was on December 3, 2019.

So we were swamped at home and I never thought a thing about it. Today I figured I'd better check so I sent the title company a message asking if the sellers returned the closing documents. Turns out they never did. And the title company has been unable to reach them via phone or email.
So I contacted my sales person who is going to attempt to reach them. Never heard of this happening before. Ugh.

 

[mustinjourney]

Well here's an interesting update. Disney did not exercise their ROFR so all seemed to be going great. We sent our signed contracts and the cashiers check to the title company. They received it and said they'd let me know when they received the signed closing documents from the seller. This was on December 3, 2019.

So we were swamped at home and I never thought a thing about it. Today I figured I'd better check so I sent the title company a message asking if the sellers returned the closing documents. Turns out they never did. And the title company has been unable to reach them via phone or email.
So I contacted my sales person who is going to attempt to reach them. Never heard of this happening before. Ugh.

so sorry to hear about that...definitely not a fun position to be in.

Unfortunately though, I have heard of things like this happening. Sometimes the sellers get cold feet or they get emotional and change their mind, and instead of responding -- they just stop all communication. Other possibilities are they have been traveling without access to email/phone for a bit or tragic accident.

Also, even though it has been over a month -- it's possible the sellers got swamped as well, and since neither you nor the title company pestered them at all, they might have completely forgot about it. Hopefully the title company will be able to get a hold of them soon and get it sorted out.

Don't forget that your contract should have a "close by" date -- I know it sucks to cancel at this point, but if they fail to close by that date, you do have the option of backing out and getting ALL of your money back. It will mean you'll have to go back and start over looking for contracts, but I think it is more of a buyer's market right now, so that could be good for you.

Good luck!

 

[Sandisw]

Well here's an interesting update. Disney did not exercise their ROFR so all seemed to be going great. We sent our signed contracts and the cashiers check to the title company. They received it and said they'd let me know when they received the signed closing documents from the seller. This was on December 3, 2019.

So we were swamped at home and I never thought a thing about it. Today I figured I'd better check so I sent the title company a message asking if the sellers returned the closing documents. Turns out they never did. And the title company has been unable to reach them via phone or email.
So I contacted my sales person who is going to attempt to reach them. Never heard of this happening before. Ugh.

Oh no, I’m sorry. Hopefully it is just something that got forgotten due to holiday and not something else.

it goes through soon!

 

[TikiRob]

Oh, bummer! Hope they are ok.

 

[GaSleepingBeautyFan]

I heard from our salesperson a half hour ago - the sellers got busy and forgot to return the paperwork. I think that's strange that they wouldn't want their money fast but each to their own.

The salesperson said he told them they need it this week. So hopefully they'll get it in fast and we can get moving again on getting those points.

 

[hlhlaw07]

I heard from our salesperson a half hour ago - the sellers got busy and forgot to return the paperwork. I think that's strange that they wouldn't want their money fast but each to their own.

The salesperson said he told them they need it this week. So hopefully they'll get it in fast and we can get moving again on getting those points.

Hopefully it works out for you. I spent the better part of 6 months waiting for the sellers on one of my resale contracts to sign everything they needed to close and it unfortunately never happened. I waited so long after the close by date because it was a VGF contract for a great price that I couldn’t get again because the prices sky rocketed. But alas, I ended up having to cancel the contract. Just a word of warning, even if the sellers default on the contract, it will take you probably at least a month to get your money back after you decide to cancel. Because of my experience with that contract and the hassle it was to get my money back, I don’t send in a check now until the closing company tells me they have received the seller’a paperwork.

 

[SG131]

I heard from our salesperson a half hour ago - the sellers got busy and forgot to return the paperwork. I think that's strange that they wouldn't want their money fast but each to their own.

The salesperson said he told them they need it this week. So hopefully they'll get it in fast and we can get moving again on getting those points.

Depends on who they are and why they’re selling I guess. I felt bad waiting a month to send my closing docs in but I didn’t want to close before dec 1. I talked to my agent and she said she knew the seller and they were in no rush so it wasn’t a big deal to take my time.

 

[DebbieB]

Interesting question, I took a look at a contract. It says if the seller defaults, the full commission is due plus they have to pay the escrow agent for incurred costs not to exceed $150 and the buyer's deposit will be returned.

 

[GaSleepingBeautyFan]

Hopefully it works out for you. I spent the better part of 6 months waiting for the sellers on one of my resale contracts to sign everything they needed to close and it unfortunately never happened. I waited so long after the close by date because it was a VGF contract for a great price that I couldn’t get again because the prices sky rocketed. But alas, I ended up having to cancel the contract. Just a word of warning, even if the sellers default on the contract, it will take you probably at least a month to get your money back after you decide to cancel. Because of my experience with that contract and the hassle it was to get my money back, I don’t send in a check now until the closing company tells me they have received the seller’a paperwork.

yowza. Sorry that happened to you.
It had better not happen to me - I'm not patient enough to wait that long. If it hits the close by date and they haven't sent in their documents I'm out. The only reason we went for this contract was because it was a cheaper price than most others for the same amount of points and it was our use year and resort. We hadn't planned on getting more points until 2021. I know my husband will want to wait and be very leary of buying resale again from this particular company.