Step 1: Buyer and Seller have come to an agreement
After the Buyer and the Seller have agreed on the terms of the purchase the documents will be emailed to the Seller from SignNow. The Seller will receive one email from SignNow. The email will contain the agreement for the sale of the property. Page one is the instruction page, page two requires the Sellers’ initials and the final page requires the Sellers’ signature. All can be done electronically.
Step 2: Disney’s Right of First Refusal (ROFR)
After the signed documents have been completed by the Buyer and Seller, we will send the documents to TRCS. TRCS will then send the documents to Disney for ROFR. Right of First Refusal is the option Disney Vacation Club has to purchase any resale package after a sales price has been agreed upon and a contract has been executed. Each contract must be forwarded to DVC for review. DVC typically takes up to 30 days to review the agreement (can be longer based on DVC’s volume to review). At their discretion, Disney may step in and purchase the property themselves at the terms agreed upon by the Seller and the original Buyer. If DVC becomes the Buyer, the purchase can’t be completed by the Buyer and the Buyer can have their deposit refunded or search for another listing. There is not an opportunity for the Buyer to come back with a better offer in hopes of still purchasing the contract. 90% of the time Disney does not buy the property back.
Whether Disney chooses to exercise or waive its ROFR, we will inform the Seller of the outcome. If Disney waives its right, it’s time to proceed to the next step. If Disney buys it back, the final documents would be coming from Disney for the Seller to complete. The Seller would get the final documents signed, notarized, and returned to Disney. Then Disney would send the Seller the appropriate funds.
Step 3: Estoppels and Closing Documents
Once Disney has waived the purchase they will provide the title company with the estoppel information to prepare the final documents. The title company will prepare the final documents and send them to us for review. After reviewing the documents to assure they are correct they are emailed to the Buyer and Seller. The majority of the time Buyer and Seller will have their final documents in their email within 10 to 12 days from when Disney waives their right of first refusal.
Step 4: Finalize the transaction
The final documents are sent to the Seller via email. The documents need to be printed and the Seller has to get these documents signed and notarized. The closing company provides all the instructions on which documents need to be notarized and signed in front of witnesses or a Notary Public. The Seller will instruct the closing company if they want their final funds sent to them by regular mail, FedEx standard overnight, or a Bank Wire. Once both the Buyer and Seller have returned their final documents the closing company can get the final information from Disney and close the file. The closing company notifies Buy and Sell DVC, Inc.® when the file has closed and we will email the Seller letting them know it closed. The title company will submit the documents to Disney to complete the transfer of ownership. The day the file closes the funds are sent to the Seller.
Selling your DVC can be an easy and stress-free transaction.
To learn more about the possibility of selling your Disney Vacation Club feel free to get in touch with us today by emailing us jason@buyandselldvc.com or call 407-906-3789.
