Smoky Mountains Piggyback Deed – The process and the many steps. And a Question!

[SNA27]

1. Purchased 84k WBC + 84k Smoky Mountain from Wyndham in July 2019. I requested that my sons be added to the Smoky Mountains Contract.

2. Received by email a Purchase Contract from the broker for 84k points CWS at the Smoky Mountains in late July for me to sign and send payment info. Sons don’t need to sign the contract, as they are not financially responsible for it. They will be added to the deal later, which will make them Joint Tenants with First Right of Survivorship, as well as co-owners with Wyndham.

3. Purchase contract and payment completed in early September. (I screwed up by not dealing with the email immediately. It just slipped my mind since I was otherwise busy.)

4. Escrow documents received in early November. Signed and sent back.

5. Quitclaim Deed from the seller to the buyer.

6. Recording at the county.

7. Received Deed from Escrow in late November.

8. I sent an email to the broker saying why I don’t see my sons’ names. The broker claims I should have sent their names along with escrow papers. But, I forward her own email back to her. Thank God I had written communications. Well, they will redo the deed and take care of it. I email her my sons' names and addresses. Apparently, they will send some documents for them to sign.

9. I send an email today asking what’s going on. Have they sent out the documents? My son in Dallas is shifting apartments this weekend.

10. Get a call from the broker asking me where she should send the documents. I say send one to Dallas and send one to my home as indicated in my email. I ask what exactly is involved in the process. She says she will call the Title people and call me back.

11. Get a second call. Now she tells me my sons don’t sign anything. My wife and I should sign a quitclaim from ourselves to ourselves and our sons.

12. Quitclaim from Dad and Mom to Dad, Mom, and Sons. I will receive it tomorrow to sign and send it back.

13. Recording at the county.

14. Transmittal of the deed to Wyndham Title Services with a cover letter documenting VIP eligibility.

15. Wyndham deletes the seller’s contract.

16. Wyndham adds the buyer’s contract. Hopefully before 12/31/2019.

Actually, the process was even murkier than I describe but I am beginning to understand the details of the process. A simple process complicated needlessly by people who really don’t have the complete picture and make unforced errors. I bet all of this would have been avoided if I had understood the process myself. If I ever decide to buy resale, this newly acquired knowledge will come in handy!

Question:
So what happens to the 84k points for Use Year 2020 between steps 1 and 16.
Are they still available to the seller in the time it took for the whole process to complete?

 

[bendadin]

Did you pay the $189 fee?

 

[dgalati]

1. Purchased 84k WBC + 84k Smoky Mountain from Wyndham in July 2019. I requested that my sons be added to the Smoky Mountains Contract.

2. Received by email a Purchase Contract from the broker for 84k points CWS at the Smoky Mountains in late July for me to sign and send payment info. Sons don’t need to sign the contract, as they are not financially responsible for it. They will be added to the deal later, which will make them Joint Tenants with First Right of Survivorship, as well as co-owners with Wyndham.

3. Purchase contract and payment completed in early September. (I screwed up by not dealing with the email immediately. It just slipped my mind since I was otherwise busy.)

4. Escrow documents received in early November. Signed and sent back.

5. Quitclaim Deed from the seller to the buyer.

6. Recording at the county.

7. Received Deed from Escrow in late November.

8. I sent an email to the broker saying why I don’t see my sons’ names. The broker claims I should have sent their names along with escrow papers. But, I forward her own email back to her. Thank God I had written communications. Well, they will redo the deed and take care of it. I email her my sons' names and addresses. Apparently, they will send some documents for them to sign.

9. I send an email today asking what’s going on. Have they sent out the documents? My son in Dallas is shifting apartments this weekend.

10. Get a call from the broker asking me where she should send the documents. I say send one to Dallas and send one to my home as indicated in my email. I ask what exactly is involved in the process. She says she will call the Title people and call me back.

11. Get a second call. Now she tells me my sons don’t sign anything. My wife and I should sign a quitclaim from ourselves to ourselves and our sons.

12. Quitclaim from Dad and Mom to Dad, Mom, and Sons. I will receive it tomorrow to sign and send it back.

13. Recording at the county.

14. Transmittal of the deed to Wyndham Title Services with a cover letter documenting VIP eligibility.

15. Wyndham deletes the seller’s contract.

16. Wyndham adds the buyer’s contract. Hopefully before 12/31/2019.

Actually, the process was even murkier than I describe but I am beginning to understand the details of the process. A simple process complicated needlessly by people who really don’t have the complete picture and make unforced errors. I bet all of this would have been avoided if I had understood the process myself. If I ever decide to buy resale, this newly acquired knowledge will come in handy!

Question:
So what happens to the 84k points for Use Year 2020 between steps 1 and 16.
Are they still available to the seller in the time it took for the whole process to complete?

Sounds like you are learning to use the loopholes Wyndham is giving? Learn how to use your ownership and its not gaming the system if you don't buy developer points.

 

[SNA27]

Did you pay the $189 fee?

For what? What's this $189 fee?

Closing Fee to Volunteer Title & Escrow Services $100
Shipping & Handling $50 to VTES (Wth?)
Deed Recording $18
Revenue Stamps $23.31
1-month Maint Fee to Wyndham Destinations $51.21 (which month?)
Total Closing Costs from Buyer $242.52

 

[bendadin]

Was it a fixed week conversion?

 

[dgalati]

For what? What's this $189 fee?

Closing Fee to Volunteer Title & Escrow Services $100
Shipping & Handling $50 to VTES (Wth?)
Deed Recording $18
Revenue Stamps $23.31
1-month Maint Fee to Wyndham Destinations $51.21 (which month?)
Total Closing Costs from Buyer $242.52

Wyndham may have been able to charge for a kitchen sink and got away with it.

 

[SNA27]

@bendadin, My SM 84k is UDI. I think you are referring to the conversion fee for converting FW to points. I remember paying that for my Flagstaff FW.

If you ask a Russian Apparatchik 'why?' he will reflexively and authoritatively say:

потому что! (potomu chto!)

BECAUSE!

I could regale you with one such encounter at Московский аэропорт Домоде́дово (Moscow Domodedovo Airport) in 1980! Maybe later!

That's the problem inherent in a Government Apparatus! Apparatchiks are never clued in on the why and what for! They are not equipped to respond to questions about decisions made so many levels above them!

 

[bendadin]

@bendadin, My SM 84k is UDI. I think you are referring to the conversion fee for converting FW to points. I remember paying that for my Flagstaff FW.

What was your deal? I've never heard of a piggyback with a points contract instead of a FW.

 

[SNA27]

I assume the seller had 84k SMK UDI and he enlisted Wyndham to get rid of it for him!

I don't know if this is how Ovations work. After all, if Ovation were to have the sellers Quitclaim the deed to Wyndham trustee and then sell the deed to me, there are unnecessary recording fees involved. This way, they just act as a broker between the seller and the buyer.

Just like in reselling FW. I doubt they ever transfer the FW to themselves before selling it to you. Maybe they do if the seller is foreclosed. I don't know the inside baseball secrets. Just an educated guess!

In my case, they acted as a broker! I hope my $6K plus went into the pockets of a deserving gentleman from Tennessee!

 

[dgalati]

I assume the seller had 84k WBC UDI and he enlisted Wyndham to get rid of it for him!

I don't know if this is how Ovations work. After all, if Ovation were to have the sellers Quitclaim the deed to Wyndham trustee and then sell the deed to me, there are unnecessary recording fees involved. This way, they just act as a broker between the seller and the buyer.

Just like in reselling FW. I doubt they ever transfer the FW to themselves before selling it to you. Maybe they do if the seller is foreclosed. I don't know the inside baseball secrets. Just an educated guess!

In my case, they acted as a broker! I hope my $6K plus went into the pockets of a deserving gentleman from Tennessee!

Wishfull thinking on your part. I bet more then 17k went in Wyndham's pocket

 

[SNA27]

What? You're pulling numbers out of thin air!

I paid only $6300 + costs for this Wyndham brokered resale of 84k SMK (not WBC, that was a typo).
I was told one of the reps gets a commission on this. How much, I have no idea.

$17,700 + costs that I paid for 84k WBC+ 84k Bonus is separate.
The greeter Kid told me he gets 70% of the X% commission while 30% goes to whom else, I don't know!

$24,000/168k works out to $143/1k.

 

[SNA27]

Bloody hell! I just received the Quit Claim deed and found that my first name is misspelled.
Going back and checking all the PDF I kept of the signed documents, I find that the purchase contract in step 3 was just fine but that Volunteer Title Services messed it up on Step 4.
We had to send copies of our drivers' licenses in step 4 when we signed and sent back the documents. I guess that was for notary purposes. What kind of notary notarizes without checking names?

So, a few more steps to this whole screwed up process. Shot off an email to the broker. Let's see what she says!

Wyndham should have been able to get the purchase contract and the settlement statement for the piggyback prepared on the same day as the main contract and got everything signed by us and paid for. The whole process would have taken less than a month!

Still no answer on whether 84k is available to the seller? I will ask the broker tomorrow!

 

[dgalati]

Bloody hell! I just received the Quit Claim deed and found that my first name is misspelled.
Going back and checking all the PDF I kept of the signed documents, I find that the purchase contract in step 3 was just fine but that Volunteer Title Services messed it up on Step 4.
We had to send copies of our drivers' licenses in step 4 when we signed and sent back the documents. I guess that was notary purposes. What kind of notary notarizes without checking names?

So, a few more steps to this whole screwed up process. Shot off an email to the broker. Let's see what she says!

Still no answer on whether 84k is available to the seller? I will ask the broker tomorrow!

Welcome, welcome my friends to the pain that never ends.

 

[SNA27]

Pain continues! Warranty deed from seller to me has my name WRONG.
First Quitclaim deed had it transferring from WRONG name to WRONG name.
Second Quitclaim deed I received transfers from my RIGHT name to RIGHT name.
Broker is on vacation! I called Volunteer Title Services and asked shouldn't the quitclaim be from WRONG name to RIGHT name!
They are going to consult their attorney and get back to me!

 

[SNA27]

No answers yet! Any lawyer here knows how to correct a spelling error made in the Warranty Deed?

 

[dgalati]

No answers yet! Any lawyer here knows how to correct a spelling error made in the Warranty Deed?

Only way this can be done is to prepare a new deed and record the new deed with correct spelling.

 

[dgalati]

Usually the transfer company will request that you proof read and approve all is correct with the names and spelling before the deed is recorded.

 

[dgalati]

No worries even if it takes until August it will work in your favor if seller is paying maintenance fees until Wyndham transfers internally.

 

[SNA27]

@dgalati, thank you but that's not helpful. Did you read the original post or just responding randomly to tiny bits of it?

@Grammarhero sent me a good answer already.
The QCD should be from wrong name to right name. If the spelling is material (i.e. Nick vs. Rick), then the name needs to be changed.
If the name on the deed cannot be changed, it's not the end of the world. If the spelling is nonmaterial (i.e. Isaac v. Issac), you might not need to change, but rely on the scrivener's error doctrine. Good luck!

Doctrine of Scrivener's Error Law and Legal Definition
Doctrine of Scrivener's error is a legal principle which permits a typographical error in a written contract to be corrected by parol evidence if the evidence is clear, convincing, and precise. However if such correction affects property rights then it must be approved by those affected by it. Scrivener's error is an error due to a minor mistake or inadvertence and not one that occurs from judicial reasoning or determination.

 

[dgalati]

No I only replied to question. If you want it correct prepare a new one and have it recorded. If you can live with the name spelled incorrectly no problem.

 

[Eric B]

@dgalati, thank you but that's not helpful. Did you read the original post or just responding randomly to tiny bits of it?

@Grammarhero sent me a good answer already.
The QCD should be from wrong name to right name. If the spelling is material (i.e. Nick vs. Rick), then the name needs to be changed.
If the name on the deed cannot be changed, it's not the end of the world. If the spelling is nonmaterial (i.e. Isaac v. Issac), you might not need to change, but rely on the scrivener's error doctrine. Good luck!

Doctrine of Scrivener's Error Law and Legal Definition
Doctrine of Scrivener's error is a legal principle which permits a typographical error in a written contract to be corrected by parol evidence if the evidence is clear, convincing, and precise. However if such correction affects property rights then it must be approved by those affected by it. Scrivener's error is an error due to a minor mistake or inadvertence and not one that occurs from judicial reasoning or determination.

You could always just change your name to match the deed....

 

[SNA27]

Did you omit a smiley?

 

[SNA27]

Ok, good news. They contacted the 'Register of deeds' (Hmm, I always thought the register is a Registrar, but who knows the lingo in TN. Legal synonyms, I guess.) and they were instructed prepare the QCD with certain verbiage acknowledging the previous error. So, that's how you handle a spelling screw-up.