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purchase closed < 1 week, ? too fast

L

lily28

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I recently purchased a 1 bedroom sheraton vistana village key west unit ebay # 110430093622 (to make sure I can get 1 bedroom rather than a studio in maui/kauai using staroptions). After I verify the estoppel letter info, I paid for the purchase with usage start in 2010 on 10/1 night. I got a call and an email from the transfer agent the next day stating that the warrenty deed was recorded with Orange County already and the deed sent to starwood on 10/2 for recording. SVV shows up on mystarcentral by 10/7. I was surprised by the speed of the transfer and become a little bit worry. I was able to look up the deed on the orange county deed web site using the document # and I am recognized by starwood as the new owner of this ts.
Anything else I need to check? I guess I am a worry bee. thanks
 
If it's recorded with the county and Starwood you are good to go! But I can't imagine how they did it - maybe they have a new electronic filing system?
 
lily28 said:
I recently purchased a 1 bedroom sheraton vistana village key west unit ebay # 110430093622 (to make sure I can get 1 bedroom rather than a studio in maui/kauai using staroptions). After I verify the estoppel letter info, I paid for the purchase with usage start in 2010 on 10/1 night. I got a call and an email from the transfer agent the next day stating that the warrenty deed was recorded with Orange County already and the deed sent to starwood on 10/2 for recording. SVV shows up on mystarcentral by 10/7. I was surprised by the speed of the transfer and become a little bit worry. I was able to look up the deed on the orange county deed web site using the document # and I am recognized by starwood as the new owner of this ts.
Anything else I need to check? I guess I am a worry bee. thanks
Click to expand...

Wow, that's record time! But if you are on the deed with the county recorder and recognized with Starwood, I would not worry! Just enjoy your week. Great price by the way for the SOs. How many options is it? Is that the smaller 1BR? Are you combining SOs with another mandatory property?

Katherine
 
It is small 1 bedroom, gold plus season key west unit with 37000 staroptions. I have Kierland (67000) as well so I can combine these staroptions for a bigger bedroom at hawaii.
 
I don't believe you can combine StarOptions for resales (unless they are requalified by the developer).
 
duke said:
I don't believe you can combine StarOptions for resales (unless they are requalified by the developer).
Click to expand...

I haven't tried but spoke with 3 different reservation agents about this a few weeks ago and they confirmed that it is currently possible to combine StarOptions from multiple resorts for an exchange.

(note that I added the word currently...)
 
Last edited:
duke said:
I don't believe you can combine StarOptions for resales (unless they are requalified by the developer).
Click to expand...

Duke - this changed about a year ago. Starwood made no announcement, but they started letting people do it.
 
DeniseM said:
Duke - this changed about a year ago. Starwood made no announcement, but they started letting people do it.
Click to expand...

I understand that they did not allow the StarOptions to combine because their reservation system was not given the logic to prevent an owner of multiple weeks from gaining "Elite" status.

They have overcome this and now they are allowing the StarOptions to combine while preventing them from recieving "Elite" recognition.

Make sense?
 
DeniseM said:
If it's recorded with the county and Starwood you are good to go! But I can't imagine how they did it - maybe they have a new electronic filing system?
Click to expand...

Orange County, FL has had an electronic filing system for some time. Only registered closing companies can file online, but with this system, it is feasible that a sale could close this quickly.

-tim
 
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