30 day ROFR

[trasor]

Does anyone know what happens if DVC does not respond within 30 days? My contract was submitted 6/2/08. Tuesday, July 1st is 30 days.

 

[Disney_Villain]

Disney has 30 days to review the contract and decide whether to exercise their right to ROFR or not. Contact your broker after the 30-day mark, if they don't get in touch with you (which they probably will).

If Disney's doesn't ROFR by 30 days, then they've waived their right to ROFR.

 

[dvcnewgirl]

Just make sure you are counting buisness days.. Good Luck!

 

[RobDoc]

If you are the buyer, you will not be contacted by Disney since they normally contact the seller (or the seller's broker). In that case, you may not hear anything until you get the paperwork about sending your final payment.

There will not necessarily be any comment by Disney either. They have 30 days to exercise their right of refusal. If they make no comment within 30 days, the closing can commence.

You can contact your broker to see if they know anything yet.

Good luck!

 

[Dean]

Disney has 30 days to review the contract and decide whether to exercise their right to ROFR or not. Contact your broker after the 30-day mark, if they don't get in touch with you (which they probably will).

If Disney's doesn't ROFR by 30 days, then they've waived their right to ROFR.

While in application this is likely true, it is not technically accurate. DVC actually has up until the date of the closing to exercise ROFR and you must give them at least 30 days from date of submission to date of closing. Fortunately DVC tells you yes or no and gives you documentation of their decision. I have yet to see where anyone has closed in recent years without a ROFR waiver letter , I wonder what would happen if one never got a letter, closed and then DVC said no, we sent the letter and refused to recognize the "new owner". In the early years, they were not so formal as I was likely one of the first, if not the first resale buyer from a non family member. Anyone else out there buy resale before mid 1994?

 

[Laxmom]

If you haven't contacted your broker lately, I would. There have been cases where the broker neglected to contact the buyer when the contract passed and it had, in fact, passed a couple of weeks earlier. Check in with them for an update.

 

[TenThousandVolts]

i agree with laxmom- also is it really 30 business days? I thought it was 30 actual days

 

[Laxmom]

I thought it was 30 calendar days also. Marriott has the same ROFR timeframe and it was 30 calendar days. 30 business days would be torture!

 

[Dean]

According to Article XIII of the Declaration of Condominium you have to notify them no less than 30 days prior to closing. It would not be possible for them to successfully argue 30 business days. Some Marriott's have the provision and others do not. There are even a few resorts where some sections have the provision and others do not. I do know of several options where they notified the seller directly and the broker did not find out for a few weeks afterwards.