Bummed- ROFR got pushed back

[disneynutz]

I'm confused why the broker in this deal is giving Disney more time to decide whether it wants to exercise ROFR. According to the rules of all DVC condo associations, the Right of First Refusal is defined as follows:

Owners or Cotenants desiring to sell their Unit or Ownership Interest must notify DVD in writing no less than thirty (30) days in advance of the proposed closing date of their intent to sell and must include a copy of the proposed transaction reduced to writing in all respects. On receipt of such written notice, DVD may determine prior to the proposed closing date whether to exercise its right of first refusal set forth in this Article 13. If DVD elects to exercise its right of first refusal, DVD must notify the owner or Cotenant in writing of such election, and the purchase by DVD must be closed on or before the proposed closing date. If DVD fails to notify the Owner or Cotenant of its election to exercise its right of first refusal prior to the proposed closing date, then the Owner or Cotenant may proceed to close on the transaction with such bona fide third party. . . ."
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Many people have the mistaken impression that they must wait 30 days before they can set a closing date for their transaction. A broker could notify Disney of a pending transaction and inform it that closing would be done in 31 days. If Disney does not exercise its Right of First Refusal by the proposed closing date, then it has lost its right.

Although Disney must be given no less than 30 days to decide whether it wants to exercise ROFR, the wording of the condo declarations permits Disney to exercise ROFR any time before the proposed closing date. For example, if a seller wants to delay closing until after they have taken one final vacation using the points 6 months from now, then legally Disney could exercise ROFR the day before the closing. Disney has never taken this approach, but it would be within its legal right to do so.

You are playing in Disney's world and there are 2 things that you should never do, take money from the mouse and get the mouse mad. If resale brokers want Disney's cooperation they will never tell Disney that they have lost their right to exercise their ROFR.

Bill

 

[DisneyFirstTimer10]

Im going to try to stay positive and hope for the best!

 

[DisneyFirstTimer10]

Just to update. It's day 29 for our ROFR. No word yet. Worried. Emailed broker who said they expect to hear by end of week ......

 

[lovin'fl]

They used to notify on Tuesdays so I wouldn't expect to hear anything this week...but maybe that's changed since I last bought a resale (a little over a year ago). Good luck!!! Keep us posted.

 

[DisneyFirstTimer10]

Oh my! Five minutes after sending that I got the email saying we passed!!!! So excited I'm crying. Seriously biggest Disney crazy person I know . Just excited for the opportunity this gives my family and grateful we were able to make it happen. Now hoping for a quick closing.

 

[lovin'fl]

Oh my! Five minutes after sending that I got the email saying we passed!!!! So excited I'm crying. Seriously biggest Disney crazy person I know . Just excited for the opportunity this gives my family and grateful we were able to make it happen. Now hoping for a quick closing.

Yay!! Congrats and welcome home!!!

 

[Hunclemarco]

Congrats and Welcome Home Which resort?

 

[DisneyFirstTimer10]

THANK YOU!!!

And- AKV!

Now the long wait to close on the contract.....

 

[disneynutz]

Oh my! Five minutes after sending that I got the email saying we passed!!!! So excited I'm crying. Seriously biggest Disney crazy person I know . Just excited for the opportunity this gives my family and grateful we were able to make it happen. Now hoping for a quick closing.

That's good news, I was worried that Disney was going to take it from you.

Bill

 

[Tracy2014]

Oh my! Five minutes after sending that I got the email saying we passed!!!! So excited I'm crying. Seriously biggest Disney crazy person I know . Just excited for the opportunity this gives my family and grateful we were able to make it happen. Now hoping for a quick closing.

Congratulations!!

 

[DenLo]

Congratulations soon to be an AKV neighbor! I hope your broker, who in my opinion should have known about the death certificate, expedites your closing. I hope you will have those points in your account well before the the date you need to make a reservation.

 

[DisneyFirstTimer10]

Congratulations soon to be an AKV neighbor! I hope your broker, who in my opinion should have known about the death certificate, expedites your closing. I hope you will have those points in your account well before the the date you need to make a reservation.

Agreed- and I certainly hope so- We want to book for the second week of May so we need points by October 9th to get in right at 7 month point.... Hoping to do a split stay- so four days at BCV studio (but ok if we have to get BWV preferred studio) and the other three days in AKV- one bedroom


Bill- Thank you and I know! Me too- now just worried about this closing taking a while....

 

[Silligoose]

We're waiting to book for end of April so I know how you feel. Our paperwork arrived at Magic Vacation Title Thursday but I don't know about the seller's. We are supposed to close by Wed so here's hoping. I have been reading tons of posts about when points are actually loaded into the account and it seems all over the place. I'm trying not to stress about it. We want to stay at AKV in a savanna view studio and it seems like they usually stay open past the 7 month mark. But at this point I'm happy to stay anywhere just knowing we're members.

I hope after all of your waiting that things start to pick up pace!