How long should it take to send contract to Disney for ROFR

[chitwndan]

Thank you all for your information and advice. I sent my agent the following e-mail this evening.

Hi *****,

I am writing you regarding my displeasure in the time frame it is taking for the DVC timeshare contract I signed on 5/15 to be sent to Disney. While you have been polite, responsive, and professional, the time it is taking to send the contract to Disney is not.

I understand that you are awaiting ***** to perform a title search and verify ownership before sending this contract to Disney. I know that you cannot control how long it will take ***; but I do not understand why they need to perform a title search prior to sending the contract to Disney.

I spoke with *** today who told me that the title search will take 60-90 days. Then once this is complete, it will be sent to Disney for the right of first refusal review. So my money will be tied up for 90-120 days before I even know if I will be allowed to purchase this property. I do not find this acceptable.

While I understand, and am fine with the fact that the total process will take 90-120 days, and possibly longer, I am not ok with waiting that long just to hear if the contract has passed ROFR. I would have never agreed to that, and if your company operates differently from the majority of DVC resale companies, I should have been informed of that.

It seems to me that ***should not be doing a title search until after the contract passes ROFR. It could take Disney more than a month to waive ROFR. It seems to me that a title search shouldn't be done a month ahead; it should be done just before closing because something could happen four weeks out or three weeks out which could cloud title.

Prior to working with your company many people I know have purchased properties on the resale market. In all of the contracts they purchased, the contract agreement notification was sent to Disney for ROFR either prior to the title search being run or while the title search was being run.

I have also reached out to multiple resale companies including The Timeshare Store, ***************, Fidelity Real Estate Timeshare Division, and sellingtimeshares.net. All of these companies informed me that they submit the contract to Disney for right of first refusal within 48 hours of receiving a signed copy by both parties.

You have a signed contract by both parties and Disney can verify the ownership and points as your team has already done. There is no reason to delay the notification to Disney for them to consider and exercise right of first refusal.

At this point I am no longer interested in purchasing the property at Bay Lake Tower at Disney’s Contemporary Resort, 4600 North World Drive Unit #*****, if the sale and purchase contract is not forwarded to Disney within the next 48 hours so they may review for right of first refusal.

I do not wish this to reach breach of contract status and/or the filing of complaints with multiple agencies. I am hopeful that your company will be able to get the documents to Disney, and we will be able to continue doing business on this property.

Thank you for your time and help in this matter,
***** (Me)

I'll let you know the outcome.

 

[Countryrunner262]

Ours went to Disney for ROFR 2 days after our offer was accepted.

I hope you hear something soon!

 

[HarvardAce]

Agree with the other posters here -- it doesn't make sense to do the title search until after it passes ROFR. If Disney swoops in, then that title search that was done was useless (because you aren't buying it), and you likely won't be able to get that money back.

Still waiting for my offer to get sent to ROFR, but that is because we're still waiting for the sellers to sign the contract, which we signed a couple days ago.

 

[chitwndan]

I'm pleased to report that the contract will be sent to Disney on Friday.

I still don't have a clear explanation as to why it had not been done sooner. But as long as it's done I'm less concerned with the reason.

I'll update this when it's actually sent, and thanks agin for all the valuable insight.

 

[skier_pete]

I'm pleased to report that the contract will be sent to Disney on Friday.

I still don't have a clear explanation as to why it had not been done sooner. But as long as it's done I'm less concerned with the reason.

I'll update this when it's actually sent, and thanks agin for all the valuable insight.

I'm glad to hear that seems to be straightened out. I thought your letter was well written and got to the point of the issue, and had the right level of threatening in it. (You basically laid it out that they should submit for ROFR and it appears they will.) It's still pretty disturbing that it had to come to that. Hopefully your process will otherwise go smoothly.

 

[chitwndan]

The contract was just sent to Disney.

I didn't completely understand the reason for the delay, but after speaking to a person who finally sounded like they knew what they were talking about they explained the following.

The contract I bought was just recently purchased or closed in April, which I know is true from looking up the title. Once that happens, Disney will mail out a new member or contract number to the new owner, and with out this new number they will not process the ROFR submitted without the new number. The new owner had not received this from Disney yet. A contract sent in without this would essentially be sent aside and the ROFR wondow would not begin.

Apparently this number is not given out over the phone normally and you have to wait for it in the mail. The people at my company made a bunch of calls to Disney as the owner I bought it from should have received it but didn't, and we got the number today.

This all may be an elaborate story, I will never know, but they did seem sincere and it seemed plausable. Perhaps the more experienced buyers will know more.

But the important thing is the contract is on it's way and now I can begin waiting, impatiently.

Thanks one more time for the insight you all provided. It helped a lot and helped me speak intelligently to the company when making my demands/complaints.