Purchasing DVC/ROFR

[smithmac]

Has anyone ever had it take more than 30 days for Disney to decide if they were going to practice there right of first refusal? We are over 30 days now.

 

[Mumof4mice]

Three times. Two passed, one was taken. Good luck!

 

[smithmac]

Three times. Two passed, one was taken. Good luck!

How long did it end up taking? Thank you

 

[Mumof4mice]

Received notification the following week. Hopefully you'll get an answer early next week.

 

[NewbieMom]

Yes, 45 days for ours. But there was an error on the contract initially that needed an addedum which caused the delay.

 

[disneynutz]

Could be that the broker didn't send it to Disney right away.

Bill

 

[miTnosnhoJ]

Mine took 40 days and I was going nuts. It turned out that it had passed in 20 days and the broker had neglected to tell me.

 

[wdrl]

Keep in mind that the rules say that Disney must be given at least 30 days notice before a resale transaction can close. It is a misconception to think that Disney has to respond in 30 days after being given notice of a pending resale transaction.

Nevertheless, Disney usually decides if it will exercise its Right of First Refusal within 30 days of receiving notice.

 

[miTnosnhoJ]

Keep in mind that the rules say that Disney must be given at least 30 days notice before a resale transaction can close. It is a misconception to think that Disney has to respond in 30 days after being given notice of a pending resale transaction.

Nevertheless, Disney usually decides if it will exercise its Right of First Refusal within 30 days of receiving notice.

Very true. The wording in the offering document allows them to step in at any time prior to closing. In practice, they usually take or waive within 30 days of submission. But silence on Disney’s part after 30 days is NOT a waiver.

 

[zavandor]

Does this mean that Disney (or any other timeshares) could take very long time to answer, like months or years, practically preventing any form of resale?

 

[Mumof4mice]

No, they have until your settlement date to exercise their ROFR. The settlement date has to be set more than 30 days after you submit your contracts for review.

 

[Wakey]

13.1 of the Declaration of Condominium, at least on the SSR one does simply day that DVD must be given at least 30 days notice before closing. It says that DVD MUST give notice in writing before the proposed closing date if it wishes to exercise ROFR. It also says the owner can sell if no notice is received before the closing date.
So the notice period is entirely within the sellers control. If it gives DVD the 30 days notice of the closing date and DVD doesn't reply in that time, then DVD only gets 30 days and the seller can close, seller does not have to wait for any notice of waiver of ROFR.
If seller gives DVD 50 days, DVD has 50 days and so on.

 

[CarolMN]

Merged two duplicate threads. Deleted duplicate posts.