rofr delay

[bellablue2]

what are a resale buyer's right if disney doesn't return rofr decision within 30 days? can the buyer be excused from the transaction without penalty? legally, how long can a buyer be held in this limbo state?

 

[erionm]

The requirement is that the contract be submitted for ROFR at least 30 days prior to the estimated closing date. If it was sent more than 30 days before closing, they have until closing to make a decision.

If you are close to 30 business days (Mon - Fri), contact your agent to see if they've heard anything.

 

[bellablue2]

The requirement is that the contract be submitted for ROFR at least 30 days prior to the estimated closing date. If it was sent more than 30 days before closing, they have until closing to make a decision.

If you are close to 30 business days (Mon - Fri), contact your agent to see if they've heard anything.

i'm not sure i understand. is this law? where can i find this information?

thank you.

 

[supersnoop]

i'm not sure i understand. is this law? where can i find this information?

thank you.

It's not a law, but it's part of the deed restrictions that go along with the contract. Legally, you are supposed to schedule closing and notify Disney of the closing date, which must be at least 30 days in the future. Disney has the right to step in as the buyer up until the moment you close.

Practically, however, it doesn't work that way. Disney usually issues a waiver of their right of first refusal, and then the title company will schedule closing.

So, if the process takes more than 30 days, that doesn't change anything between Disney and the seller. Depending on the buyer's contract with the seller, the buyer might be able to back out of the deal based upon the delay, but there's no way to force the sale to go through more quickly.

The master declaration for BLT is Here. Details or ROFR are in section 13.1.

 

[bellablue2]

The requirement is that the contract be submitted for ROFR at least 30 days prior to the estimated closing date. If it was sent more than 30 days before closing, they have until closing to make a decision.

If you are close to 30 business days (Mon - Fri), contact your agent to see if they've heard anything.

done that, now even had him contact disney, no reply yet. there's no way we'll close on time.

 

[MountainMouse]

done that, now even had him contact disney, no reply yet. there's no way we'll close on time.

If you miss your closing date then I believe you have the ability to pull out of the deal and get your deposit back. If you're going to miss the date the agent may ask you to extend the closing but you have to agree to this. Basically, if it's taking a long time your options are persistence or moving on.

 

[Dean]

Often they notify the seller directly rather than the agent. If there's a closing date listed and Disney hasn't responded, I'd just complete the closing if I didn't hear anything. There's no requirement they notify back of the waiver though the historically have.

 

[newdeal]

I wouldn't be surprised if they are delaying ROFR because its so close to the deadline for paying annual dues (January 15th) that they are A) busy getting everyone who has closed into the system and processing their payments B) trying to make sure that no one closes who then won't be able to pay their dues on time because they won't have their member number until after the deadline to pay dues

 

[bellablue2]

I wouldn't be surprised if they are delaying ROFR because its so close to the deadline for paying annual dues (January 15th) that they are A) busy getting everyone who has closed into the system and processing their payments B) trying to make sure that no one closes who then won't be able to pay their dues on time because they won't have their member number until after the deadline to pay dues

any contract purchased since sometime in early december requires buyer's paying the 2015 dues at closing. i have had decisions on two rofrs submitted later at least a week ago.


addendum: just received news that disney waived, so we move on to closing. this news came as an informal response to agent's inquiries...still have not received official waiver.

 

[Minniesgal]

what are a resale buyer's right if disney doesn't return rofr decision within 30 days? can the buyer be excused from the transaction without penalty? legally, how long can a buyer be held in this limbo state?

The title company will not schedule closing before they have received the ROFR from Disney.

 

[dsnydaddy]

any contract purchased since sometime in early december requires buyer's paying the 2015 dues at closing. i have had decisions on two rofrs submitted later at least a week ago.


addendum: just received news that disney waived, so we move on to closing. this news came as an informal response to agent's inquiries...still have not received official waiver.

congrats!