ROFR Question

[EllieBride]

This is probably a silly question, but does Disney have 30 business days or 30 calendar days to waive their ROFR? My offer for a BCV contract was sent over on May 23 and I'm beginning to get a little excited! I hope to hear soon.

 

[ImagineerTHAT]

This is probably a silly question, but does Disney have 30 business days or 30 calendar days to waive their ROFR? My offer for a BCV contract was sent over on May 23 and I'm beginning to get a little excited! I hope to hear soon.

30 Calendar days. You should hear back by the end of the week probably by Wed or Thurs.

GOOD LUCK!!!

 

[EllieBride]

Thanks! I'm really hoping it goes through.

 

[wdrl]

The Master Declarations for DVC resorts state "the Owner. . . must notify DVD in writing no less than thirty (30) days in advance of the proposed closing date of their intent to sell. . . . 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."

There is no requirement that DVD must decide whether to exercise ROFR in 30 days or less. The only requirement is that the closing cannot be done until DVD has had no less than 30 days to decide if it wants to exercise ROFR.

Technically, if a buyer and seller agree to a delayed closing, such as when the seller wants to take one last vacation, and the closing won't occur for another three months, DVD could have three months to decide whether to ROFR.

In reality, DVD has used a 30-day timeframe to act on ROFR.

 

[drusba]

The ROFR provision provides that the seller needs to provide DVD with a copy of the contract for sale no less than 30 days before closing. DVD has up until just before closing to exercise the right even if the contract is provided more than 30 days before closing. As a matter of historical practice, DVD usually responds in less than 30 days of receipt of the contract.

 

[ImagineerTHAT]

There is no requirement that DVD must decide whether to exercise ROFR in 30 days or less. The only requirement is that the closing cannot be done until DVD has had no less than 30 days to decide if it wants to exercise ROFR.

Interesting info from wdrl. I would still expect to hear by the end of the week, as most ROFR decisions happen right around this time for your date range. If you don't hear by Friday, contact your broker.

I hope you pass!

 

[EllieBride]

I passed! Woo hoo!!! So excited!

The documents have already been shipped and I should get them tomorrow.

 

[Turbanator]

I passed! Woo hoo!!! So excited!

The documents have already been shipped and I should get them tomorrow.

Congrats

 

[ImagineerTHAT]

I passed! Woo hoo!!! So excited!

The documents have already been shipped and I should get them tomorrow.

AWESOME!!! I'm happy for ya!