ROFR questions

[lovin'fl]

If you are a seller (I am not...I am just curious) and your contract is bid on and goes to ROFR and Disney decides to execute ROFR on it...when and how do they pay the seller for it? What if the seller has a vacation booked for July and can't close until August? And do they still take close to 30 days when they are going to ROFR a contract...or do they know it sooner and let the broker know sooner?

 

[RobDoc]

If DVC exercises its ROFR it will be under the same terms already agreed to in the accepted offer. If the seller stated that closing can't happen until August, that will be honored. The seller will receive payment after closing has been completed. If a resale broker was used, the commission will be dedcuted from the agreed upon price just as it would have if the original buyer had completed the purchase.

DVC can still take their 30 days for ROFR even if they exercise that option and purchase the contract themselves.