ROFR Thread January to March 2018 *PLEASE SEE FIRST POST FOR INSTRUCTIONS & FORMATTING TOOL*

[JETSDAD]

Really?? I thought they had 30 days?

You have to give them at least 30 days.....people mistake that as thinking that Disney only has 30 days which is not the case.

 

[NLW814]

Do you know what the holdup was? Even though they don’t have to let you know within 30 days, they usually do. I wonder if there were typos in the contract or something and it got sent back to Disney and the broker just didn’t tell you. Or maybe they just took 40 days...

Honestly, the broker just kept saying it was at ROFR and then he stopped responding to my e-mails and phone calls altogether. I didn't hear anything from about Day 27 to Day 40. I really think the paperwork wasn't sent to ROFR when the broker said it was, although they took my escrow payment the very next day.

 

[sndral]

"While you are not prohibited from selling your Ownership Interest, you are only permitted to sell your entire Ownership Interest in a single transaction. In addition, you must first provide DVD the right (for a 30 day period) to purchase your Ownership Interest on the same terms and conditions as those which are offered to you by a prospective third-party purchaser in the event you receive an offer which you find acceptable. This right of first refusal in favor of DVD is set forth in the Declaration for your Home Resort and in your Purchase Agreement."
https://disneyvacationclub.disney.g..._Information_form_for_timeshare_contracts.pdf
I believe DVC/D has 30 days to exercise their right of first refusal per the above language which I believe also appears in the declarations for each of the resorts. Once notified they have 30 days to act, if they fail to act w/in those 30 days they have waived ROFR. Most likely in those cases where some one has supposedly heard back from DVC beyond 30 days the paperwork did not actually get to DVC until later than the person thought, or the paperwork was incorrect and did not adequately notify DVC of the 'terms and conditions' of the sale and had to be resubmitted and the clock started over.

 

[NLW814]

"While you are not prohibited from selling your Ownership Interest, you are only permitted to sell your entire Ownership Interest in a single transaction. In addition, you must first provide DVD the right (for a 30 day period) to purchase your Ownership Interest on the same terms and conditions as those which are offered to you by a prospective third-party purchaser in the event you receive an offer which you find acceptable. This right of first refusal in favor of DVD is set forth in the Declaration for your Home Resort and in your Purchase Agreement."
https://disneyvacationclub.disney.g..._Information_form_for_timeshare_contracts.pdf
I believe DVC/D has 30 days to exercise their right of first refusal per the above language which I believe also appears in the declarations for each of the resorts. Once notified they have 30 days to act, if they fail to act w/in those 30 days they have waived ROFR. Most likely in those cases where some one has supposedly heard back from DVC beyond 30 days the paperwork did not actually get to DVC until later than the person thought, or the paperwork was incorrect and did not adequately notify DVC of the 'terms and conditions' of the sale and had to be resubmitted and the clock started over.

Thanks for that information. I believe that is why I was no longer getting a response from the broker. In the beginning I just nicely questioned if they heard back from ROFR. Closer to the 30 day mark my e-mails included questions of was it really sent on the date you told me and is there an issue with something in the paperwork being incorrect or overlooked that it is taking so long. This is when I stopped getting responses. There was very little communication and I have moved on to a different company for my next contract.

 

[gamomof2]

Gamomof2---$94-$18800-200-SSR-Feb-0/17, 10/18, 200/19, 200/20-seller pays MF '18- sent 3/28

 

[Renee H]

We had an AK with no points available until 2020 taken from us which was a surprise cause I too thought they wouldn't be interested if no points were available in the immediate future.

Hard to tell what their criteria is or if it's just a matter of what they need at the time your contract comes across their table. I've seen ones get through i was surprised at and others taken I was also surprised at.

Wow... I read in a thread here before that someone believed sometimes it has nothing to do with the finance numbers but Disney wants THAT specific unit # that’s associated with it for whatever reason. Hearing there were no points on it until 2020 makes me believe it could be true!

 

[DVCDisneyRunner]

"While you are not prohibited from selling your Ownership Interest, you are only permitted to sell your entire Ownership Interest in a single transaction. In addition, you must first provide DVD the right (for a 30 day period) to purchase your Ownership Interest on the same terms and conditions as those which are offered to you by a prospective third-party purchaser in the event you receive an offer which you find acceptable. This right of first refusal in favor of DVD is set forth in the Declaration for your Home Resort and in your Purchase Agreement."
https://disneyvacationclub.disney.g..._Information_form_for_timeshare_contracts.pdf
I believe DVC/D has 30 days to exercise their right of first refusal per the above language which I believe also appears in the declarations for each of the resorts. Once notified they have 30 days to act, if they fail to act w/in those 30 days they have waived ROFR. Most likely in those cases where some one has supposedly heard back from DVC beyond 30 days the paperwork did not actually get to DVC until later than the person thought, or the paperwork was incorrect and did not adequately notify DVC of the 'terms and conditions' of the sale and had to be resubmitted and the clock started over.

This from the Declaration of Condominium. There is nothing regarding 30 days being the limit. It only mentions that ROFR has to be exercised prior to closing.

ALIENABILITY OF UNITS OR OWNERSHIP INTERESTS.
13.1. Alienability Restrictions; DVD's Right of First Refusal to Purchase. The right of Owners or Cotenants to sell,
transfer, assign or hypothecate their Unit or Ownership Interest is not subject to the approval of the Association. Accordingly, a
proper transfer or conveyance of such Unit or Ownership Interest does not require the written approval of the Association.
However, if an Owner or Cotenant desires to sell, transfer, assign or hypothecate that Owner's Unit or Ownership Interest, DVD
has the right of first refusal to purchase the Unit or Ownership Interest in the Unit under the same terms and conditions as
are offered to or by a bona fide third party, including financing. Accordingly, Owners or Cotenants desiring to sell their Unit or
Ownership Interest must notify DVD in writing no less than thirty (30) days in advance of the proposed closing date of their
intent to sell and must include a copy of the proposed transaction reduced to writing in all respects. 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. If DVD elects to exercise its right of first refusal, DVD must notify the Owner or Cotenant in writing of such election, and the
purchase by DVD must be closed on or before the proposed closing date. If DVD fails to notify the Owner or Cotenant of its
election to exercise its right of first refusal prior to the proposed closing date, then the Owner or Cotenant may proceed to close
on the transaction with such bona fide third party. In all events, membership in the Disney Vacation Club, in accordance with
this Declaration, and DVD's right of first refusal, as set forth above, are covenants running with the land. Furthermore, subject to
the Condominium Documents, Membership in the Disney Vacation Club is always a requirement of any successor in title to an
Owner or Cotenant and is an appurtenance to each Condominium Parcel. IN ADDITION, ANY PERMITTED SALE BETWEEN
AN OWNER OR COTENANT AND A BONA FIDE THIRD PARTY IS DEEMED TO CONTAIN A PROVISION REQUIRING
THAT ANY SUMS DUE TO THE ASSOCIATION AS ASSESSMENTS MUST BE PAID IN FULL AS A CONDITION OF
CLOSING OF THE SALE.

 

[TexasChick123]

Thanks for that information. I believe that is why I was no longer getting a response from the broker. In the beginning I just nicely questioned if they heard back from ROFR. Closer to the 30 day mark my e-mails included questions of was it really sent on the date you told me and is there an issue with something in the paperwork being incorrect or overlooked that it is taking so long. This is when I stopped getting responses. There was very little communication and I have moved on to a different company for my next contract.

I bought through them last year when they had a different broker working for them. Since then, I have not heard good things about the company. They do not let people know when things do/do not pass ROFR which seems to have been the case in your situation. I would guess that it got taken much earlier, and they were slow to let you know. I don't know for sure, but that would follow the pattern that others reported where they were sent closing docs (which can take quite a while because of estoppel) without ever being informed their contract passed ROFR. Sorry again this happened to you, and I am glad to see you have moved on and found a new contract!

 

[Bruin_mouse]

Bruin_mouse---$125-$13931-100-AUL-Jun-0/17, 100/18, 100/19-Subsidized MF- sent 3/13, passed 3/28

 

[ScubaCat]

There is nothing regarding 30 days being the limit. It only mentions that ROFR has to be exercised prior to closing

Actually, it says YOU have to give THEM at least 30 days (2 sentences prior in the text you quoted.) Everyone mistakes that for saying THEY have 30 days.

 

[thelionqueen]

Bruin_mouse---$125-$13931-100-AUL-Jun-0/17, 100/18, 100/19-Subsidized MF- sent 3/13, passed 3/28

Congrats!!!

 

[dena808]

dena808---$90-$16539-175-BRV@WL-Sep-0/16, 0/17, 11/18, 175/19- sent 3/14, passed 3/28

Woo hoo!

 

[Kwkiwi]

kwkiwi---$96-$15983-150-SSR-Dec-150/17, 150/18, 150/19- sent 2/14, passed 2/27

 

[MB_01]

MB_01---$96-$17040-160-AKV-Jun-0/16, 0/17, 160/18, 160/19- sent 3/9, passed 3/28

Not sure when it actually passed. Called the title co to see if it was simple to add a name to the title and she told me it had passed Rofr and I should be getting closing documents tomorrow or the next day.

 

[DPiedade]

Hi all, I have a few questions to ask as this is by first DVC. Disney waved their ROFR so we are on our way to closing.

1. We are using Magic Vacation Title. Has anyone used them? Do you trust them?

2. They quote "undivided 1.6576% interest in Unit 73B of disneys animal kingdom villas". What's that all about?

3. Magic Vacation Title sent like 7 papers to sign. Is this the estoppel process or am I out of estoppel?

4. They state may 16 as closing date. If I sign this with payment now, will the closing date be moved up?

 

[thelionqueen]

Hi all, I have a few questions to ask as this is by first DVC. Disney waved their ROFR so we are on our way to closing.

1. We are using Magic Vacation Title. Has anyone used them? Do you trust them?

2. They quote "undivided 1.6576% interest in Unit 73B of disneys animal kingdom villas". What's that all about?

3. Magic Vacation Title sent like 7 papers to sign. Is this the estoppel process or am I out of estoppel?

4. They state may 16 as closing date. If I sign this with payment now, will the closing date be moved up?

Yes, I have used *** with no issues

You are buying a portion of the resort, the percentage lists the exact building you are buying but doesn’t mean much in regard to using your ownership.

As the buyer you’re not involved in the estoppel process. It would appear estoppel has been complete and those are your closing docs. Always good to contact the title company with question though.

 

[PlaneCrazy]

Another positive vote for ***. We just used them for a BLT resale closing.

 

[David Petersen]

1st try at this.

Enapai---$100-$24183-220-AKV-SEPT-0/16, 69/17, 220/18, 220/19- sent 3/28.

Thanks for all the insight from these boards.

 

[sndral]

This from the Declaration of Condominium. There is nothing regarding 30 days being the limit. It only mentions that ROFR has to be exercised prior to closing.

ALIENABILITY OF UNITS OR OWNERSHIP INTERESTS.
13.1. Alienability Restrictions; DVD's Right of First Refusal to Purchase. The right of Owners or Cotenants to sell,
transfer, assign or hypothecate their Unit or Ownership Interest is not subject to the approval of the Association. Accordingly, a
proper transfer or conveyance of such Unit or Ownership Interest does not require the written approval of the Association.
However, if an Owner or Cotenant desires to sell, transfer, assign or hypothecate that Owner's Unit or Ownership Interest, DVD
has the right of first refusal to purchase the Unit or Ownership Interest in the Unit under the same terms and conditions as
are offered to or by a bona fide third party, including financing. Accordingly, Owners or Cotenants desiring to sell their Unit or
Ownership Interest must notify DVD in writing no less than thirty (30) days in advance of the proposed closing date of their
intent to sell and must include a copy of the proposed transaction reduced to writing in all respects. 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. If DVD elects to exercise its right of first refusal, DVD must notify the Owner or Cotenant in writing of such election, and the
purchase by DVD must be closed on or before the proposed closing date. If DVD fails to notify the Owner or Cotenant of its
election to exercise its right of first refusal prior to the proposed closing date, then the Owner or Cotenant may proceed to close
on the transaction with such bona fide third party. In all events, membership in the Disney Vacation Club, in accordance with
this Declaration, and DVD's right of first refusal, as set forth above, are covenants running with the land. Furthermore, subject to
the Condominium Documents, Membership in the Disney Vacation Club is always a requirement of any successor in title to an
Owner or Cotenant and is an appurtenance to each Condominium Parcel. IN ADDITION, ANY PERMITTED SALE BETWEEN
AN OWNER OR COTENANT AND A BONA FIDE THIRD PARTY IS DEEMED TO CONTAIN A PROVISION REQUIRING
THAT ANY SUMS DUE TO THE ASSOCIATION AS ASSESSMENTS MUST BE PAID IN FULL AS A CONDITION OF
CLOSING OF THE SALE.

Thank you for finding the actual wording in a declaration, one of these days I’d like to see all of the resorts’ declarations just to see the differences particularly as to common elements and easements.
So if the broker sets a closing date more than 30 days in the future (and most do) then DVC has more time, if, however, DVC fails to notify the owner and close by the proposed closing date, as long as it’s 30 days from the notice to them then they’ve lost their right of first refusal and the sale can close irrespective of whether they sent an official waiver or not.

 

[Bruin_mouse]

Congrats!!!

Thanks @thelionqueen! I think congrats are in order for you as well but I'm having trouble keeping track!