ROFR Thread July to Sept 2022 *PLEASE SEE FIRST POST FOR INSTRUCTIONS & FORMATTING TOOL*

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Joel22

Earning My Ears
Joined
Jul 11, 2022
The contract I am buying must be closed before 29th August (it's in the contract). That is in only 19 days. We are still waiting to hear back on ROFR. It's starting to get cut pretty fine. Surely Disney will need to respond pretty soon?
 

CaptainAmerica

DIS Veteran
Joined
Oct 12, 2018
The contract I am buying must be closed before 29th August (it's in the contract). That is in only 19 days. We are still waiting to hear back on ROFR. It's starting to get cut pretty fine. Surely Disney will need to respond pretty soon?
Disney has until the 29th of August.

If they don't respond by then, the contract is deemed to have been passed and you're free to close. But I've never seen that actually happen.
 

Joel22

Earning My Ears
Joined
Jul 11, 2022
Disney has until the 29th of August.

If they don't respond by then, the contract is deemed to have been passed and you're free to close. But I've never seen that actually happen.

Respectfully, that doesn't sound correct? All monies and paperwork need to be completed by the 29th. So if they take it back, they still need to actually send funds and complete all the relevant paperwork. I can't see Disney doing all of that in one day. From research, it seems it takes them a few weeks. I'm just seeing if the closing date could put them off enacting ROFR as it's close. Thank you
 

keirabella2012

Mouseketeer
Joined
Feb 1, 2022
Respectfully, that doesn't sound correct? All monies and paperwork need to be completed by the 29th. So if they take it back, they still need to actually send funds and complete all the relevant paperwork. I can't see Disney doing all of that in one day. From research, it seems it takes them a few weeks. I'm just seeing if the closing date could put them off enacting ROFR as it's close. Thank you
Disney bought back my SSR. They sent the closing docs about 5 days before the closing date and we closed about a day or so after the scheduled date. From there it took them a little under two weeks to send me a check.

Most brokers give at least 60 days from time of signing contracts to closing date, often times a little more than 60 days. Not sure what your broker did with yours but I'm doing the math it appears to be less than 60 days.
 

Joel22

Earning My Ears
Joined
Jul 11, 2022
Disney bought back my SSR. They sent the closing docs about 5 days before the closing date and we closed about a day or so after the scheduled date. From there it took them a little under two weeks to send me a check.

Most brokers give at least 60 days from time of signing contracts to closing date, often times a little more than 60 days. Not sure what your broker did with yours but I'm doing the math it appears to be less than 60 days.
Yeah so it would have been about 47 days. What impact does that have? Thanks
 

Joel22

Earning My Ears
Joined
Jul 11, 2022
It is. Disney can claim ROFR up to and including the closing date. The 30 day rule binds the buyers and sellers to setting a closing date that gives Disney AT LEAST 30 days to act, but there's no timeline imposed on Disney.

I'm not talking about Disney having 30 days or more to enact ROFR. The contract must be closed "before" the 29th August so it says. If Disney therefore take a week from now to respond on ROFR for example, they'd only have 11 days to sign all relevant paperwork etc. That's my point, it wouldn't give much time to meet the deadline stipulated in the contract.
 

Jimmy Geppetto

DIS Veteran
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Sep 4, 2021
I'm not talking about Disney having 30 days or more to enact ROFR. The contract must be closed "before" the 29th August so it says. If Disney therefore take a week from now to respond on ROFR for example, they'd only have 11 days to sign all relevant paperwork etc. That's my point, it wouldn't give much time to meet the deadline stipulated in the contract.
Most contracts have a clause allowing the closing date to be extended 45 days for this scenario.
 

Joel22

Earning My Ears
Joined
Jul 11, 2022
Most contracts have a clause allowing the closing date to be extended 45 days for this scenario.
Thank you. I have gone through it and can't see anything allowing that but that must be something they could do. Hopefully they don't enact as I can return paperwork same day!
 

LadybugsMum

DIS Veteran
Joined
Jun 18, 2020
Disney bought back my SSR. They sent the closing docs about 5 days before the closing date and we closed about a day or so after the scheduled date. From there it took them a little under two weeks to send me a check.
Thanks for this timeline. Disney took my SSR contracts as well and I got my closing docs yesterday. I was able to get them sent back out yesterday as well and I'm having the funds wired since I'll be traveling and won't be home to receive a check.
 

CaptainAmerica

DIS Veteran
Joined
Oct 12, 2018
I'm not talking about Disney having 30 days or more to enact ROFR. The contract must be closed "before" the 29th August so it says. If Disney therefore take a week from now to respond on ROFR for example, they'd only have 11 days to sign all relevant paperwork etc. That's my point, it wouldn't give much time to meet the deadline stipulated in the contract.
Buyers, sellers, and Disney miss contract closing dates all the time. If the seller is unhappy, their recourse would be to terminate the contract.
 

keirabella2012

Mouseketeer
Joined
Feb 1, 2022
Thanks for this timeline. Disney took my SSR contracts as well and I got my closing docs yesterday. I was able to get them sent back out yesterday as well and I'm having the funds wired since I'll be traveling and won't be home to receive a check.
It should go smoothly from here, The longest wait was GETTING the closing docs from Disney. You should have your money soon.
 

Jimmy Geppetto

DIS Veteran
Joined
Sep 4, 2021
Thank you. I have gone through it and can't see anything allowing that but that must be something they could do. Hopefully they don't enact as I can return paperwork same day!

My most recent contract says "This contract shall close on or before <DATE> or within 45 days of the title company's receipt of estoppel if later than the on before close date."
 
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