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

[DaveNan]

3100 point deed sold for Riviera. And some of us thought we had an addiction problem!

I am sure they wanted a resale contract. They just could not find one to match what they were looking for. Even tougher to find a loaded 3100 in the right UY than to find OKW(E), subsidized, or small contracts.

 

[Joel22]

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]

I am sure they wanted a resale contract. They just could not find one to match what they were looking for. Even tougher to find a loaded 3100 in the right UY than to find OKW(E), subsidized, or small contracts.

Doing the math in my head, I think this person might be a snowbird who literally lives at Riviera half the year.

 

[CaptainAmerica]

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]

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]

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.

 

[CaptainAmerica]

Respectfully, that doesn't sound correct?

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.

 

[Joel22]

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]

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]

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]

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]

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]

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.

 

[OlieRow]

Well here goes my first attempt at DVC…. I’ve lurked here for a while and felt like a pretty informed resale shopper so thank you for educating me!!

OlieRow---$135-$29383-200-BWV-Aug-0/21, 400/22, 200/23, 200/24- sent 8/10

 

[keirabella2012]

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]

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."

 

[hereforthechurros]

Currently on day 29 of ROFR... Hopefully hear soon

Day 29 here too.

 

[HIRyeDVC]

Where's Aulani?

Aulani and Grand Cal are never included in these reports. Something about deed information not being available for those resorts in HI and CA.

 

[MalorieA]

MalorieA---$166-$13576-75-BCV-Mar-0/21, 150/22, 75/23- sent 7/11, passed 8/10

 

[Joel22]

Day 29 here too.

Which resort are you waiting on?