Waiting on ROFR...
- Thread starter nhmomx2
- Start date
This is what was posted on another forum:
As for the 30 days for ROFR while Disney has used this as their "standard" practice, in reality they really have more time,
From the Master Declaration for DVC
PURCHASER must notify DVD in writing no less than thirty (30) days in advance of the proposed closing date of PURCHASER's intent to sell and must include a copy of the proposed transaction reduced to writing in all respects. Upon receipt of such written notice, DVD shall determine prior (PRIOR) to the proposed closing date wheter it wishes to exercise it right of first refusal. if DVD elects to exercise its right of first refusal, DVD shall notify PURCHASER in writing of such election, and the purchase by DVD shall be closed on or before the proposed closing date. If DVD fails to notify PURCHASER of its election to exercise its right of first refusal prior to the proposed closing date, PURCHASER may proceeed to close the transaction with the third party upon the original terms and conditions offered by or to the third party
So the way that I read this is that they have until the closing date to exercise ROFR.
Now, as for those that say yes you can close after 30 days, I wouldn't want to just close on day 31. Disney sends an estoppel letter to the title company (basically a simple letter that says the seller is the rightful owner, no outstanding MF are due and no outstanding liens exist). There is no way I would close without such letter for you may owe more than you bargained for. Also, I doubt any title company would close the transaction without receiving such letter. And such letter is not issued without Disney waiving their right of first refusal.
As for the 30 days for ROFR while Disney has used this as their "standard" practice, in reality they really have more time,
From the Master Declaration for DVC
PURCHASER must notify DVD in writing no less than thirty (30) days in advance of the proposed closing date of PURCHASER's intent to sell and must include a copy of the proposed transaction reduced to writing in all respects. Upon receipt of such written notice, DVD shall determine prior (PRIOR) to the proposed closing date wheter it wishes to exercise it right of first refusal. if DVD elects to exercise its right of first refusal, DVD shall notify PURCHASER in writing of such election, and the purchase by DVD shall be closed on or before the proposed closing date. If DVD fails to notify PURCHASER of its election to exercise its right of first refusal prior to the proposed closing date, PURCHASER may proceeed to close the transaction with the third party upon the original terms and conditions offered by or to the third party
So the way that I read this is that they have until the closing date to exercise ROFR.
Now, as for those that say yes you can close after 30 days, I wouldn't want to just close on day 31. Disney sends an estoppel letter to the title company (basically a simple letter that says the seller is the rightful owner, no outstanding MF are due and no outstanding liens exist). There is no way I would close without such letter for you may owe more than you bargained for. Also, I doubt any title company would close the transaction without receiving such letter. And such letter is not issued without Disney waiving their right of first refusal.
We were submitted for ROFR on 1/22. No word yet either. I expect we'll here this week. Though I think they only do these on certain days (Tue or Wed?). The delay is fine by me. Though I know others want to use points or have banking concerns, we do not.
chukdotcom
Mouseketeer
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- Oct 14, 2013
- Messages
- 194
I just passed ROFR on my BLT submitted 1/24.
nj disney family
DIS Veteran
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- Jan 17, 2014
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- 665
congrats chukdotcom and JWG. I didn't think disney let people know on sundays, what broker did you guys use?
chukdotcom
Mouseketeer
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- Oct 14, 2013
- Messages
- 194
I used The Timeshare Store.
Awesome! Congrats! Hope I am tomorrow!
Timeshare Store
bakerworld
DIS Veteran
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- May 24, 2010
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- 2,871
Cool, now 2 or 3 more weeks and you'll have your product 
here's hoping it's shorter -
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