What ROFR actually looks like

[macman123]

Just in case you were every wondering, like me - this is the email the Broker gets to waive ROFR

Interesting reading!

Disney Vacation Development Inc. Notice of Waiving Right of First Refusal
Timeshare Resale Closing Services, Inc. (TRCS) DVC Resales Market, INC
Membership Administration Disney Vacation Development, Inc. 1390 Celebration Blvd.
Celebration FL 34747
WDW.DVC.DVD.Resales@disney.com
Thursday, September 17, 2020
DVC Resale <wdw.dvc.dvd.resales@email.disney.com> Thursday, September 17, 2020 3:30 PM admin@dvcresalemarket.com; Karina Ottinger

Notice of Waiving Right of First Refusal

Date:

Seller (Grantor) IVOR BIGGON

Buyer (Grantee) PHIL McCREVIS

Contract 1234567890

Disney's Saratoga Springs Resort, .2627% in Unit 35A

Disney Vacation Development, Inc. (“DVD”), in accordance with the terms of the Declaration of Condominium (Declaration) governing the rights and obligations of those with ownership interests in various condominiums, including the above resort, waives it's right of first refusal and elects not to purchase the above referenced ownership interest(s) based upon the terms and conditions set forth in the written agreement between the parties above.

All use of the Vacation Points associated with the Ownership Interest that is being sold must be complete prior to the closing date of the sale. All reservations, including but not limited to, RCI® Exchange Program(s), that occur after the sale of the Ownership Interest must be cancelled by the seller. Likewise, the buyer of the Ownership Interest may not make a reservation prior to closing and the seller may not make reservations on behalf of the buyer for their use after the closing date. Any type of Vacation Points remaining in the seller’s account at the time of sale will be transferred to the buyer. DVD is not responsible for confirming the amount of any Vacation Points that are part of the contract of sale. You will need to confirm with the seller that the Vacation Points are available for transfer to the buyer at the time of closing.

By copy of this memo, we are requesting you be provided with a pay-off statement for any outstanding loan to Disney Vacation Development, Inc., and the annual dues/maintenance fee amount. After the closing is complete you, as the closing agent, should send us the following information:

1. Signed, written notice to change the Membership records.

2. Contact information for new owner(s), MUST include mailing address, telephone number(s) and email for each individual.

Please include a phone number which allows receipt of SMS text messages.

3. Copy of the recorded Deed showing Book and Page number or Instrument number.

4. Confirmation that all annual dues have been paid in full and, if applicable, any loan to Disney Vacation Development, Inc. is paid off. Any information or questions about your annual dues or loan should be addressed to Member Accounting at 800-800-9800 (407-566-3800), Option 3.


As of March 21, 2011, you will not be able to use the vacation points associated with this Ownership Interest to make reservations for the Concierge or Disney Collection options such as Disney Cruise Line, Adventures by Disney, or select Disney resorts. Further, as of April 4, 2016, you will not have access to other Disney Vacation Club incidental benefits (also known as Membership Extras) such as Member discounts on dining, shopping, Member-exclusive events, and certain special Member offers. Do not purchase your Ownership Interest in reliance on access to or the ability to transfer these Disney Vacation Club incidental benefits. Effective January 19, 2019, only Members who purchase directly from Disney will be able to use their Vacation Points at the 16 existing Disney Vacation Club Resorts or future Resorts—such as Reflections – A Disney Lakeside Lodge. Resale contracts purchased for the existing 16 Disney Vacation Club Resorts will only be able to exchange Points into those 16 Disney Vacation Club Resorts.

DVD is not responsible for confirming the amount of the current year’s allotment of Vacation Points from the Ownership Interest that may currently be available for use by Buyer (Grantee). Buyer (Grantee) is solely responsible for confirming with Seller (Grantor) the amount of Vacation Points currently available for use.
Rev. 4/2020

 

[CarolMN]

Interesting. Thanks!

 

[Olaf Myfrenzargay]

Possessive use of “its” requires no apostrophe, so should be “waives its right of first refusal....”

 

[princesscinderella]

Thanks for this! You may want to remove yours and the sellers personal info.

 

[Bruggok]

I see one of the last evidence of Reflections DVC in existance

 

[myth2001]

Thanks for this! You may want to remove yours and the sellers personal info.

That was what I was thinking until I noticed the suspicious names.

 

[princesscinderella]

Totally right! I didn’t realize until I said them out loud . I was thinking along the lines of Mickey Mouse selling to Donald Duck

 

[macman123]

Thanks for this! You may want to remove yours and the sellers personal info.

Im not sure you actually read the names and contract number?!

 

[macman123]

That was what I was thinking until I noticed the suspicious names.

Im sure they will be most offended by your comment

 

[jswap]

"Effective January 19, 2019, only Members who purchase directly from Disney will be able to use their Vacation Points at the 16 existing Disney Vacation Club Resorts or future Resorts—such as Reflections – A Disney Lakeside Lodge. Resale contracts purchased for the existing 16 Disney Vacation Club Resorts will only be able to exchange Points into those 16 Disney Vacation Club Resorts."

This section is confusing. It sounds like the difference between direct and resale is the "use" of points versus the "exchange" of points. Can anyone clarify this section?

 

[macman123]

It simply means if you buy resale (save for Riveria) then you can only use points at the original resorts. Only points for RIV and beyond can be used at any resort.

 

[drusba]

"Effective January 19, 2019, only Members who purchase directly from Disney will be able to use their Vacation Points at the 16 existing Disney Vacation Club Resorts or future Resorts—such as Reflections – A Disney Lakeside Lodge. Resale contracts purchased for the existing 16 Disney Vacation Club Resorts will only be able to exchange Points into those 16 Disney Vacation Club Resorts."

This section is confusing. It sounds like the difference between direct and resale is the "use" of points versus the "exchange" of points. Can anyone clarify this section?

It is probably OK to call the use of points to reserve a resort other than the one you own an "exchange" of points because the POS documents describe such use as technically taking "Home Resort Vacation Points" and turning them into "DVC Vacation Points," which are then used to reserve the non-owned DVC resort.

In any event, the waiver of ROFR set out above is one for which the sentences you cite are no longer in use. It is dated Sep 20, 2020 and the waiver form was changed, particularly as to the sentences you are referring to, effective Oct 1, 2020. The real problem is that the sentences read like all post-Jan 2019 resale purchasers can use their points to reserve any of the "16" DVC Resorts. Since before Riviera there were only 14 DVC Resorts, the language contradicts the rule that post Jan-2019 resale purchasers of the 14 original resorts cannot reserve Riviera, and contradicts that Riviera resale purchasers can reserve only Riviera. DVD corrected the form after the error was brought to its attention.

 

[ValW]

Only points for RIV and beyond can be used at any resort.

Just to clarify, it's not just points for RIV. It's any points at any resort purchased direct from Disney that can be used at future resorts.

 

[Sandisw]

Just to clarify, it's not just points for RIV. It's any points at any resort purchased direct from Disney that can be used at future resorts.

To add, any resale points bought prior to Jan 2019 are also eligible for all resorts, including RIV and future resorts at this time.

 

[jswap]

Thanks, Drusba; that clarified things for me.

 

[denver7sb]

Hi everyone - we're about to close on our first resale contract at BRV and just received the closing documents from the title company that includes a copy of the DVD ROFR waiver. I'm a little concerned by some language in the DVD ROFR waiver (the part I bolded below for emphasis):

"As of March 21, 2011, you will not be able to use the vacation points associated with this Ownership interest to make reservations for the Concierge or Disney Collection options such as Disney Cruise Line, Adventures by Disney, or select Disney resorts. Further, as of April 4, 2016, you will not have access to other Disney Vacation Club incidental benefits (also known as Membership Extras) such as certain discounts, offers, and special events. Do not purchase your Ownership Interest in reliance on access to or the ability to transfer these Disney Vacation Club incidental benefits. Depending on the home resort where a resale purchaser owns their ownership interest, some or all of the other Disney Vacation Club Resorts are not available for reservations for Disney Vacation Club Members who do not acquire their ownership interests directly from Disney Vacation Development, Inc."

The waiver ends with "Rev. 10/2020."

This language is different from the ROFR language posted by the original poster above and is different from the language in our sale agreement, which was much more specific about our ability to use points at the "original 14" resorts ("Effective January 19, 2019..." etc).

I'm a bit concerned that Disney is slipping in loose language here that would give them the flexibility to classify any DVC resort as ineligible for bookings by resale buyers in the future. Am I crazy?

 

[Sandisw]

Hi everyone - we're about to close on our first resale contract at BRV and just received the closing documents from the title company that includes a copy of the DVD ROFR waiver. I'm a little concerned by some language in the DVD ROFR waiver (the part I bolded below for emphasis):

"As of March 21, 2011, you will not be able to use the vacation points associated with this Ownership interest to make reservations for the Concierge or Disney Collection options such as Disney Cruise Line, Adventures by Disney, or select Disney resorts. Further, as of April 4, 2016, you will not have access to other Disney Vacation Club incidental benefits (also known as Membership Extras) such as certain discounts, offers, and special events. Do not purchase your Ownership Interest in reliance on access to or the ability to transfer these Disney Vacation Club incidental benefits. Depending on the home resort where a resale purchaser owns their ownership interest, some or all of the other Disney Vacation Club Resorts are not available for reservations for Disney Vacation Club Members who do not acquire their ownership interests directly from Disney Vacation Development, Inc."

The waiver ends with "Rev. 10/2020."

This language is different from the ROFR language posted by the original poster above and is different from the language in our sale agreement, which was much more specific about our ability to use points at the "original 14" resorts ("Effective January 19, 2019..." etc).

I'm a bit concerned that Disney is slipping in loose language here that would give them the flexibility to classify any DVC resort as ineligible for bookings by resale buyers in the future. Am I crazy?

Last year, there was a mistake in the ROFR document that made is seem like resale restrictions were reversed. It was caught and updated...hence the 2020 date.

That language simply indicates that the future of DVC may restrict resale borrowers and it allowed it to be consistent for L14 and RIV, where L14 can only trade there and RIV can't trade at all.

 

[denver7sb]

Ok, thanks for the quick reply and for calming my nerves. I feel much better knowing this isn't a brand-new change that DVD is trying to sneak in!

 

[hhisc16]

Cool to see a real life example of what passing ROFR looks like!
After passing ROFR twice this year, I only ever got an email from my broker/title company that explained that I won.

 

[princesscinderella]

Cool to see a real life example of what passing ROFR looks like!
After passing ROFR twice this year, I only ever got an email from my broker/title company that explained that I won.

They used to actually record a separate document that was the ROFR waiver in addition to the deed. I’m not sure when this changed but in looking up my resales I bought in 2013 it’s in the county records both are there.