-- I have updated the ROFR chart to include data for April 2013. See Post #279
Whenever Disney reacquires points from DVC members, a deed is recorded with the Orange County Comptroller (OCC). The deed shows Disney Vacation Development as the Grantee
and describes the real estate interest being conveyed. The deed shows the name of the DVC resort, the Unit number, and the percentage of the Unit represented by the real estate interest. With this description, it is easy to determine the number of points representing the real estate interest. There are four types of deeds with DVD as the Grantee
that commonly appear on the OCC database:
- Certificates of Title -- A Circuit Court order documenting the sale of the real estate interest to DVD;
- Warranty Deed In Lieu of Foreclosure -- A DVD form used when a DVC member conveys their real estate interest to DVD instead of going through foreclosure;
- Quitclaim Deed -- A DVD form used by OKW owners when foregoing their ownership interest after January 31, 2042; and
- Warranty Deed -- A DVD form used to convey ownership from a DVC member to DVD.
It appears that this last type, the warranty deed, is the document used by DVD when it exercises it Right of First Refusal (ROFR). It is also possible that the warranty deed could also be used when a DVC member sells their real estate interest directly to DVD. However, for the purpose of this thread I assume all warranty deeds with DVD as the Grantee are due to Disney exercising ROFR on a pending sale.
** October 8, 2010 -- The chart below has been updated to show all ROFR warranty deeds recorded at OCC for June, July, August, and September 2010. See Post #58 for more information
Several disboard members believe that BCV is the only resort currently being ROFRed. Thus, it is not surprising that 48 of the 53 warranty deeds are for BCV. It also appears that Disney is not exercising ROFR as frequently as in the past. I randomly looked at deeds recorded in June 2007 and saw that Disney ROFRed 51 deeds in that month.
Hopefully, this data complements the detailed information collected by Donald is #1
on her excellent thread about ROFR on the Operations board (see http://www.disboards.com/showthread.php?t=1960185
). That thread has very useful information on deeds that have not passed ROFR, such as the price per point and other acquisition costs. However, its difficult to match up specific records between that thread and this thread because a warranty deed may not be recorded at OCC for several weeks after the ROFR action has been exercised, and Donald is #1
is dependent on disboard members posting to that thread.
When reviewing the data, there are some caveats that must be remembered. First, I manually collected the data from reviewing OCC records and I could have made errors in compiling the data; second, OCC records are accurate, but data retrieval is not 100% accurate. If a record is not labeled as a 'deed' or if the Grantee is not labeled as being DVD, then it would not be included in the data; and third, I am assuming a warranty deed represents a ROFR action when, in fact, it only means that a DVC member has sold his or her points back to Disney. As my wife pointed out to me, the actual title of my chart should be "Warranty Deeds Recorded at OCC For DVC Resorts located at WDW For the Calendar Month That Have DVD as the Grantee." But doesn't "Summary of ROFR Related Deeds" sound better?
In collecting this information, it became obvious that DVD reacquires many more points through foreclosures and Court actions than through the ROFR process. There are far more Certificates of Title and Warranty Deeds in Lieu of Foreclosure that are recorded each month.
I intend to update this chart each month.