SELLER - Contract in ROFR

[disneylandtour]

If you have Disney+, you've probably already (tacitly) agreed to a similar suspension of liability regarding the whole company. I completely agree with you in principle. Honestly, I do. But I also think that, unless you actually want to hire a good lawyer, you're likely on the road to nowhere, other than soon getting a bill for broker's fees.

 

[TinkAgainU]

.... But I also think that, unless you actually want to hire a good lawyer, you're likely on the road to nowhere, other than soon getting a bill for broker's fees.

Very true, thank you for the reminder since the funds are sadly, important to me. But I will at least file a complaint with the Attorney General's office and see if there is something similar in California first. If nobody ever tries, these companies win every sneaky-contract move they make by default.

I'm not blaming people for not fighting every fight, but I feel everyone needs to do Something when they can.

 

[disneylandtour]

Very true, thank you for the reminder since the funds are sadly, important to me. But I will at least file a complaint with the Attorney General's office and see if there is something similar in California first. If nobody ever tries, these companies win every sneaky-contract move they make by default.

I'm not blaming people for not fighting every fight, but I feel everyone needs to do Something when they can.

Sounds like a good plan.

 

[AstroBlasters]

Very true, thank you for the reminder since the funds are sadly, important to me. But I will at least file a complaint with the Attorney General's office and see if there is something similar in California first. If nobody ever tries, these companies win every sneaky-contract move they make by default.

I'm not blaming people for not fighting every fight, but I feel everyone needs to do Something when they can.

It’s too bad they just gutted the Consumer Financial Protection Bureau.

 

[disneylandtour]

It’s bad they just gutted the Consumer Financial Protection Bureau.

I believe that real estate are largely overseen by state laws--which differ from state to state--and not the federal government, where the Bureau was just gutted. I've lived in both California and Florida. If you really want to make a complaint, you're far more likely (IMO) to get a response from California, if that is where you live.

 

[TinkAgainU]

Are you able to strike the clause about confidentially on the docusign? It seems rather unnecessary.

No, the docusign is set up to only allow that as the first signature, or decline the full set of documents. When I called, I was told I could only communicate with Administration about ROFR contract questions by email. I will call again Monday since many here have indicated getting different answers to DVC questions depending on who they spoke with.

 

[TinkAgainU]

I believe that real estate are largely overseen by state laws--which differ from state to state--and not the federal government, where the Bureau was just gutted. I've lived in both California and Florida. If you really want to make a complaint, you're far more likely (IMO) to get a response from California, if that is where you live.

You might notice that is a short 3 section document - where the 3rd section mentions Florida laws would prevail. Not sure if that would be better than California or not… but the point is to not be forced to sign that document at all. Heaven knows what the others include since that is the first of many.

 

[bakerworld]

I'm a bit confused as to why Disney purchasing your contract is less favorable that the original offeror. The $$ is still the same, correct?

 

[TinkAgainU]

I'm a bit confused as to why Disney purchasing your contract is less favorable that the original offeror. The $$ is still the same, correct?

Disney is adding unacceptable (to me, and I assume most people) documents, for example, the "Full Release" I attached, which were Not part of the original Buyer's offer with their Purchase Agreement. It is my understanding Disney will meet the terms of the original contract (which $ they are, and will in theory meet the closing deadline). The "extra" "forced" terms Disney is adding are my issue.

I will also mention - this is why it is VERY important to read all the terms of your original contract, if you have a really long closing date (which some Brokers seem to like to add without really discussing it), that is the date Disney can (and from what others have said) will use. In my case ROFR extended my closing past when it "could" have closed had the Buyer gotten their side done, since all my Seller's notarized documents were at escrow, so the Buyer could have closed immediately had Disney waived ROFR

 

[Sandisw]

Disney is adding unacceptable (to me, and I assume most people) documents, for example, the "Full Release" I attached, which were Not part of the original Buyer's offer with their Purchase Agreement. It is my understanding Disney will meet the terms of the original contract (which $ they are, and will in theory meet the closing deadline). The "extra" "forced" terms Disney is adding are my issue.

I will also mention - this is why it is VERY important to read all the terms of your original contract, if you have a really long closing date (which some Brokers seem to like to add without really discussing it), that is the date Disney can (and from what others have said) will use. In my case ROFR extended my closing past when it "could" have closed had the Buyer gotten their side done, since all my Seller's notarized documents were at escrow, so the Buyer could have closed immediately had Disney waived ROFR

Personally, I didn’t find it a big deal so we signed without concern.

It’s T and C were not so different compared to what we already agree to in relationships with other aspects of DIsney

Keeping quiet about it…which I didn’t see a whole lot that I’d share anyway…worked for us.

In terms of date…we alway knew, ROFR or not, it could take to closing date. So while it stunk, it wasn’t an unexpected delay we had not prepared ourselves for.

But, I get it…everyone has to do what they feel is right!!
It will be interesting to see what you learn

 

[disneylandtour]

I'm a bit confused as to why Disney purchasing your contract is less favorable that the original offeror. The $$ is still the same, correct?

Someone else can jump in if they know more...and if so, please do, as I'd love more info....but...

Leaseholds are a timeshare in which you own part of a unit for a fixed number of years.

Except for GCV (where DVD can resell any contract they ROFR within a day, with the existing number of points), I assume that Disney is trying to arrange multiple ROFRs in the same unit. All sales are deeded to a specific unit. If DVD buys back 150 points in unit 1A and 150 points in unit 1B and 150 points in unit 1C, they can only sell those in chucks of 150 (or less) tied to each of the units, but if they buy back 150 + 150 + 150 all in unit 1A, they can slice and chop those 450 points any way they like. So I suspect (but again, don't know) what's happening is that DVD has a target list of units that it wants to build point inventory within as that allows them greater flexibility for the person who wants to buy 50 and the person who wants to buy 500. If I had to take another guess, I'd say it's easier to do this in the larger units, as there's a larger pool of possible points there. I'm sure someone has done the math, but just to eyeball this, (and as GFV is presently a ROFR target), there's somewhere "around" 11k to 12k points attached to a studio at GFV per year and there's somewhere around 26k or 27k attached to a two bedroom per year. Simply, on average, there's a far, far better chance of building a combined ROFR bank of resale points in a two bedroom unit than in a studio. Again, these are all educated guesses with some of the math eyeballed, but I sorta suspect that's what's actually going on.

 

[TinkAgainU]

Someone else can jump in if they know more...and if so, please do, as I'd love more info....but...

Leaseholds are a timeshare in which you own part of a unit for a fixed number of years.

Except for GCV (where DVD can resell any contract they ROFR within a day, with the existing number of points), I assume that Disney is trying to arrange multiple ROFRs in the same unit. All sales are deeded to a specific unit. If DVD buys back 150 points in unit 1A and 150 points in unit 1B and 150 points in unit 1C, they can only sell those in chucks of 150 (or less) tied to each of the units, but if they buy back 150 + 150 + 150 all in unit 1A, they can slice and chop those 450 points any way they like. So I suspect (but again, don't know) what's happening is that DVD has a target list of units that it wants to build point inventory within as that allows them greater flexibility for the person who wants to buy 50 and the person who wants to buy 500. If I had to take another guess, I'd say it's easier to do this in the larger units, as there's a larger pool of possible points there. I'm sure someone has done the math, but just to eyeball this, (and as GFV is presently a ROFR target), there's somewhere "around" 11k to 12k points attached to a studio at GFV per year and there's somewhere around 26k or 27k attached to a two bedroom per year. Simply, on average, there's a far, far better chance of building a combined ROFR bank of resale points in a two bedroom unit than in a studio. Again, these are all educated guesses with some of the math eyeballed, but I sorta suspect that's what's actually going on.

I have zero inside knowledge, but I always suspected ROFR could be more focused on exactly what you noted, the same Units for easier resale. It would explain why they took some that seemed less of a "deal" than others. Most Buyers and Sellers just accept it's a bit of a crapshoot if theirs get taken. Paying over market is the only semi-sure way to stay clear ROFR

 

[Girlstar30]

Is there somewhere online that we could see if our piece of the unit that we own belongs to a studio, 1 bedroom etc?

 

[disneylandtour]

Is there somewhere online that we could see if our piece of the unit that we own belongs to a studio, 1 bedroom etc?

There's a gov site in Florida that you can use.

But I "think" this still works...but I'm not sure it's fully functional for RIV and the new Tower is not on it.

https://**********/unit/

You should be able to see the unit / block where to which your deed is attached. You should also be able to see what type of unit / units it's attached to: S / 1B / 2B / etc.

 

[Girlstar30]

There's a gov site in Florida that you can use.

But I "think" this still works...but I'm not sure it's fully functional for RIV and the new Tower is not on it.

https://**********/unit/

You should be able to see the unit / block where to which your deed is attached. You should also be able to see what type of unit / units it's attached to: S / 1B / 2B / etc.

Darn blocked, thanks anyways!

 

[TinkAgainU]

Is there somewhere online that we could see if our piece of the unit that we own belongs to a studio, 1 bedroom etc?

It was discussed here too
https://www.disboards.com/threads/the-unit-in-your-deed.3127685/post-48699305

 

[disneylandtour]

Darn blocked, thanks anyways!

 

[DL1WDW2]

Getting very close to wanting to sell contracts for so many reasons .
Sign me sad & glad on the dotted line .

 

[Girlstar30]

It was discussed here too
https://www.disboards.com/threads/the-unit-in-your-deed.3127685/post-48699305

Thanks!