Developer exercised ROFR... Can i void the sale?

[herillc]

I was in the process of getting rid of my Elara (planet holywood) in vegas.
Today, closing co received the notification that lantern asset management co would exercise ROFR.
I was gladly offered my elara unit for free to a potential buyer who could use it for his family. But i do not want to give it back to developer.
Is there any way i can refuse to sell/give away when developer exercised ROFR?
I don't like the idea that Hilton takes back my unit for free and they will sell it to another victim for $30k.
Any advice would be appreciated. Thanks!

 

[DeniseM]

Just so you know, you can edit your title by clicking EDIT > ADVANCED EDIT.

 

[herillc]

Just so you know, you can edit your title by clicking EDIT > ADVANCED EDIT.

Thanks, i corrected.

 

[dioxide45]

You don't have to sell it back to them. The only way they can get it back through ROFR is for you to sign a deed back to them. Just don't sign the deed. They can't force you to.

 

[davidvel]

You don't have to sell it back to them. The only way they can get it back through ROFR is for you to sign a deed back to them. Just don't sign the deed. They can't force you to.

Legally they can, but doubt that they would.

 

[tschwa2]

but do you like the idea of sticking something that is pretty much worthless and may have additional restrictions put on it so the new owner will have trouble using the week?

The ROFR for Elara Westgate weeks are odd. Even though they can exercise on the deeds, I don't know if they can sell them again because I thought only HVCI were the only ones who could sell there now. I am not sure what they do with the weeks or if the developer just keeps them to use as rentals and getaway type weeks for other westgate owners.

 

[herillc]

but do you like the idea of sticking something that is pretty much worthless and may have additional restrictions put on it so the new owner will have trouble using the week?

The ROFR for Elara Westgate weeks are odd. Even though they can exercise on the deeds, I don't know if they can sell them again because I thought only HVCI were the only ones who could sell there now. I am not sure what they do with the weeks or if the developer just keeps them to use as rentals and getaway type weeks for other westgate owners.

Thanks for your comment.
Lantern asset management is a partner of Hilton Elara, so i guess it is Hilton who exercises ROFR, not westgate. Westgate elara owners should submit ROFR waiver to lantern asset mgmt. Westgate is not involved for transfer process at all. First, i had to request estoppel from HGVC by paying $35 fee and with that estoppel, submit ROFR waiver to lantern asset mgmt. if lantern waives ROFR, closing co can record a new deed and send it to Hilton for account transfer.

Even though i don't use Elara often, i don't mind keeping it... Have rented my unit for 4 years now.
Just feeling bad that developer wants it for free and will sell it to another person for $30k. Sigh....

 

[herillc]

You don't have to sell it back to them. The only way they can get it back through ROFR is for you to sign a deed back to them. Just don't sign the deed. They can't force you to.

Thanks for your idea.
Hope they give up soon...

 

[Ty1on]

Thanks for your idea.
Hope they give up soon...

Of course this means you continue paying MF for the foreseeable future on an interval you don't want. Is it worth that?

If you are giving it to someone you fully trust (actually someone that fully trusts you), you can always put a value on the sale.....They deposit $2K with the closing company, Lantern balks at the price, the sale goes through, you get a check for $2K and return it to the buyer.

OR you deposit money orders in the buyer's name, and it comes back to you upon close. PROBLEM SOLVED lol