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New cumbersome closing/transfer requirements by Daily Management

TUGBrian

TUGBrian

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Was made aware of this by LT Transfers recently, so anyone looking to buy/sell a DM managed resort will encounter this during closing!

some interesting "requirements" in there!

**edit (exceptions: NO ROFR is required for Vacation Village at Williamsburg, Silver Seas, and The Cliffs at Peace Canyon)

dmestoppel.jpg
 

Attachments

  • 6.21.23 Estoppel Requirements for Transfers (Individual and Companies) with ROFR.._.pdf
    437.8 KB · Views: 61
Note that what's highlighted in yellow is when the recipient is an "entity" (i.e. a Trust or an LLC, I would assume) vs. an individual. Considering that some HOAs don't allow *any* transfers to *any* "entity", those aren't necessarily unreasonable requests to make sure the transfer isn't going into a Viking ship. As for the stuff in green, that, too, seems like a no-brainer--that the recipient can't be behind on MF or loan payments for anything else they might previous own at the resort/system prior to the transfer.

Am I missing something here? None of this appears to be particularly problematic to me.
 
I didnt highlight the stuff, came that way in the email vs just pasting the letter...sorry if its confusing.

I believe the requirement of the seller to obtain the rofr waiver from the resort is the added step here, it seems this can be problematic and time consuming to obtain.
 
I went through this recently. Bought a 1 EOY bedroom GV with 61k points.

I had to pay next year’s MF, they needed 2 proofs of address, and had to go through the ROFR process. Needless to say, it was painful and took a long time.
 
We just purchased a resale 2 bedroom annual at Grandview a week ago. It's our first timeshare. The closing agent told us Grandview does not do a ROFR. I hope that is true but we will see how smooth this goes and how long it takes.
 
gremlin1117 said:
We just purchased a resale 2 bedroom annual at Grandview a week ago. It's our first timeshare. The closing agent told us Grandview does not do a ROFR. I hope that is true but we will see how smooth this goes and how long it takes.
Click to expand...
The ability to ROFR and the Grandview actually exercising that right are two different things. Many timeshares have ROFR and few actually exercise it.

Hopefully, it does not slow down the sales process.
 
i could see it perhaps if they were regularly exercising ROFR, or "gasp", had a deedback/surrender program that made it easier for owners to find new homes for what are in most cases giveaway $1 timeshares, the fact that you have to now obtain the waiver yourself as part of the initial paperwork is just an added (and likely unnecessary) step that's just going to cause more delays.
 
I was trying to buy one Grandview deed and was waiting for ROFR
 
I have been waiting for 7 months now for a transfer on a Patriots Inn deed. The closing agent, Resort Closings, was not aware of a management change to VV, then became aware of the ROFR paperwork. I was told that VV requires the paperwork, but will not exercise the ROFR. The deed has been filed, we are just waiting on the transfer.

This is very frustrating as the week is a fixed July week. I was supposed to get 2023 usage, but that ship has sailed.
 
Our previous purchase was canceled as the current owner decided to keep it. Now we are currently trying to purchase another at Grandview. Resort Closings is our agent as well and submitted the ROFR on 9/15. I guess we will see how long it takes but does not sound good for a speedy transaction.
 
Any update from those of you waiting for either a GV or Cliff's ROFR? My understanding is that DM can either decide that they 'want to buy' the property rather than selling it to a 3rd party, when said 3rd party is an individual. DM should not and technically cannot decided that the new buyer is not qualified...they don't get to choose who buys it other than themselves. What am I missing here?
 
TUGBrian said:
Was made aware of this by LT Transfers recently, so anyone looking to buy/sell a DM managed resort will encounter this during closing!

some interesting "requirements" in there!

**edit (exceptions: NO ROFR is required for Vacation Village at Williamsburg, Silver Seas, and The Cliffs at Peace Canyon)

View attachment 79688
Click to expand...
thank you for sharing this information which is so difficult to obtain from the resort. Lots of small details in this one piece of paper.
 
I have owned a 2 bedroom lock-off at Vacation Village in Weston since 2000. I own it free and clear. I really would like to get rid of this albatross and I have an interested party in taking it.

Can't I just do a quit claim deed and give it to them? I realized that seems too simple, but I feel like I'm out of options.

I cancelled my RCI subscription over 10 years ago and they were no help anyway. Suggestions?

The way I am reading this thread is that I have to do a ROFR. Is that correct?
 
Have the Daily Management timeshares always had ROFR but Daily Management didn't bother to mention it till lately ?

Or has Daily Management just recently added ROFR ?

If ROFR is a recent addition, how can it be applied to ownerships derived from old developer deeds that did not include ROFR -- that is, resale deeds (original deeds now in the names of subsequent resale buyers) ?

If ROFR was not part of the original deed, then how can it be part of the current deed ?

Provisions that were not in the deeds originally cannot be added unilaterally later on.

What is going on ?

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​
 
AwayWeGo said:
Have the Daily Management timeshares always had ROFR but Daily Management didn't bother to mention it till lately ?

Or has Daily Management just recently added ROFR ?

If ROFR is a recent addition, how can it be applied to ownerships derived from old developer deeds that did not include ROFR -- that is, resale deeds (original deeds now in the names of subsequent resale buyers) ?

If ROFR was not part of the original deed, then how can it be part of the current deed ?

Provisions that were not in the deeds originally cannot be added unilaterally later on.

What is going on ?

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​
Click to expand...


Not sure how Daily Management derived the ROFR but I can tell you an interesting (true) story.

Marriott originally built and sold their Summit Watch Timeshares (located in Park City, UT) back in the 1990's without any ROFR clause. Fast forward to 2000 and any resale suddenly had to go thru the ROFR process.

Not sure how it magically showed up, but it did. Maybe others can add to this.........






.
 
received information from ownertransfers@dmresorts.com
our interests at Cliff's Peace Canyon do not need a waiver of ROFR
our interest at Grandview Las Vegs requires a waiver
I filed one today..via email which is the only way to even try to converse with these folks
it says something about a company that implements tactics that DISALLOW a legal sale/transfer from one person to the next; too bad Daily Management is not like others companies that have processes in place for owners to deed back their holdings.
 
Many timeshare systems have ROFR, such as Disney, but few use it to buy units.

The annoyance would be it slowing the sale process.
 
gremlin1117 said:
We just purchased a resale 2 bedroom annual at Grandview a week ago. It's our first timeshare. The closing agent told us Grandview does not do a ROFR. I hope that is true but we will see how smooth this goes and how long it takes.
Click to expand...
can you share the status of your Grandview purchase? Just curious if the sale went through.
 
I am in the process of acquiring a Grandview 1br currently along with VV parkway and Williamsburg. It's only been about 2 weeks but I'll add to this thread once the process is finished..I know Williamsburg is excluded from the ROFR so I'm curious about GV and Parkway and how long the process will take
 
hillview570 said:
can you share the status of your Grandview purchase? Just curious if the sale went through.
Click to expand...
That first purchase was canceled by the owner. We have since started the process to purchase another at Grandview. We have currently been waiting over 5 weeks for the ROFR. I will update this thread when/if it goes through.
 
I just received a notice from Owner Transfer Services at the Grandview...they will not grant a waiver to sell our property to another buyer. In their words, the potential buyer has 'outstanding balances' that are not associated with our property. I have reached out AGAIN to the Grandview requesting contact informaiton with a manager that can explain the issue to me. The Grandview seems to ignore the fact that they either have to grant the waiver OR buy the property...they don't get to choose the next buyer.
Any ideas on next steps are appreciated.
 
is the buyer a corporation?

how would they be aware of a random 3rd partys "outstanding balances"?
 
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