Buying a Mandatory resort vs Voluntary and trading with preference

[CPNY]

I think what you really mean is that it’s easy for Marriott to make mistakes.


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Sounds about right. Especially with reports of running into “not as friendly” CSR’s. IME with Marriott, their CS wasn’t always the greatest. Hopefully once things are streamlined things change.

 

[cubigbird]

Ask the agent to email you the document saying they are exercising ROFR.

Doesn’t the ROFR terms have to be listed in the operating agreement / CCR or whatever the governing document is? If they didn’t have ROFR before they can’t just make it up? You’d think it would require an amendment to the operating agreement?

 

[dnmasters]

Ask the agent to email you the document saying they are exercising ROFR.

I have asked for a copy of the ROFR exercise notification received by the closing agent as well as any supporting documentation.

 

[dnmasters]

The notice of exercise letter references the seller, buyer (me) and the Account Number (presumably the seller's ownership account) and reads in pertinent part as follows:

"is exercising its option to purchase your above-referenced Vacation Ownership Interest." (note-it doesn't state who is exercising the option). "As stated in VSE Villas Arizona, Inc. 'Right of First Refusal' of the Vacation Ownership Declaration for your resort, the Developer has the right and option to purchase your Vacation Ownership Interest at the same price and with the same terms as contained in the 'Offer to Buy' presented by {prospective purchaser}."

The rest of the letter addresses new closing documents to be sent to the seller and the timing of the closing, nothing material to the Developer's rights under the Declaration, with I presume is the CC&Rs for the resort. I have asked for those documents and we will see if they will provide them. The letter is from Vistana Signature Experiences, Inc., but no actual signature.

 

[CPNY]

The notice of exercise letter references the seller, buyer (me) and the Account Number (presumably the seller's ownership account) and reads in pertinent part as follows:

"is exercising its option to purchase your above-referenced Vacation Ownership Interest." (note-it doesn't state who is exercising the option). "As stated in VSE Villas Arizona, Inc. 'Right of First Refusal' of the Vacation Ownership Declaration for your resort, the Developer has the right and option to purchase your Vacation Ownership Interest at the same price and with the same terms as contained in the 'Offer to Buy' presented by {prospective purchaser}."

The rest of the letter addresses new closing documents to be sent to the seller and the timing of the closing, nothing material to the Developer's rights under the Declaration, with I presume is the CC&Rs for the resort. I have asked for those documents and we will see if they will provide them. The letter is from Vistana Signature Experiences, Inc., but no actual signature.

And so it begins! Seems like there is a new Sherriff in town. To all the nay sayers about how wonderful things are over there have blinders on about we won’t see a difference. Well, could we be seeing it start? It looks like it may be the case. If WKV never had ROFR or it was never exercised, it looks like it is now. Could be the result of the reported mass turnover of VSE employees and backfilled with new or existing MVC people.

I will say, many have said WKV and even SVV doesn’t have ROFR, however technically in the CCR’s it does actually state there is a ROFR option for SVV, or so I read (if I recall correctly) i May be completely thinking of something else. It just so happens it was never exercised?

 

[SteelerGal]

If the CCR allows it, it makes sense to buy up what you can to build up Flex. Especially Desert. Desert is very popular year around. Even in July/August.

 

[DavidnRobin]

And so it begins! Seems like there is a new Sherriff in town. To all the nay sayers about how wonderful things are over there have blinders on about we won’t see a difference. Well, could we be seeing it start? It looks like it may be the case. If WKV never had ROFR or it was never exercised, it looks like it is now. Could be the result of the reported mass turnover of VSE employees and backfilled with new or existing MVC people.

I will say, many have said WKV and even SVV doesn’t have ROFR, however technically in the CCR’s it does actually state there is a ROFR option for SVV, or so I read (if I recall correctly) i May be completely thinking of something else. It just so happens it was never exercised?

I just read thru (quickly) the CCRs for WKV. I could have missed it, but no where I could find does it state a ROFR exists for WKV. It should be in Section 3. This is the most recent WKV CCRs downloaded from the Vistana Dashboard. I have an original copy stored in my files.

If anyone wants to tell me what section of the CCRs for a VSE Resort that does have a ROFR stated - let me know and I will recheck the corresponding section.. As mentioned, it was a quick read thru the initial 246 pages. The rest is the VSN Disclosure Guide, Info on mortgages, Buyers Guide, etc.

 

[CPNY]

I just read thru (quickly) the CCRs for WKV. I could have missed it, but no where I could find does it state a ROFR exists for WKV. This is the most recent WKV CCRs downloaded from the Vistana Dashboard. I have an original copy stored in my files.

If anyone wants to tell me what section of the CCRs for a VSE Resort that does have a ROFR stated - let me know and I will recheck the corresponding section.. As mentioned, it was a quick read thru the initial 246 pages. The rest is the VSN Disclosure Guide.

Yeah I did a quick and couldn’t find it but thought I read it somewhere in one of my mandatory before. Maybe it was harborside resort and that has it and I confused it with my SVV

 

[DavidnRobin]

From WKORV CCRs - the ROFR is stated clearly. This does not exist in WKV CCRs.

 

[DavidnRobin]

This is where it should be in WKV CCRs - nothing about a ROFR for WKV.

Someone is not telling the truth - or proceeded forward against the WKV CCRs.

 

[DavidnRobin]

The notice of exercise letter references the seller, buyer (me) and the Account Number (presumably the seller's ownership account) and reads in pertinent part as follows:

"is exercising its option to purchase your above-referenced Vacation Ownership Interest." (note-it doesn't state who is exercising the option). "As stated in VSE Villas Arizona, Inc. 'Right of First Refusal' of the Vacation Ownership Declaration for your resort, the Developer has the right and option to purchase your Vacation Ownership Interest at the same price and with the same terms as contained in the 'Offer to Buy' presented by {prospective purchaser}."

The rest of the letter addresses new closing documents to be sent to the seller and the timing of the closing, nothing material to the Developer's rights under the Declaration, with I presume is the CC&Rs for the resort. I have asked for those documents and we will see if they will provide them. The letter is from Vistana Signature Experiences, Inc., but no actual signature.

As stated above - the words ‘Right of First Refusal’ do not exist in WKV CCRs. (or VSN Disclosure Docs).
It does in WKORV CCRs


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[CPNY]

This is where it should be in WKV CCRs - nothing about a ROFR for WKV.

View attachment 13388 Someone is not telling the truth - or proceeded forward against the WKV CCRs.

Then it’s not in SVV either I think. I May have read it in the HRA CCR and was confused

 

[Ken555]

The notice of exercise letter references the seller, buyer (me) and the Account Number (presumably the seller's ownership account) and reads in pertinent part as follows:

"is exercising its option to purchase your above-referenced Vacation Ownership Interest." (note-it doesn't state who is exercising the option). "As stated in VSE Villas Arizona, Inc. 'Right of First Refusal' of the Vacation Ownership Declaration for your resort, the Developer has the right and option to purchase your Vacation Ownership Interest at the same price and with the same terms as contained in the 'Offer to Buy' presented by {prospective purchaser}."

The rest of the letter addresses new closing documents to be sent to the seller and the timing of the closing, nothing material to the Developer's rights under the Declaration, with I presume is the CC&Rs for the resort. I have asked for those documents and we will see if they will provide them. The letter is from Vistana Signature Experiences, Inc., but no actual signature.

Ask for a copy of the documentation which provides the right for VSE Villas Arizona to perform this action.

I was searching for this entity and ran across this interesting doc:

https://www.sec.gov/Archives/edgar/data/1434620/000155837017001185/ilg-20161231ex2110633e8.htm


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[controller1]

This is where it should be in WKV CCRs - nothing about a ROFR for WKV.

View attachment 13388 Someone is not telling the truth - or proceeded forward against the WKV CCRs.

And that notification would not have the selling price hence it would be impossible for such notification to serve as an initiation of an ROFR.

 

[dnmasters]

As stated above - the words ‘Right of First Refusal’ do not exist in WKV CCRs. (or VSN Disclosure Docs).
It does in WKORV CCRs


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I have requested evidence (CC&R section, Board Resolution) to support their claim of ROFR and we will see what happens. Unfortunately I am not dealing directly with Marriott/Vistana, just a closing agent who has stated that she had experienced the exercise of the ROFR for WKV previously, including prior to the merger/acquisition by Marriott. Maybe it wasn't challenged before, or those effected weren't on TUG.

 

[SteelerGal]

Ask for a copy of the documentation which provides the right for VSE Villas Arizona to perform this action.

I was searching for this entity and ran across this interesting doc:

https://www.sec.gov/Archives/edgar/data/1434620/000155837017001185/ilg-20161231ex2110633e8.htm


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I researched as well and I wonder if ILG added an addendum. I understand the legality however the unaware would never know to push back.
I am sure the letter is a MVC formulaic letter for the closing company of the buyer while another letter was sent to the seller from their closer.

 

[dioxide45]

Is VSE VIllas Arizona Inc even the name of the association at WKV? Could someone confirm on their deed?

 

[DavidnRobin]

I researched as well and I wonder if ILG added an addendum. I understand the legality however the unaware would never know to push back.
I am sure the letter is a MVC formulaic letter for the closing company of the buyer while another letter was sent to the seller from their closer.

There would have to be notice to the HOA if an addendum to the CCRs. This notification is in the CCRs, and an amendment would need to be created - as done with other CCR addendums that are listed as part of the recent CCR update (March 2019).


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[DavidnRobin]

IMPORTANT NOTE:
The WKV CCRs being discussed by me are actually SDO CCRs.

I do not own SDO, but when I went to governing documents for the WKV on the VSE Dashboard - it is the SDO CCRs that apparently is listed (and downloaded). I just saw this when I saw the villa layouts.

 

[DavidnRobin]

Is VSE VIllas Arizona Inc even the name of the association at WKV? Could someone confirm on their deed?

This post made me go to the WKV CCRs and check on name - that is how I realized that these were the SDO CCRs. What a screw up by VSE...

Anyone have SDO HOA access? Maybe the WKV CCRs are there?

I recall a WKV being Sonoran someting-or-other, and that is how the filename comes across, but it is the SDO CCRs. Bizarre...

The file name is Scottsdale_Sonoran_Gov_Docs - SDOs name is Scottsdale Pinnacle.

 

[SteelerGal]

It’s
Scottsdale Sonoran Villas Condominiums.

SDO is Scottsdale Pinnacle.

 

[CPNY]

Maybe the broker sent a fake ROFR letter because they wanted to buy the unit for themselves

 

[SteelerGal]

I will have to check after I get my Crew to bed. We own both properties.

 

[dioxide45]

This post made me go to the WKV CCRs and check on name - that is how I realized that these were the SDO CCRs. What a screw up by VSE...

Anyone have SDO HOA access? Maybe the WKV CCRs are there?

I recall a WKV being Sonoran someting-or-other, and that is how the filename comes across, but it is the SDO CCRs. Bizarre...

The file name is Scottsdale_Sonoran_Gov_Docs - SDOs name is Scottsdale Pinnacle.

https://recorder.maricopa.gov/UnOfficialDocs/pdf/20020790610.pdf

 

[dioxide45]

If there is some kind of change or addendum to the condo declaration, I am failing to find it on the Maricopa County website.