ROFR

[WVBaker]

Where can a copy of the ROFR be obtained after purchase?

Thanks

 

[tschwa2]

Do you mean a copy of the waiver of ROFR? You can ask the closing company for both a copy of the submitted ROFR and the waiver received from the resort.

 

[WVBaker]

Do you mean a copy of the waiver of ROFR? You can ask the closing company for both a copy of the submitted ROFR and the waiver received from the resort.

Yes, I'm looking to review the document itself. The buyer never seems to get a copy of this and therefore has no idea of what would cause the resort to either enforce their right or agree to the sale. Thanks for the help.

 

[dayooper]

Yes, I'm looking to review the document itself. The buyer never seems to get a copy of this and therefore has no idea of what would cause the resort to either enforce their right or agree to the sale. Thanks for the help.

The ROFR waiver I received on my purchase just said they weren’t exercising the right. Even though HGVC at the Flamingo has no ROFR, they made no mention of that fact. It just said they weren’t exercising the right.

 

[Shankilicious]

the fine print in Welk's contract just says that they have the right of first refusal. I'm fairly certain that no resort will give you a reason or exact point per $$ amount that they'll exercise that right....

 

[brianfox]

For Marriott I was ROFR'd once, and received a copy of the statement. For all other Marriott purchases, I was simply informed by the closing company that Marriott declined to exercise ROFR, and never received a statement.

 

[dagger1]

For these major TS’s that exercise ROFR a lot, how do they handle a gift? We are considering gifting one of our Hyatt’s to close friends that we vacation with. Are there any suggestions on how to handle this transaction? Do we need to submit ROFR paperwork to Hyatt, or just contact them to get their approval to transfer the deed? Has anyone done this before? Thanks!

 

[vacationtime1]

If you were to sell the unit to your friends for a price that exceeds Hyatt's ROFR range, nothing prevents you from gifting an amount of cash equal to that sales price back to your friends after the escrow closes.

I assume that the amount of the gift is less than the annual gift tax exclusion amount (which is $56K if two of you are making gifts to two others).

 

[dagger1]

If you were to sell the unit to your friends for a price that exceeds Hyatt's ROFR range, nothing prevents you from gifting an amount of cash equal to that sales price back to your friends after the escrow closes.

I assume that the amount of the gift is less than the annual gift tax exclusion amount (which is $56K if two of you are making gifts to two others).

We were going to gift the 2000 point week for $0. They would pay the $200 closing and the $650 transfer fee. I guess Hyatt could tell us what to do. I was wondering if they would say no, that they would take it for $0.

 

[Panina]

We were going to gift the 2000 point week for $0. They would pay the $200 closing and the $650 transfer fee. I guess Hyatt could tell us what to do. I was wondering if they would say no, that they would take it for $0.

I would call LT transfers and ask them. They were very helpful in providing the correct information to me when I wanted to gift an HGVC week. They knew the exact forms for gifting so rofr would not occur.

 

[dagger1]

I would call LT transfers and ask them. They were very helpful in providing the correct information to me when I wanted to gift an HGVC week. They knew the exact forms for gifting so rofr would not occur.

Thanks! Great idea!!

 

[dayooper]

For these major TS’s that exercise ROFR a lot, how do they handle a gift? We are considering gifting one of our Hyatt’s to close friends that we vacation with. Are there any suggestions on how to handle this transaction? Do we need to submit ROFR paperwork to Hyatt, or just contact them to get their approval to transfer the deed? Has anyone done this before? Thanks!

Not sure on Hyatt, but some of the major brands allow gifting with out ROFR. Contact LT Transfers or some other reputable transfer company to advise you.