Right of first refusal (ROFR)

[Jasash]

I agreed to sell my timeshare 3beds at Orange Lake golf resort club Orlando Florida. OLGRC has sent ROFR to the agent. Can they do this , what are our options to process the deal. They are in the process of sending some papers for us to sign. Don't know the contents of these. I sold two 2beds few years ago there was no ROFR from them.
Any one else has gone through the same. What was the outcome?

 

[uscav8r]

All that means is that the resort opted to buy the unit back at the price your buyer offered. In the end, you still get your sales price, just from a different entity. Your buyer is the one who needs to look for a different unit (and perhaps offer more next time).


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[judyjht]

Can't she see if the original buyer will offer her more money? I would be ticked if I were that buyer.

 

[Jasash]

ROFR

The transfer is going through timrshare transfer company chosen by buyer, and I am not involve in contact with resort.

 

[theo]

Howzzat work?

The transfer is going through timeshare transfer company chosen by buyer, and I am not involved in contact with resort.

I'm confused. If you're the seller and the resort is exercising ROFR, how can you as owner be "not involved in contact with the resort" to conduct the transaction?

If the resort exercises ROFR, matching the price with which you reached agreement with a prospective independent buyer, as already mentioned above the outcome is exactly the same for you as the seller anyhow; only the prospective independent buyer who agreed to a price ends up "stiffed" and empty handed.

 

[gjw007]

A few years ago a friend bought a resale olcc unit. When going through rofr, olcc said the value was too low so the seller returned to olcc to say it sold for xxx dollars which olcc didnt question and the buyer paid the orginal contract price to the seller. I do not know if olcc ever excercised rofr but it had been part of their selling point when i initially went to a presentation 20 years ago. Essentially it is a game as this is not how rofr should work

 

[tschwa2]

I bought one last month in the East Village. I wasn't sure if it was subject to Rofr. It is from a group that takes a fairly long time to do transfers but the price was right and usage was 8 months away so I thought I would be patient. Recently I have seen about 4 posts about ROFR and Orange Lake. I emailed the closing company. They again said no ROFR. I've asked them to double check because within 30 days or so, so be it if it is taken by ROFR. I just don't want to find out 90 days+ that oh yes there is ROFR so sorry.

 

[BocaBoy]

Can't she see if the original buyer will offer her more money? I would be ticked if I were that buyer.

That is not how ROFR works. It gives the developer or the resort the right to substitute itself for the original buyer and complete the sale pursuant to its original terms.

 

[silentg]

We gave away one week at Orange Lake to a friend, never heard from OL on the deal it went thru fine with LT transfers