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Marriott and ROFR

TSResalez

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David,
My contract has that same special assessment line. This is just another difference between Marriott's contract and mine with my buyer. The one with my buyer says they are obligated to pay any special assessments after the date of the signed contract.

However, since it doesn't appear that Summit Watch is having any special assessment this year, I have just let that difference in the contract go.

Another thing that I found interesting is the purchase contract is only in my husband's name. When I told them the week was held in joint tenancy by both of us, they said the closing papers (and I assume) the check would be in both parties' names but they only needed him to sign the purchase agreement. This doesn't make sense to me. I have sold real estate in Calfornia for the last four years and the contracts are always drawn up in the names of all the parties on title.

Jan

It seems the contract your referring to has not been preceded by a title search. In my buyback they sent me 2 contracts, one in the beginning and another after the title search...the 2nd showed the current legal names on the title so it didn't matter much...
 

mari311

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Deposit the 2008 week into interval...

Pay the 2008 MF and make the deposit... then sell to Marriott and you still have a week to use in II. Does that seem like it would work???
:cheer:

It sounds like Marriott basically met the terms of the original contract in that they said she could write in that the 2008 maintenance fee would be prorated based on usage (I'd want that to be defined that if the sale doesn't get consummated by 1/1/08 and the seller doesn't use the week, then the seller doesn't pay any of the 2008 MF), not based on time (i.e. calendar days). It kind of sounds like Marriott wants that to be in the contract to make it clear the seller doesn't get to use the 2008 week without paying the 2008 MF if the deal doesn't close by 1/1/08. I may be giving Marriott the benefit of the doubt on it. However, if there were other special terms to the original sale, then Marriott would need to meet them to exercise the ROFR. My guess is the seller would not have to sue them to get them to do this, but would probably have to go up the chain of command 2-3 levels and maybe talk to Bill Marriott's office to get it done. It would be a big hassle to say the least and would involve spending probably hours on the phone with 10+ people in their organization. I've been thru this with other big companies before, and if you keep going up the chain of command, you usually get what you need. However, they make it such a pain to do that very few people are willing to go thru this to get them to do what they should do in the first place.

I agree that you wouldn't want to transfer the deed to the buyer without that waiver. The real transfer occurs on Marriott's computer system and if they won't transfer it there, you've got a problem. I think this deed stuff for TS's is mainly a marketing ploy - the real recording office on something like this is Marriott because they determine who owns it and who can use it.
 

mari311

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Question about the original buyer...

I have been reading this thread until it gave me a headache :wall:

I don't own a Marriott but trying to understand all this ROFR stuff is exhausting. I am trying to sell a Westgater which I understand has ROFR on my contract.

My question is this if you get a buyer and submit the offer to your TS and they exercise ROFR does your original buyer have the opportunity to counter the offer. From what I read about this Marriott transaction, the seller has to sign and return papers agreeing to Marriotts terms. If during that time before it is signed, can the seller seek a counter offer from the buyer then resubmit the offer to Marriott.

It seems like from what i am reading the seller doesn't have to sell to marriott if they don't like the terms,... so why can't they get a counter offer?

I see Post #96 answers this question.....

Has that ever happened, or again, am i reading too much into this...

Mari
 
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