What is Timeshare Right of First Refusal?

The term right of first refusal, or ROFR, is a clause in many sales contracts. It may exist in your timeshare contract, and can keep you from selling it independently on the resale market. A timeshare right of first refusal states that the timeshare brand has the right to buy back your timeshare ownership if they choose to do so. If this is the case, you must contact your resort prior to selling on the secondary market.

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Timeshare ROFR and Resale

If you are looking to enter into a contract to sell your timeshare on the secondary market, and you have a ROFR in your timeshare ownership contract, you have to get in touch with your home resort before moving forward in selling your timeshare on the resale market.

At this point, you will already have determined your timeshare resale value. If you and a buyer have agreed upon a price, you first must contact your home resort and make them aware of what you are going to be selling your timeshare for.

If the company wants your timeshare back, they will exercise their right of first refusal and will accept the amount you were going to sell it for. This way, you are still able to sell your ownership for the agreed price, but you will sell it back to the company instead. If the company declines, you can choose to move forward with selling your timeshare through the secondary market.

Timeshare brands typically will enact this contract clause to make sure their timeshares are being resold at a price that is fair and true to value.

Timeshare right of first refusal can be confusing, and varies based on individual situations. Our team of independent timeshare resale specialists can assist you with insights on ROFR and the entire timeshare resale process. Call us today to learn more at 1-877-815-4227.

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