The timeshare industry is worth a massive $10.5 billion. In the US alone, there are over 200,000 timeshare units spread across thousands of properties.
At the high end of the timeshare scale, you’ll find about 60 properties owned and managed by Marriott. If you’re lucky enough to own one of these timeshares, no doubt you’ve made some amazing memories over the years.
But what happens if your circumstances change and you need to sell your timeshare? Even if you read the fine print, you might still be wondering, “What is Right of First Refusal?”
Keep reading to learn how Marriott resale properties work and what you need to know about Right of First Refusal.
What Is Right of First Refusal?
In short, the Marriott Right of First Refusal is a small clause built into your Marriott Vacation Club contract.
It states that if you try to sell your timeshare to a third party, Marriott has the option to step in and buy it first. If they do, they must honor all the terms that you and the seller agreed upon.
It’s important to note that every sale must go through this process first, with only a few exceptions (which we’ll discuss below). You, the seller, submit a request to Marriott for them to waive their Right of First Refusal. Marriott must respond within 15-30 days, although most sellers hear back sooner.
If Marriott wants to repurchase your timeshare, they’re free to do so. If they pass, you’re free to continue the resale to a third party.
Understanding Right of First Refusal
Not surprisingly, there’s a fee associated with this simple but important process. If Marriott decides to waive their Right of First Refusal, you (the owner) must pay a $95 ROFR Waiver Fee.
Of Marriott’s 60 Vacation Club properties worldwide, fourteen of them do not require owners to go through the Right of First Refusal process during resale. These properties are:
- Marriott’s Birch at StreamSide
- Marriott’s Desert Springs Villas
- Marriott’s Douglas at StreamSide
- Marriott’s Evergreen at StreamSide
- Marriott’s Fairway Villas at Seaview
- Marriott’s Frenchman’s Cove
- Marriott’s Harbour Club at Harbour Town
- Marriott’s Harbour Point
- Marriott’s Heritage Club at Harbour Town
- Marriott’s Monarch Oceanfront in Sea Pines
- The Ritz-Carlton Club (St. Thomas)
- Marriott’s Sabal Palms
- Marriott’s Sunset Pointe
- Marriott’s Royal Palms
It’s good to know that if you’re working with a resale broker, they’ll handle the Right of First Refusal process for you. This will ensure your sale goes through quickly, whether you sell back to Marriott or to a private third party.
Marriott Resale Properties: Know Your Options
Hopefully this article has provided you with a clear answer to the question: What is Right of First Refusal? If you’re thinking of starting the Marriott resale process, be sure to follow this small but important legal requirement.
Now that you know more about selling your timeshare, what’s next? Our site has more great tips and advice for your lifestyle, so stay right here and keep browsing!
