Right of First Refusal (ROFR)
The legal right a resort company or group has to “buy back” or assume ownership of a timeshare property. A resort with the Right of First Refusal must be offered the resale price before the ownership can be conveyed to an outside source. The resort can exercise and purchase the property back at the sales price stated, or it will be waived, and the new owner can assume title. Not all resorts have the Right of First Refusal.