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-   -   How many names can go on the title? (http://www.disboards.com/showthread.php?t=3087522)

sol2338 03-28-2013 04:25 PM

How many names can go on the title?
 
Is there a limit? Can 4 adults go on the title?

CarolMN 03-28-2013 05:09 PM

AFAIK, there is no limit. Certainly, four is allowed as I am certain that there are existing contracts with that many individuals listed as owners

disneynutz 03-28-2013 06:23 PM

Quote:

Originally Posted by sol2338 (Post 47939233)
Is there a limit? Can 4 adults go on the title?

Be mindful that all 4 will own the contracts and if something happens to 1 owner, the other 3 may be left with nothing. The law is different in different States so you should find out what happens.

:earsboy: Bill

Pirate Granny 03-28-2013 07:55 PM

We have five adults...husband, wife and three adult daughters.

spears2008 03-28-2013 10:18 PM

It's unlimited... I put 6 adults on my small 50 pt BWV contract. myself, husband, sister, dad, mother in law, and close friend. we are all able to get member perks, including taking advantage of the awesome PAP deal (for up to 8 family members). You are risking the contract if anyone has bankruptcy problems, gets in an at-fault car accident or has any other liability in which the court can order seizure of their assets. There is also an issue with potential estate issues if someone dies -- florida probate will be required. For us, all these potential issues were worth the risk. We only put myself and my husband on our larger BLT contract though.

SpectroMan71 03-29-2013 07:43 PM

With regard to this question, I own as a single man but don't want my partner to have trouble using the measly 10% discount on merchandise. Is it possible to get another membership card with his name on it?

Lynne M 03-29-2013 07:57 PM

Quote:

Originally Posted by SpectroMan71 (Post 47950478)
With regard to this question, I own as a single man but don't want my partner to have trouble using the measly 10% discount on merchandise. Is it possible to get another membership card with his name on it?

Sorry, only those on the deed are given membership cards.

Dean 03-30-2013 10:53 AM

Quote:

Originally Posted by disneynutz (Post 47940364)
Be mindful that all 4 will own the contracts and if something happens to 1 owner, the other 3 may be left with nothing. The law is different in different States so you should find out what happens.

:earsboy: Bill

That's not quite accurate as I understand it. If there are 4 owners, they would own 1/4 each if they own jointly. While it's possible a creditor could force the sale, all that would be at risk would be 1/4 of the proceeds after any sales costs, they couldn't take it all. While I agree it's good to understand there are risks with multiple owners, it's not an all or none. The issue is not unlike the thought process that goes into savings for a child's college. Do you put the money in their name for the tax benefits but run the risks that they will use it for other reasons when they reach the qualification age or that it will count far greater toward grant type qualifications (it does).

This can even be an issue within a given household between spouse's since generally you're only liable for what you actual own and not the debt's of the spouse though it does get a lot more complicated than just whether DVC is at risk when it gets down to this level.

CarolMN 03-30-2013 12:17 PM

Quote:

Originally Posted by disneynutz (Post 47940364)
Be mindful that all 4 will own the contracts and if something happens to 1 owner, the other 3 may be left with nothing. The law is different in different States so you should find out what happens.

:earsboy: Bill

Quote:

Originally Posted by Dean (Post 47954977)
That's not quite accurate as I understand it. If there are 4 owners, they would own 1/4 each if they own jointly. While it's possible a creditor could force the sale, all that would be at risk would be 1/4 of the proceeds after any sales costs, they couldn't take it all. While I agree it's good to understand there are risks with multiple owners, it's not an all or none. The issue is not unlike the thought process that goes into savings for a child's college. Do you put the money in their name for the tax benefits but run the risks that they will use it for other reasons when they reach the qualification age or that it will count far greater toward grant type qualifications (it does).

This can even be an issue within a given household between spouse's since generally you're only liable for what you actual own and not the debt's of the spouse though it does get a lot more complicated than just whether DVC is at risk when it gets down to this level.

It all depends on how the contract is titled and the applicable state laws. There are several ways to title/own something with other people. Each has advantages and disadvantages.

The OP should consult an attorney who can advise on the best way to buy & title, depending on his/her specific situation.

disneynutz 03-30-2013 01:04 PM

Quote:

Originally Posted by CarolMN (Post 47955433)
It all depends on how the contract is titled and the applicable state laws. There are several ways to title/own something with other people. Each has advantages and disadvantages.

The OP should consult an attorney who can advise on the best way to buy & title, depending on his/her specific situation.

That is what we were told when we started buying contracts. We even had an issue where Disney didn't use the same format as our prior deeds and the new contracts/deeds had to be re-done.

:earsboy: Bill

Dean 03-30-2013 04:05 PM

Quote:

Originally Posted by CarolMN (Post 47955433)
It all depends on how the contract is titled and the applicable state laws. There are several ways to title/own something with other people. Each has advantages and disadvantages.

The OP should consult an attorney who can advise on the best way to buy & title, depending on his/her specific situation.

Is there any situation where the entire thing would be at risk in FL other than if it were specifically titled that way, I can't think of anything that would cause that risk. As I understand it, Joint ownership would not create that issue nor would joint with right of survivorship. Tenants in Common could but it's be base on who had more invested, not just because their name were added to the deed. Of course you could also draft a deed that specified the % ownership.

CarolMN 03-30-2013 06:17 PM

Quote:

Originally Posted by Dean (Post 47956900)
Is there any situation where the entire thing would be at risk in FL other than if it were specifically titled that way, I can't think of anything that would cause that risk. As I understand it, Joint ownership would not create that issue nor would joint with right of survivorship. Tenants in Common could but it's be base on who had more invested, not just because their name were added to the deed. Of course you could also draft a deed that specified the % ownership.

I'm not a lawyer. You may be correct. I was just repeating (paraphrasing) what our attorney (who isn't licensed to practice n Florida) told us when we purchased.

keishashadow 04-29-2013 02:16 PM

Slightly OT but found this interesting:

A friend is filing chapter 7 (due to medical bills:() single not joint with her spouse. Most of the assets are in her husband's name including the deed to 'his' house which they never switched over when they married.

she tells me that her lawyer (in PA) states their home is excluded but their DVC timeshare (no mortgage) will be sold for pennies on the $. However, if they had a joint mortgage on it, the trustee likely wouldn't bother with it.:confused3

Dean 04-29-2013 09:28 PM

Quote:

Originally Posted by keishashadow (Post 48247824)
Slightly OT but found this interesting:

A friend is filing chapter 7 (due to medical bills:() single not joint with her spouse. Most of the assets are in her husband's name including the deed to 'his' house which they never switched over when they married.

she tells me that her lawyer (in PA) states their home is excluded but their DVC timeshare (no mortgage) will be sold for pennies on the $. However, if they had a joint mortgage on it, the trustee likely wouldn't bother with it.:confused3

ROFR back to DVC most likely.

keishashadow 04-30-2013 03:44 PM

Quote:

Originally Posted by Dean (Post 48252252)
ROFR back to DVC most likely.

true have to wonder how many 'deals' DVC gets courtesy of the trustees


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