Adding a Name on Existing Contract

[LaNina72]

I've had so much helpful information provided to me over the years that I thought I would pass along my experience of adding a name to my existing contract.

I have a 56 point VWL contract with myeslf, DH, & DM as members. I would like to add my DB to the contract so that I can get him a DVC annual pass (now premium annual pass, Thanks Claire) at the discounted rate.

Note: No dues or monies are owed for this property.

#1) I contacted DVC by phone (7/20) and informed them that I would like to add DM name to my contract. They sent me a transfer request (7/23). I also confirmed that because we were adding a name my existing ressie would be safe.

#2) Faxed back the completed transfer request (7/24), they needed names and addresses of current members, contract # and legal description of property. (ie., 0.1392% interest in unit 7A of Disney's Villas at Wilderness Lodge) As well as how the names should appear on the new deed. I also needed signatures of DH & DM as they are on the current contract.

#3) Visited the Orange County Comptroller's web-site and printed out my current contract and a few others to get a feel for what is expected on the deed. Because I had just purchased this contract 2 years ago and had a title search done then, I didn't feel the need to pay any additional monies to have another title search done and I would re-write the deed myself.

#4) Received the Waiver of Right of First Refusal from DVC (7/26). Also got a Change Request form to complete and send in later...

#5) I created a new Warranty Deed, modeled after my existing deed updating the names and addresses exactly as they appeared on the Right of First Refusal (#4), which came from the transfer request (#2)... must be consistent. Had this notarized and witnessed at no cost in our town clerks office. I updated the price paid to $10 for the lunch my brother bought for me!

#6) Mailed in the following to OCC along with a check (8/13):
Warantee Deed - $18.50 2 pages
Waiver - $18.50 2 pages
Check is for $37.70, the additional $0.70 was for < $100 deed document fee.

#7) Waited... and discovered I didn't pay for the additional names... oops! Misunderstood that part.
On the Waiver there were 8 names... DVC then me, DH & DM as the Transferor... then me, DH, DM & DB as the Transferee. So that was an additional $4.
On the Deed there were 7 names... me, DH & DM... then me, DH, DM & DB. So an additional $3.
Re-mailed (8/26) everything with an additional $7 (OCC returned my $37.70 check). I also needed to send them a Documentary Stamp Tax Explanation Form... as to why the property was < $100.

#8) Received all the original filed paperwork back from OCC (8/30) with the necessary document stamps. I was checking daily the OCC web-site so I had an idea that it was coming in the mail.

#9) Mailed the following to DVC (9/10):
Warranty Deed - copy
Waiver - copy
Change of request form (from #4) - original
with signatures, addresses, phone #'s and copies of drivers license for all 4 of us.
I believe at this point we would also have to mail a check for any outstanding dues or balances owed on the contract.

#10) Wait for our new membership cards and prepare for our November trip!

Overall the process was pretty painless... it would have been much faster if my DM & DB didn't live 3 hours away. But folks at both DVC and OCC were super helpful. (Even though I didnt "get" the pay more for more then 4 names on a document... even if they were the same names repeated twice. )

So all in all the cost was under $50 to add a name and it only took 2 months. the things we do for our baby brothers....

[DizBub]

Interesting. Thanks for the step by step how-to. I'm very impressed that you were able to do this by yourself and that they (DVC) actually allowed it.

[gripp35]

Thanks for that tutorial!

[Deb & Bill]

Hope your brother never has financial troubles. Because your DVC just became part of his settlement.

[tjkraz]

Originally Posted by Deb & Bill

Hope your brother never has financial troubles. Because your DVC just became part of his settlement.

Yeah, definitely not a move to be made lightly.

All owners have shared responsibility for dues. It is considered an asset for all owners and there could be repercussions in the event of a divorce, bankruptcy, etc. There have been reports here of situations where courts ordered a contract sold because just one owner was going through a divorce.

People have had loan applications derailed by DVC ownership--either for forgetting to list the contract or because of its impact on the owner's net worth.

Due to Florida law, the contract ultimately becomes property of the last living owner. If a family wants their kids to inherit the contract, they may never see it if Uncle Bill is the last surviving deeded owner.

And if there is ever to be any transfer of ownership, all listed owners must sign away their rights. This could be anything from inconvenient to impossible depending upon the long-term relationship between all parties.

[rpk1951]

I thought to get the annual pass all people had to live in the same house?

[tjkraz]

Originally Posted by rpk1951

I thought to get the annual pass all people had to live in the same house?

All deeded owners are entitled to DVC member perks, along with eligible relatives living in the same household.

[Irishmom23]

Thanks for the info As each of my children leave the nest, I had planned on adding one of their names to one of my smaller contracts so they could continue to take advantage of the pass discount. So far their address is the same as mine as they are all in college, however that will change in the future as they graduate and move on. But they love WDW as much as I do and want those annual passes

[LaNina72]

Originally Posted by tjkraz

Yeah, definitely not a move to be made lightly.

All owners have shared responsibility for dues. It is considered an asset for all owners and there could be repercussions in the event of a divorce, bankruptcy, etc. There have been reports here of situations where courts ordered a contract sold because just one owner was going through a divorce.

People have had loan applications derailed by DVC ownership--either for forgetting to list the contract or because of its impact on the owner's net worth.

Due to Florida law, the contract ultimately becomes property of the last living owner. If a family wants their kids to inherit the contract, they may never see it if Uncle Bill is the last surviving deeded owner.

And if there is ever to be any transfer of ownership, all listed owners must sign away their rights. This could be anything from inconvenient to impossible depending upon the long-term relationship between all parties.

Yes!!! Thanks so much for the reminder... this is not something to be taken lightly. You really need to consider the financial security of the person as well as the person they (may) marry . As pointed out, my DVC is now part of DB's settlement property if there are any financial challenges. This is something that should be treated like any other real estate investment.

Originally Posted by rpk1951

I thought to get the annual pass all people had to live in the same house?

Great observation, my understanding is that immediate family residing in the same house is entitled to the DVC perks. But our four owners reside at three different homes... if my DB still lived with my DM I wouldn't need to bother, but that isn't the case.

Originally Posted by Irishmom23

Thanks for the info As each of my children leave the nest, I had planned on adding one of their names to one of my smaller contracts so they could continue to take advantage of the pass discount. So far their address is the same as mine as they are all in college, however that will change in the future as they graduate and move on. But they love WDW as much as I do and want those annual passes

What a wonderful gesture!! I'm doing it for DM & DB because they love Disney so much... and it makes me happy that I am able to do this for them. Good Luck!!

[Dean]

Originally Posted by LaNina72

I've had so much helpful information provided to me over the years that I thought I would pass along my experience of adding a name to my existing contract.

I have a 56 point VWL contract with myeslf, DH, & DM as members. I would like to add my DB to the contract so that I can get him a DVC annual pass (now premium annual pass, Thanks Claire) at the discounted rate.

Note: No dues or monies are owed for this property.

#1) I contacted DVC by phone (7/20) and informed them that I would like to add DM name to my contract. They sent me a transfer request (7/23). I also confirmed that because we were adding a name my existing ressie would be safe.

#2) Faxed back the completed transfer request (7/24), they needed names and addresses of current members, contract # and legal description of property. (ie., 0.1392% interest in unit 7A of Disney's Villas at Wilderness Lodge) As well as how the names should appear on the new deed. I also needed signatures of DH & DM as they are on the current contract.

#3) Visited the Orange County Comptroller's web-site and printed out my current contract and a few others to get a feel for what is expected on the deed. Because I had just purchased this contract 2 years ago and had a title search done then, I didn't feel the need to pay any additional monies to have another title search done and I would re-write the deed myself.

#4) Received the Waiver of Right of First Refusal from DVC (7/26). Also got a Change Request form to complete and send in later...

#5) I created a new Warranty Deed, modeled after my existing deed updating the names and addresses exactly as they appeared on the Right of First Refusal (#4), which came from the transfer request (#2)... must be consistent. Had this notarized and witnessed at no cost in our town clerks office. I updated the price paid to $10 for the lunch my brother bought for me!

#6) Mailed in the following to OCC along with a check (8/13):
Warantee Deed - $18.50 2 pages
Waiver - $18.50 2 pages
Check is for $37.70, the additional $0.70 was for < $100 deed document fee.

#7) Waited... and discovered I didn't pay for the additional names... oops! Misunderstood that part.
On the Waiver there were 8 names... DVC then me, DH & DM as the Transferor... then me, DH, DM & DB as the Transferee. So that was an additional $4.
On the Deed there were 7 names... me, DH & DM... then me, DH, DM & DB. So an additional $3.
Re-mailed (8/26) everything with an additional $7 (OCC returned my $37.70 check). I also needed to send them a Documentary Stamp Tax Explanation Form... as to why the property was < $100.

#8) Received all the original filed paperwork back from OCC (8/30) with the necessary document stamps. I was checking daily the OCC web-site so I had an idea that it was coming in the mail.

#9) Mailed the following to DVC (9/10):
Warranty Deed - copy
Waiver - copy
Change of request form (from #4) - original
with signatures, addresses, phone #'s and copies of drivers license for all 4 of us.
I believe at this point we would also have to mail a check for any outstanding dues or balances owed on the contract.

#10) Wait for our new membership cards and prepare for our November trip!

Overall the process was pretty painless... it would have been much faster if my DM & DB didn't live 3 hours away. But folks at both DVC and OCC were super helpful. (Even though I didnt "get" the pay more for more then 4 names on a document... even if they were the same names repeated twice. )

So all in all the cost was under $50 to add a name and it only took 2 months. the things we do for our baby brothers....

Great, glad it worked out for you and the process was relatively painless.

[LaNina72]

Originally Posted by Dean

Great, glad it worked out for you and the process was relatively painless.

Thanks to you, Dean! Your input was so valuable, I only hope to "pay it forward"!